In 1984, 13 families in Meredith Center Trailer Park were about to lose their homes to a developer who wanted to buy the park and evict them. We helped the families form a cooperative, then loaned them the money to buy the park.
Some people thought this was risky business. After all, they said, families living in a trailer park would never be able to repay the loan. Even if the residents somehow made the payments, the critics said, they didn’t know anything about managing a business – they’d surely fumble it away.
The critics were wrong.
On February 10, 2012, Foxy Terrace Cooperative, with a loan and assistance from the Community Loan Fund, became the 100th resident-owned manufactured-housing community in NH.
Not one of the First 100 resident-owned communities has failed.
Each of these First 100 communities, even the largest, which are multi-million-dollar enterprises, are run democratically by their residents. Because the land containing the homes is cooperatively owned by the residents, they know it will not be sold. The residents decide when lot rents will increase, by how much, and how the money is used. They vote on community rules and on how they are enforced.
The cooperatives have proved that they are credit-worthy, and commercial banks now regularly join us in loaning to them. And, through ROC USA, the Community Loan Fund’s pioneering strategy and tools are now available to homeowners in 21 other states.
Related success stories
Meredith lit the fire - NH’s first manufactured-housing cooperative sparks statewide movement.
Shy wife becomes outspoken advocate - Lois Parris was living "an everyday life," until she discovered an inner strength.
Persistence pays off - ROC USA® President Paul Bradley reflects on his experiences with New Hampshire’s resident-owned communities.
The new old neighborhood - Affordable housing helps generations stay connected.
Three co-ops pay it forward - Three NH manufactured-housing cooperatives lend a hand to future resident-owned communities by investing in the organization that helped them.
Residents leading reform - Co-op residents lead reform for fair, fixed-rate mortgage loans and manufactured-home owner rights.
Born in New Hampshire - Members of New Hampshire’s manufactured-housing cooperatives can proudly say that they lead a national movement.
The next 100 - Two manufactured-housing cooperative leaders share their vision for future resident-owned communities.
Related news stories
ROC the Affordable Housing World!, Aspen Institute RuFES Action Alert, March 15, 2012
Derry mobile home park residents buy property, Derry News, Feb. 22, 2012
Editorial: Opportunity knocks on mobile home park doors, Derry News, Feb. 22, 2012
Derry park residents join forces, purchase property, Eagle-Tribune, Feb. 17, 2012