What is a resident-owned community?
- In a resident-owned community, homeowners form a nonprofit corporation, called a tenants association.
- Each household is a member of the association and an equal owner of the land. As a group, the residents own the land and manage the community.
- The residents continue to own their own homes individually.
- There are many benefits to living in a community like this one, including control of monthly lot rent, repairs and improvements, lifetime security against unfair eviction, liability protection (Members are not personally liable for community loans.), and a strong sense of community. Everyone has a say in the way the park is run, and major decisions are made by democratic vote.