Homeowners in Leisure Village in Raymond, N.H., recently purchased their 125-unit manufactured-home park, making it the state’s 138th resident-owned community (ROC).
Using training and technical assistance from the New Hampshire Community Loan Fund’s ROC-NH™ team, homeowners organized and formed Tranquility Estates Cooperative in April. The cooperative then negotiated with the park’s owners, 28cc, LLC, reached a $4.58-million purchase price, and finalized the deal on Aug. 27 with mortgages from the Community Loan Fund and Franklin Savings Bank.
From left, Tranquility Estates Co-op Vice President Priscilla Clements and President Dana Dinsmore.“I feel like I’m in shock,” said the co-op’s Vice President, Priscilla Clements. “I started this because I didn’t want some big conglomerate coming in and buying the park. And now we did it!”
Tranquility Estates becomes Rockingham County's 26th ROC. Those communities contain 1,637 affordable homes.
Cooperative ownership means Tranquility Estates' homeowners are now eligible for products and services, including real mortgages, that haven't been available to them. Studies show that when the land is secure, the availability of home financing improves the home's value, the owner's ability to make improvements, and overall housing affordability.
The nearly 8,500 homeowners in New Hampshire's ROCs, spread across every county, also have access to management guidance, technical assistance, and leadership training in which they earn college credit through ROC-NH and its national network, ROC USA.
For 38 years, the Community Loan Fund has worked across N.H. to connect people, families, and business owners with the loans, training, and advice that allow them to have affordable homes, secure jobs, and quality child care, and become more economically stable.
View the complete list of ROCs in New Hampshire.
