ROC USA (resident-owned communities) informs MHProNews that with the co-op status of Turnpike Park Cooperative in Westborough, Massachusetts secured, it has now transformed 168 communities representing 10,017 homes in 14 states into resident ownership. Scott Knox, president of Turnpike’s board of directors of the 46 homes which refinanced its purchase through ROC USA Capital, noting the need to upgrade the sewer and roads, said, “We will all make it through to the end and have a beautiful functional cooperative to show and be proud of.”

Founder of ROC USA, Paul Bradley, said, “Ten-thousand homes is a significant milestone — it’s the equivalent of a good-sized town. Our communities are resident-owned, resident-controlled and based on a model that preserves and improves affordable communities while building assets for low- and moderate-income families and individuals.” He noted if ROC USA was a community owner it would have the 12^th largest portfolio in
America.

Founded in 2008, ROC USA has two subsidiaries: ROC USA Network provides the technical support to manufactured home communities, guiding them through the process of becoming resident-owned and works to make the community self-sufficient, often continuing to lend support through the life of the mortgage. ROC USA Capital is a Community Development Financial Institution, certified by the U. S. Treasury to make purchase and construction loans to resident-owned communities. Since 2008 it has made almost $100 million in purchase loans.

“With resident ownership, the homeowners in our network know their homes — their largest assets — are secure,” said Bradley. “That stability fosters a new wave of reinvestment in Members’ homes, the community in general, and an increase in camaraderie that really transforms a group of houses into a neighborhood.” ##

(Photo credit: ROC USA)

Article submitted by Matthew J. Silver to Daily Business News-MHProNews.