Bringing homeownership's benefits to manufactured-home communities
Manufactured housing (sometimes called mobile homes) is the most affordable form of homeownership for people and families with low and moderate-incomes.
Yet people who own manufactured houses in investor-owned parks lack some important financial benefits of homeownership. Because they own the house but rent the land beneath it, their home’s value never grows. And because the land could be used for a different purpose, they can’t get home equity loans for renovations or repairs.
George McCarthy of the Ford Foundation explains how the Community Loan Fund set out to solve a problem, then began changing an industry.
They are also vulnerable to excessive rent increases, poor-quality maintenance, infrastructure (like water, sewer and road) failures. They even risk losing their homes if the park closes. Each of these threats affects the security and well-being of families and communities.
Since 1984, the New Hampshire Community Loan Fund’s ROC-NH™ program has helped homeowners in manufactured housing parks purchase and manage their communities as cooperative corporations. ROC-NH provides fixed-rate financing, specialized training and technical assistance. Our park conversion strategy not only protects families against excessive rent hikes and park closures, but also encourages pride and investment in their communities.
We’ve helped homeowners in 100 New Hampshire parks convert to resident ownership. Those communities are home to more than 5,600 families who own their land and control their futures.
In 2008, the Community Loan Fund and its national partners – the Corporation for Enterprise Development (CFED), NCB Capital Impact and NeighborWorks® America – launched ROC USA® to take this park conversion strategy nationwide.