Salem residents convert NH's 99th manufactured-housing park
Community Loan Fund helps Trailer Home Village Co-op organize and purchase Lou Smith Trailer Haven
Residents of Trailer Home Village Cooperative in Salem recently purchased their 24-unit community, making it New Hampshire’s 99th resident-owned manufactured-housing community.
Using funding, education and technical assistance and training from the Community Loan Fund, residents organized and formed the Trailer Home Village Cooperative in October 2010 to convert the privately owned Lou Smith Trailer Haven into a resident-owned community.
The cooperative then negotiated with park owner Harold Nutter, Jr. for the final purchase price of $750,000 before finalizing the deal Oct. 20 with a mortgage from Laconia Savings Bank.
“I’m happy that we own it,” said co-op president Rita Tomasino. “It’s been a good group effort to get us to this point, and we plan on continuing this way. We’re looking at a lot of work to run the cooperative, but it’s an opportunity for everyone to learn how to step up and help their community.”
Although the Community Loan Fund works in several areas to connect people and families with the loans, training and advice that allow them to buy and keep homes, have secure jobs and become economically stable, the Concord, NH-based organization is best known for its work in manufactured housing.
Residents of parks that are not cooperatively owned usually own the building they live in, but not the land beneath it. Because of that, they miss out on most of the usual benefits of homeownership, including conventional mortgage terms, the appreciation of their home’s value and the availability of equity loans.
“Residents who purchase and run their communities are protected against excessive rent hikes and park closures, and often feel greater pride and investment in their homes and surroundings,” says Community Loan Fund President Juliana Eades.
The Community Loan Fund helped convert its first park in Meredith in 1984. Since then ROC-NH™, its cooperative assistance team, has developed a conversion strategy, an annual leadership program, a bi-annual conference and a management guide for cooperatives. Its strategy is now being applied nationally by a spinoff organization, ROC USA®.
A full list of resident-owned cooperatives in New Hampshire.
