In 1984, 13 families in Meredith Center Trailer Park were about to lose their homes to a developer who wanted to buy the park and evict them. We helped the families form a cooperative, then loaned them the money to buy the park.
Nicole Boyle was ready to buy a house. For eight years she had shared a two-bedroom apartment with her three children: Mackenna (14), Briannan (12) and Brent (10). It was time for fast-growing Brent to move into his own room.
Nicole worked full-time at a nonprofit organization, The Youth Council, and knew how to budget and organize effectively. She had recently paid off some credit card debt, but the routine expenses of a household of four made saving enough for a down payment difficult.
Each resident-owned community is a consumers’ cooperative incorporated in New Hampshire. Its board of directors is responsible for its day-to-day operations.
Patience is a requirement for doing business with resident-owned communities. Directors typically meet only once a month, and bylaws usually require membership approval for large unbudgeted expenditures.