Residents buy Barrington manufactured-home park
NH Community Loan Fund helps families in Lee Oak Cooperative, Inc.
organize and purchase Ambleside Mobile Home Park
BARRINGTON, NH – Homeowners in Ambleside Mobile Home Park have purchased their 69-unit park, making it New Hampshire’s 124th resident-owned manufactured-home community.
Using training and technical assistance from the New Hampshire Community Loan Fund’s ROC-NH™ program, residents organized and formed Lee Oak Cooperative last December to buy their privately owned park.
|From left, previous Ambleside MHP owner Michael Roberts; Chris Monroe of ROC-NH, Lee Oak Vice President Gene Schmitz and Treasurer Chris Peabody.|
The cooperative then negotiated with the park’s owner, Michael Roberts, and reached a purchase price of $3.4 million before finalizing the deal April 13 with a mortgage from the Community Loan Fund.
The residents’ purchase of this park insures the preservation of affordable homes in a region with high housing costs. Lee Oak is Barrington’s fourth resident-owned community (ROC) and the 18th in Strafford County.
Lee Oak Treasurer Chris Peabody and Vice President Gene Schmitz said buying Ambleside was the right decision for the residents there, and that they’re hopeful their community can now come together.
Cooperative ownership means Lee Oak’s homeowners are eligible for products and services, including real mortgages, that haven’t been available to them. Studies also show that the availability of home financing, when the land is secure, improves the home’s value, the owner’s ability to make improvements, and overall housing affordability.
The more-than-7,000 homeowners in ROCs, spread across every county in the state, also have access to management guidance, technical assistance, and leadership trainings in which they earn college credit.
A full list of resident-owned cooperatives in New Hampshire.