Residents complete park purchase

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The Union Leader
Residents complete park purchase
By: Bill Regan
August 2, 2011

HOLDERNESS - Residents of Livermore Mobile Home Village, a 72-unit community in Holderness and Campton, closed July 20 on the purchase of their community, making it New Hampshire's 98th resident-owned manufactured housing community.

Using funding, education and technical assistance and training from the New Hampshire Community Loan Fund, residents organized and formed the Town Line Village Cooperative Inc. in April, 2008 in order to convert their privately owned manufactured home park into a resident-owned community.

The cooperative then negotiated with park owner Progressive Real Estate Co. Inc. in Lawrence, Mass., for the final purchase price of $1,850,000 before finalizing the deal with a mortgage from the Community Loan Fund.

"From the beginning the idea of buying the park seemed like a no-brainer. None of us individually would have ever been able to do this, and now we are part-owners and have some control over what happens to us and our park for many years to come," said Town Line Village Secretary Linda Achille.

Residents of parks that are not cooperatively owned usually own the building they live in, but not the land. Because of that, they miss out on most of the usual benefits of home-ownership, including conventional mortgage terms, the appreciation of their home's value and the availability of equity loans.

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This page contains a single entry by CFED published on August 4, 2011 4:34 PM.

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