"It was absolutely mind-boggling to us, and kind of mind-boggling to the state of Colorado," says John Egan, a resident of a mobile home park in Durango, Colo., that was purchased by residents in less than three months after a state law gave them the right to buy the park themselves.
The park's 120 households, most of them low-income, needed $14 million.
But with the help of local government agencies, foundations, and a nonprofit called ROC USA, they pulled the funds together in less than three months and purchased the park, the Arizona Republic reports.
ROC USA, which has helped create more than 300 resident-owned mobile home communities in 21 states, wants to create similar communities in Arizona.
The nonprofit works with philanthropic organizations, other nonprofits, insurers, banks, and government agencies to raise commitments in advance of the park's purchase.
Residents then slowly pay back the loan via their monthly lot rent.
The cooperative sets the rent amounts and park rules by democratic vote.
ROC USA is in early-stage conversations with a group of Arizona stakeholders, including Phoenix, the Industrial Development Authority of Phoenix, the Arizona Community Foundation, and Vitalyst Health Foundation, to see whether its resident-owned community model is viable
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