About ROC USA®
ROC USA, LLC helps resident corporations buy their manufactured home communities or “mobile home parks” from private community owners. ROC USA is a non-profit organization with a mission of making quality resident ownership possible nationwide.
We do this by first focusing on communities that are ‘for sale’ and where homeowners have a strong likelihood of success if they choose to work as a group and buy it.
Second, we have assembled local and regional non-profits that we have trained and certified to assist resident corporations through the purchase process and beyond.
Third, we have developed a specialized source of financing for resident corporations who wish to buy their communities.
We know that with opportunity, technical support, and financing, homeowner groups can buy, preserve and improve their communities. We know because we have helped over 100 communities do just that!
How ROC USA provides its assistance.
When a community is ‘for sale’, ROC USA seeks to make community ownership a viable choice for homeowners. Not every community purchase is viable. However, when it is, our fundamental goal is to provide homeowners with that once in a ten or twenty year opportunity to secure the community beneath their homes. We do this through two wholly-owned subsidiaries and affiliations with local non-profits:
· Resident Ownership Network, LLC (or “ROC USA Network”) trains and certifies local non-profit organizations to provide technical assistance to resident corporations. They assist both through the purchase process and afterwards because communities succeed if they are continually improving and linked with other similar communities.
ROC USA Network’s Certified Technical Assistance Providers are experienced affordable housing developers and/or co-op trainers. They will help you get organized, find local legal counsel, develop budgets, and help secure a purchase contract, financing proposals, and funding for studies. They help with all of the steps necessary for you as a group to make an informed choice about buying your community. We are very clear on this point: Buying the community is entirely the choice of your democratic association. Our goal is help you get the information and resources you need to make a sound decision.
· Resident Ownership Capital, LLC (or “ROC USA Capital”) was formed to provide community purchase financing to resident corporations that are supported by a Certified Technical Assistance Provider. ROC USA Capital specifically is designed for resident corporations which have minimal cash for a down-payment. ROC USA Capital has been certified by the U.S. Treasury Department as a Community Development Financial Institution.
Since some commercial banks will lend 75 or 80 percent of the purchase price, the problem historically for resident corporations has been the “down-payment” gap (from 80 to 100 percent). The result is:
- The group fails due to a lack of sufficient financing;
- The homeowners who can afford it raise the funds through large membership share values, creating two classes of homeowners – members and non-members. (We have seen too many divided communities to think this is a good idea.); or
- The resident corporation finds a non-profit or government agency willing to lend the down-payment piece.
ROC USA Capital falls into the third category – a non-profit lender – but one that can provide the whole loan, not just the down-payment. That way, ROC USA Capital is both appropriate and timely - because most sellers don't want to wait for resident corporations.