CONCORD, N.H. – When people ask about the viability of resident ownership, ROC USA® President Paul Bradley loves the answer: Not a single co-op has ever declared bankruptcy or reverted back to private ownership since the model was introduced more than 30 years ago.
“It’s such a remarkable achievement and it starts with the homeowners themselves,” Bradley said.
Tapping into their leadership potential, ROC Leaders make decisions that keep up the quality of life in their neighborhood while protecting the affordability of this vital housing stock. The ROC Model gives each Member an equal say in their future.
Strong leaders are one of the benefits of resident ownership that Bradley highlighted on a recent episode of The Cooperators podcast, which educates listeners about the cooperative sector. Host Robert McGarvey is a consultant working primarily with different types of cooperatives, like credit unions.
The ROC Model gives owners of manufactured homes long-term stability and affordability. With each Member in the community owning an equal portion of the land in their neighborhood, the risk of having to relocate due to redevelopment or frequent profit-driven rent increases disappears.
The idea that homeowners are able to easily pick up their homes and move is a myth, Bradley said in the episode. Homeowners risk damage to their home by doing so. A move is further complicated by cost as well as a lack of available space to relocate. So when a community comes up for sale, Bradley said residents are almost always on board with the idea of purchasing it themselves.
“They take advantage of the opportunity to purchase it,” Bradley said.
ROC USA® Network’s nine affiliates coach the more than 15,000 homeowners as they work to purchase their neighborhood and for years afterward. The drive and hard work of all involved is what helps make for a successful resident purchase.
“As a team, we’re doing a lot of work in advance of the purchase,” Bradley said.
Bradley tackled another myth on the episode: that the value of manufactured homes decreases over time.
Resident ownership has the added benefit of allowing home values to appreciate over time. Citing a study done by the Carsey School of Public Policy, Bradley said homes in ROCs can sell for up to 25 percent more than those in comparable, commercially owned communities.
Listen to the full podcast below.