Madras, OR— Community and Shelter Assistance Corporation (CASA of Oregon) is pleased to announce that Rimrock Court residents formed a cooperative and purchased their manufactured home community in Madras, Oregon on April 9.
Rimrock Court is comprised of more than five acres of land, and is conveniently located near several employment and commercial retail services. Nearby community services include a fire station, police station and a hospital, as well as public schools and convenient access to a public park.
Rimrock Court is 100% occupied, a constant for this community given its ideal location. CASA of Oregon, with approval of the residents, will underwrite this project to 38 spaces, and will work with the co-op to add a storage shed for tools and equipment.
“This is one of the most exciting days of my life,” said Shawn King, the President of the ROC’s Board of Directors. “Through persistence and hard work, we’ve secured quality housing for families at a time when affordable options are hard to come by. I look forward to continuing to improve our vibrant community, and am proud to call Rimrock home.”
Resident ownership occurs when owners of manufactured homes form a non-profit membership association to purchase their community when it becomes available for sale. Without resident ownership, homeowners risk eviction when a community is sold to a new owner who may convert the land to other uses, or impose higher land rents over which the homeowners have no control.
“The affordable housing crisis in our state makes victories like this even more needed,” said Rose Ojeda, CASA of Oregon’s Manufactured Housing and Cooperative Development Center Director. “I am proud to work with our local partners to continue to ensure that they have what they need to thrive and drive change in their community. CASA of Oregon will continue to provide technical assistance to the Cooperative, delivering management training and offering operational support.”
As part of the acquisition process, a property conditions report and sewer scope was completed, which found that major work needs to take place, including asphalt repair, water line replacement, and replacement of the sewer lines. The total cost estimate for all these work items will require about $1.5 M in construction costs, and is included in the project’s total development cost estimated at $4.7 Million.
CASA of Oregon is an affiliate of ROC USA® Network, which has helped a total of 293 communities preserve over 20,000 homes in 20 states through resident ownership.