Resident ownership begins with opportunity – so we begin by looking for “for sale” communities where resident ownership looks possible and likely. Our general process, therefore, is to:
- Find ‘for sale’ communities;
- Assess the economics of the community operation and if it is a good match for resident ownership, get consent of seller to approach homeowners;
- Bring homeowners together to see if they want to assess a purchase as a group;
- Help homeowners build a not-for-profit democratic organization to make decisions, including hiring a lawyer and analyzing the community’s operating numbers and condition;
- Support democratic decision-making on whether and how to purchase the community;
- Help resident corporation secure due diligence (like hiring an engineer) and seek financing;
- Help organize the real estate transfer;
- Provide technical support and training for start-up; and
- Welcome you into the ROC USA® Community of resident-owned communities!
ROC Northwest will provide resident corporations with training and material support during the purchase and afterwards.ROC Northwest participates in the ROC USA® Network which has successfully supported resident corporation purchases over 100 times and helped secure over $175 million in financing.
For resident corporations who become successful buyers/owners, ROC Northwest provides “post-purchase technical assistance” to help groups get set up and mature through the life of the loan.
When it comes to financing, ROC USA Capital is one source that ROC Northwest will assess during the pre-purchase phase, however, it is not the only one. ROC USA Capital provides 105% Loan-to-Value financing solely for resident purchases of manufactured home communities. ROC Norhtwest seeks to help resident corporations secure the best possible financing for the particular need and community.