Resident Owned Communitites (ROC)
A ROC (Resident Owned Community) is a neighborhood of mobile homes where the land is co-owned by the residents. Residents participate in the ROC USA model to form a corporation to qualify for the mortgage necessary to buy the land from its existing owner.
ROC is working to give socioeconomically disadvantaged households living in mobile home communities the option to own their land through a community owned mortgage. Most individual households do not have the means to pay for a mortgage on their own. Thus, they are renting the lowest cost option in the real estate market. ROC provides the financial vehicle and cooperative structure to share a mortgage as a community. A monthly ‘rent’ is still due to go towards the mortgage but the amount is decided on by the residents and creates housing stability for the community.
ROC communities also benefit from:
- Increased housing stability
- Decision making power
- Dignity of ownership
- Predictable monthly housing payments
- Infrastructure improvements (water/sewer, roads, utilities)
- Landscaping, maintenance, and beautification
- Community clean-up days
- Home improvements efforts
- Community building