Housing Conversion Projects

Track Record

Over the last eighteen years, NCF has helped residents of ten manufactured home communities purchase their communities. These conversions to resident-ownership have secured over 700 home site of permanently affordable housing in transactions valued over $27 million across Minnesota and Wisconsin.

Resident ownership of manufactured housing communities:

  • Converts tenants to owners with a direct voice in the governance of their own communities;
  • Replaces chronic displacement risk with long-term security;
  • Replaces returns to investors with returns to residents in better infrastructure, more stable and lower lot rents over time, better home financing, and homes selling more quickly for higher prices;
  • Builds a strengthened sense of community as residents work together on issues of common concern.

Impact

At NCF, we believe that cooperative ownership delivers an important platform for asset building, autonomy, security, and democratic control. In a land-lease manufactured housing community, it begins with resident purchase. Once residents achieve shared ownership of the land beneath their homes, cooperative members can elect their own leaders, reinvest their lot rents in capital improvements, and return any excess profits to themselves in patronage dividends. 

At the individual level, households find a new incentive to invest in their homes and landscaping around their homes when they know the community cannot be sold for redevelopment by an investor. With direct control of the land beneath their homes, cooperative members are in a better position to attract home financing on competitive terms from lenders.  Better financing builds value and helps protect residents against depreciation.[1] 

[1] Independent studies carried out by the Carsey Institute in New Hampshire (2006) found that residents’ homes in cooperatively owned communities sell more quickly for more value than homes in comparable investor-owned communities.