Cooperative Ownership Transforms Mobile Home Communities
In rural communities throughout Northern New England, mobile home communities are a key piece of the “naturally occurring” affordable housing infrastructure. But they are sometimes sold to investor-owners who drive out residents and eliminate affordability.
The Genesis Fund has been a leader in preserving these communities in Maine by helping to finance the conversion of 10 mobile home communities to cooperative ownership over the last decade. To date, Genesis has helped over 500 Maine households gain ownership of safe, stable, affordable housing, through this type of financing.
Cooperative ownership transforms the relationship that residents have with their housing, providing stability, control, leadership, and community-building opportunities, and the possibility of building household assets. It’s a model that protects long-term housing affordability.
Investing in resident-owned cooperatives will remain a key piece of the Genesis Fund’s work.