Recently, I read the Financial Times article, “Why Big Investors are Buying Up American Trailer Parks,” and it made me proud that CDI is part of the ROC USA network!
I want to share my thoughts about Halifax Estates, a resident owned community that I worked closely with. Resident ownership really does make all the difference.
It was a big deal for a group of intrepid homeowners to launch themselves into the unknown and take on a $29 million loan to purchase their 430-home community. It’s another big deal for those same homeowners, before they have hardly taken a recovering breath, to run smack into the wrath of a bizarre New England spring that ravaged their community and left them wondering how and if they could cope.
But the biggest deal of all? They did cope. And then some. They coped with determination and a pride of ownership cultivated during the often arduous, and sometimes discouraging, three-year-long purchase process. And now that they have come out on the other side, the residents of Halifax Estates, a manufactured home community in Halifax, Massachusetts for people 55 and older, have a lot to be proud of.
Just months after acquisition of the community in the fall of 2017, residents were stunned by a series of three New England nor’easters. The storms, hitting over a two-week period in the spring of 2018, were devastating. First came a “bomb cyclone” in early March with snow, rain and hurricane force winds. One week later, a heavy, wet snowstorm with more wind hit. Finally, on March 14, a monster blizzard with 20 inches of snow in places, accompanied by 70 mph winds delivered the final blow.
When the snow settled and residents dug out to survey the damage, they were met with more than 200 downed trees and more than 70 homes damaged. Miraculously, there were no serious injuries – but several very close calls.
It would be many months before residents saw the last of the clean-up work. They were relieved and grateful to learn that they had an insurance rider that covered most of the cost, which exceeded $125,000. Working closely with their property manager, Bristol South of Raynham, MA, they were able to return to normal and get back to the business of running a multi-million dollar corporation.
Initially, in the years leading up to purchase, and until the first annual election, the Board of Directors was made up of what local media referred to as “nine bad-ass women.” For efficiency’s sake, the board has since slimmed down to seven members and has added a couple of men to the roster. It’s a work in progress, but the progress has been significant.
“We are now two years and three months into resident-ownership and … I have never regretted – not for one minute – becoming a co-op,” says Board President Nancy Froio. “It was a huge undertaking with many issues to overcome, but we all came together and accomplished what we set out to do,” she says.
With a combination of smart spending and the introduction of some new revenue streams, the community’s financial condition is solid, and rent has remained the same. They have contracted with a local developer to install new homes, for which the community receives a commission when they sell. Some local realtors have also been paying a commission on sales. The residents are now looking into establishing their own sales force to increase profits. The market is brisk – homes are selling quickly, and for good prices now that resident-ownership provides long-term stability for new homeowners.
Froio attributes a lot of their success to “the most amazing volunteers” and to continuing assistance from CDI and ROC USA, both of which were instrumental in facilitating the purchase and arranging financing. Both continue to provide support and CDI provides on-going technical assistance.
Board Treasurer Dot Lamoureux says “I am thrilled with our co-op ownership of the community and the property that our homes are on. It has motivated me to volunteer my time…to make my community a more wonderful place to live.” And, she adds, “It has not been easy, but it has been worth it.”
Froio wholeheartedly agrees. “We have a beautiful community with great friends and neighbors, and I can’t think of any better way to age in place than in a community like this.”
Today, we’re celebrating Halifax and all converted ROCs throughout New England.
– Colleen Preston, NEROC Cooperative Development Specialist
Check out the Financial Times article.