Creating resident owned communities in New Jersey requires two key pieces:
- resident training and hands-on assistance to move through the steps of forming an ownership entity and successfully purchasing and operating the park
- access to flexible capital to cover the park’s purchase as well as needed infrastructure improvements to water, septic and road systems
READS will provide the outreach, training and hands-on assistance to residents interested in purchasing their park.
READS’ services include:
- helping residents to understand the necessary steps to forming an ownership entity such as a co-op
- assisting with a feasibility study
- preparing for negotiations with the seller or land owner for the purchase of the park
- preparing a development budget that aligns income from the park’s rent fees with park acquisition costs and ongoing operating expenses.
- assist in securing financing to acquire the park
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