Resident ownership offers solutions

There are over 270 manufactured housing parks, also known as mobile home parks, in New Jersey that are home to nearly 60,000 residents. These parks are an essential – but often overlooked – source of affordable housing for lower income households, especially senior citizens. With the rising cost of living in the state, it is critical to preserve these parks not just as affordable housing but as the viable and healthy communities they are.

Residents of manufactured housing parks typically own their homes, but rent the land beneath. The CO-OP NJ initiative makes it possible for park residents to own both home and land. CO-OP NJ provides technical assistance and financial resources to residents of New Jersey manufactured home parks to help them purchase their parks as resident owned communities and provides park owners with a viable means of selling their parks at a fair price.

Successful manufactured home park conversions from privately owned to resident owned are happening across the country. Resident owned parks offer benefits to both park residents and park owners.

• Greater control of rents
• Democratic management of park
• Long term security– park cannot be sold or closed
• Maintenance, repairs and improvements that are controlled by resident members
• Park rules and regulations that are developed by the residents
• Stronger sense of community

• A viable option for selling their parks at a competitive price
• Timely real estate transactions, from purchase offer to closing
• A vested interest in the continuation of the park by the residents