Trailer Terrace

A resident-owned community

What is a resident-owned community and what does it mean for homeowners?

  • In a resident-owned community, tenants form a non-profit business called a corporation.
  • Each household is a Member of the Corporation and an equal owner of the land. As a group, the Corporation owns the land and manages the Community.
  • The Members continue to own their own homes individually.
  • There are many benefits to living in a resident-owned community, including control of monthly lot rent, repairs and improvements, lifetime security against unfair eviction, liability protection (Members are not personally liable for Corporation loans.), and a strong sense of community.
  • Everyone has a say in the way the Corporation is run, and major decisions are made by democratic vote.