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ROCs are mobile home cooperatives that are owned by the residents, much like a multi-unit co-op in a large city.
Mobile home parks usually suffer from a dowdy image of small communities occupied by buildings that are modest and nondescript—at best. That image could be polished, slightly, as a few states are enabling buyers of mobile homes to qualify for Fannie Mae loans.
In New Hampshire, occupants of approved resident-owned communities (ROCs) can already have their homes titled as real property. Now Fannie Mae and the agency’s lending partners have structured a loan program to finance the properties. In addition, Rhode Island has created its own resident-owned communities, replicating at least part of New Hampshire’s efforts.
Read the full article here.