How it Works

Becoming a Resident-Owned Community

Every community presents a different set of circumstances, but in general, this is how the process works:

Feasibility and Purchase Negotiation

CoNorth confirms preliminary feasibility of converting the community to a cooperative by obtaining sales price expectation and operating information from the owner. CoNorth negotiates the terms of a purchase agreement.

Formation of Resident Corporation and Due Diligence

CoNorth assists residents with formation of the resident organization and organizing members. Members elect an Interim Board of Directors. CoNorth helps the Interim Board complete due diligence, organize their newly-incorporated business, and finance the purchase of the property.

Resident Purchase and Ongoing Support

The resident corporation buys the property from the owner. After the purchase, CoNorth provides on-going technical assistance and support to the resident organization.
Meet Our Communities

Is your community for sale?

One of the most common questions we hear is:
"Can my community become resident-owned?"

The short answer: It depends on whether your community owner is willing to sell. Unlike a few other states, Minnesota and Wisconsin do not have laws that require community owners to provide an option to residents to purchase the community when it is for sale. That means CoNorth and the communities we work with depend on voluntary sellers who are open to exploring a resident purchase.

Minnesota

In 2023, Minnesota passed the Unsolicited Notice of Sale law. According to the law, community owners must provide prior notice to the state’s housing finance agency and the residents when they receive an unsolicited offer of which they are considering. The key requirements of the law are:

  • The community owner must notify Minnesota Housing when they receive an unsolicited offer to purchase the community.
  • The notification must include the price range and material terms of the offer.
  • The owner must also notify each manufactured home community resident in the affected community via regular mail.
  • Read the law here.

CoNorth is subscribed to receive notifications when new unsolicited offer notices are posted.

Wisconsin

At this time, Wisconsin has no legislation requiring any form of notice or right of first refusal for manufactured home community residents. Resident purchases in Wisconsin rely entirely on open and willing sellers.

Don’t Know if Your Community is for Sale?

If you're unsure whether your community is on the market—or you're interested in exploring a resident purchase—reach out to us. Email acquisitions@conorth.coop.

Email Us
What is a ROC?

A cooperative corporation, owned and run by the homeowners in the community.

Contact Us