Sunset Terrace - A Resident-Owned Community
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What is a resident-owned community and what does it mean for homeowners?

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  • 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 park is run, and major decisions are made by democratic vote.

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