Overcoming the odds
So how did they swing it? Colorado law allows residents to put together an offer to match a buyout. If they can match a buyout offer, they can potentially buy their park before outside companies capitalize on Colorado's rising real estate prices.
There are about 900 mobile home parks in the state of Colorado, and few have been able to put together successful buyout offers.
“A lot of people did not think we would make it. Us included at many times,” Cook told CBS Colorado. "We’re now the proud owners. 92 homes. 139 people of Meadowood."
After matching the $18 million offer, the board faced the challenge of getting funding.
Meadowood knew a hefty mortgage was inevitable, but the real question was whether they could secure enough grants and low interest loans from local, county, and state governments to cover the costs.
The missing piece came in the form of a $3.475 million low-interest loan from Colorado’s Department of Local Affairs. Cook says had it not been for their DOLA award, they wouldn’t have made it.
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Learn MoreIt is a business, but it is a family business
Now, the residents manage the over-55 park, balancing the responsibilities of ownership with the need for community involvement.
While it’s challenging, especially compared to parks with younger residents, board members say it’s well worth it.
Despite the work, the cooperative keeps rent under $1,000, unlike nearby parks where rent has surged to nearly $1,500. Many residents at Meadowood are on fixed incomes, and the cooperative’s non-profit model helps keep costs low, with residents even supporting one another in times of need.
According to Colorado’s Department of Local Affairs, if your mobile home park is up for sale, like Meadowood was, it could mean huge disruption for you as a resident.
Potential outcomes could be park closure, signing a new lease, or potential rent increases so it is important to understand your rights as a resident in a park.
As for Meadowood, they’re taking their new responsibilities in stride.
“You’re always going to have to take care of the park. You’re always going to have to listen to residents’ problems to solve those problems for them. You still have to pay your bills, you still have to mow the grass. So it is a business, but it is a family business,” said Cook.
The deal to buy the park locks in ownership for 30 years and no one plans to sell.
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