What is a resident-owned community and what does it mean for homeowners?
- In a resident-owned community, tenants form a not for profit business called a corporation. As of January 2020, BT, Inc. is awaiting approval of the Corporation by the NY State Attorney General. Once approval is obtained, 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.