CDI began working with the Wheel Estates Tenants Association in early 2012. This community of 189 occupied lots on 400 acres in North Adams, Massachusetts backs into the Savoy Mountain State Forest. The residents purchased the community for $2.65 million in Spring of 2013. It was the first resident-owned community acquisition CDI assisted that is in a rent controlled municipality. In order to complete the purchase, residents and CDI worked with the rent control board to draft a new policy and rent adjustment application for ROCs, and a new rent based upon resident member vote, contingent upon their purchase.
In less than a year of operations, the co-op has nearly completed a $1.2 million rehab of the community that includes replacing water lines, roads, driveways, and fixing drainage of nearly half of the community as well as a complete renovation of their community center.
Find out more about our strategies for developing resident-owned communities and success stories by watching this interview with staff member Jeremiah Ward, a Housing Program Organizer under CDI’s NEROC Program and Cooperative Development Specialist.