Homeowners in Cañon City, Colo., purchased their 50-home neighborhood for just over $2 million in December, becoming the first resident-owned community (ROC) in the state. The lot rent for the two communities is $407.
The ROC is made up of what used to be two separate neighborhoods: Cañon Country and Cedar Village. Members of the Cañon City ROC, incorporated as Rocky Mountain Homeowners Cooperative (RMHC), which now owns the land under their neighborhood. ROC USA® Capital and the Colorado Division of Housing provided financing and expertise.
The Colorado State Housing Board in Denver gave the cooperative a $600,000 grant to help with the community purchase and future repairs. Staff from Thistle, a certified technical assistance provider of ROC USA® Network, will work with and coach residents for the duration of their loan, at least 10 years.
RMHC is the 228th ROC in the ROC USA network, which is made up of more than 14,700 homeowners nationwide.