BRUNSWICK — Brunswick Bay Mobile Home Cooperative purchased its own community assets, making it Maine’s third mobile home co-op, according to a news release.
The residents purchased the community Dec. 20 for $1.375 million with assistance from the Shelburne Falls, Mass.-based Cooperative Development Institute. The sale was announced Jan. 4.
Financing for the project was provided by Bangor Savings Bank, Community Concepts
Finance Corporation and Genesis Community Loan Fund.
Cooperative Development Institutee will provide technical assistance to the co-op for at least 10 years.
In cooperatives, homeowners each buy one share and have one vote each on matters of the community. Members elect a board of directors to act on day-to-day issues and vote as a membership on larger matters like the annual budget and community rules.
Brunswick Bay Mobile Home is a 60-home manufactured housing community located off Maquoit Road.
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