Residents of manufactured home co-op close deal on ‘The Woods’ 55+ park

A co-op formed to help the residents of a manufactured home community in Little River purchase the 43 acres of land on which their homes sit has closed the deal, according to a press release issued by The Woods. Residents say they will have a bigger say in how the neighborhood is run, like setting the price of rent. Rent is expected to go up for some residents, but a $500,000 fund has been established to help subsidize housing costs for residents unable to afford the increase.

The Woods residents, ages 55 to 101, owned the upscale modular homes they live in but not the land itself. When San Francisco-based Sequoia Living put the property up for sale, they grew concerned that a developer might buy it, raise the rent and price them out — potentially forcing residents to sell their homes. The co-op’s offer wasn’t the highest received by the seller, but it was selected to allow residents to remain in their homes and avoid displacement in the Mendocino Coast’s tight housing market. The closing price has not yet been announced as part of a nondisclosure agreement.