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Residents Buy Newport Mobile Home Park

Published: 7/26/2018 12:09:34 AM
Modified: 7/26/2018 12:09:37 AM

Newport — With financial and technical assistance from the New Hampshire Community Loan Fund, homeowners in the Edgewood Mobile Home Park have been able to purchase the 11-unit park from the owners.

According to a news release from the loan fund announcing the purchase, residents formed the Edgewood Park Cooperative in January to convert the private manufactured home park to resident owned.

“The cooperative then negotiated with the park’s owners, Ronald and Carol Malone, and reached a purchase price of $215,000 before finalizing the deal July 24 with a mortgage from the Community Loan Fund,” the release said.

This completes the eighth resident-owned community in Sullivan County, with a total of 324 homes. The purchase gives the homeowners full control of their property and thus housing costs.

Co-op vice president Joyce LaPorte said the community loan fund made the purchase possible with its assistance during the process.

“Cooperative ownership means Edgewood homeowners are eligible for products and services, including real mortgages, that haven’t been available to them,” the loan fund said in the release.

Edgewood Park is located off Route 103.

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