Carrie McCarthy said Monday that the three came in for undue criticism for merely suggesting cooperative members consider an unsolicited purchase offer. In most manufactured housing parks, residents own their homes but rent the land under their homes. Rosand said some residents feel the co-op board began negotiating with Hometown America Corporation without adequate notice to the membership and without permission. Hometown America Corporation has offered to retire the outstanding balances on an $8 million loan from TD Bank and a $2 million loan from the New Hampshire Community Loan Fund as well as pay the prepayment penalty for the loan, closing costs and real estate transfer taxes. Its offer also includes a commitment to restrict the park to residents 55 and older, which residents have rejected previously.

Source: Daily Sun April 18, 2017 04:52 UTC