CDI helps another Mass. community become resident owned

Colonial Estates became the newest resident-owned community last week when the homeowners association there purchased the 148-site community for $10.2 million.

Residents worked Cooperative Development Institute on the purchase. CDI has helped 15 communities in Massachusetts and 28 total across New England become ROCs. CDI staff will continue to provide technical assistance to Colonial Estates for at least the life of the community’s mortgage.

Check out coverage in the local paper, the Taunton Daily Gazette, where the story led the Sunday edition’s front page.

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Residents react as the Colonial Estates Home Owners Assocation Board Members announce they are the new owners after the closing. Taunton Gazette photo by Mike Gay