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What is a Resident-Controlled Rental?

A corporate ownership model where residents continue to rent, but also select at least a majority of the ownership entity’s corporate board.

 Features:
bulletA 501(c)3 corporation is usually the ownership entity.
bulletResident control corporation through a Board of Directors
bulletResidents are tenants of the ownership entity.
bulletNo equity stake or membership fee is required.
bulletVery similar to co-ops, but no tax deduction, more easily understood, no resident equity in development.
Massachusetts Examples:
bulletClarendon Hill Towers in Somerville
bulletAmesbury Gardens in Lawrence
bulletThe Brownstones in Boston
 

 

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Revised: October 02, 2003.

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