NROC is Created From Tenants to Residents to Owners!

April, 2006

In 2006, the affordability requirements of the federal tax credit program expired. When Housing Vermont had the choice of relinquishing its partnership the Northgate Housing, Inc. board of directors decided to pursue full resident ownership. In the fall, the paperwork was signed, Northgate’s new bylaws were drafted, and the new entity was formed: the Northgate Residents Ownership Corporation (NROC). This process of turning this HUD funded private development of low income housing into resident owned homes became a model for successful affordable housing nationwide.

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