NROC Purchases the Property! Residents become owners

March, 2008

In March of 2008, residents were able collectively to buy out the development from the partnerships and transfer ownership to Northgate Residents’ Ownership Corporation (NROC). The partnership’s equity investors donated their interest to the new nonprofit entity, without taking any profit out of the project, thus securing Northgate’s on-going affordability.  Northgate is now completely resident owned and controlled, and continues to meet and exceed its affordability goals without additional funding from the state of Vermont.

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