What is a resident-owned community and what does it mean for homeowners?

In a resident-owned community, tenants form a not-for-profit corporation called a cooperative.
Each household is a member of the cooperative and an equal owner of the land. As a group, the cooperative owns the land and manages the community.
The members continue to own their own homes individually.
There are many benefits to living in a cooperative, including control of monthly lot rent, repairs and improvements, lifetime security against unfair eviction, liability protection (members are not personally liable for co-op loans), and a strong sense of community. Everyone has a say in the way the park is run, and major decisions are made by democratic vote.