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                                                                      EXHIBIT 14

                            Chateau Communities, Inc.
                       Code of Business Conduct and Ethics

Purpose and Scope

A cornerstone of the business philosophy of Chateau Communities, Inc. is its
insistence that all its employees maintain the highest level of integrity in
their dealings with and on behalf of the Company, including dealings with its
lenders, securityholders and with others from whom the Company obtains
financing.

This Code of Business Conduct and Ethics ("Code") is intended document the
principles of conduct and ethics to be followed by the Company's directors,
officers and employees, including its principal financial officer and its
principal accounting officer. Its purpose is to:

     .    Promote honest and ethical conduct, including the ethical handling of
          actual or apparent conflicts of interest between personal and
          professional relationships,

     .    Promote full, fair, accurate, timely, and understandable disclosure in
          the periodic reports required to be filed by the Company,

     .    Promote compliance with applicable governmental rules and regulations,

     .    Provide guidance to directors, officers and employees to help them
          recognize and deal with ethical issues,

     .    Provide mechanisms to report unethical conduct, and

     .    Help foster a culture of honesty and accountability.

The Company will expect all its directors, officers and employees to comply at
all times with the principles in this Code. A violation of this Code by an
employee is grounds for disciplinary action up to and including discharge and
possible legal prosecution.

Fair Dealing

..    Each employee will at all times deal fairly with the Company's customers,
     suppliers, competitors and employees. While we expect our employees to try
     hard to advance the interests of the Company, we expect them to do so in a
     manner that is consistent with the highest standards of integrity and
     ethical dealing.

..    No employee is to take unfair advantage of anyone through manipulation,
     concealment, abuse of privileged information, misrepresentation of facts,
     or any other unfair-dealing practice.

Compliance with Laws, Rules and Regulations (Including Insider Trading Laws)

..    Employees must at all times comply in all material respects with all
     applicable laws, rules and regulations.

..    Directors, officers and employees are required to comply with the Company's
     Policy Regarding Non-Public Information, and with all other policies
     applicable to them that are adopted by the Company from time to time.

..    All employees must cooperate fully with the people responsible for
     preparing reports filed with the Securities and Exchange Commission and all
     other materials that are made available to the investing public to make
     sure those people are aware in a timely manner of all information that
     might have to be disclosed in those reports or other materials or that
     might affect the way in which information is disclosed in them.

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Conflicts of Interest

..    Directors, officers and employees must do everything they reasonably can to
     avoid conflicts of interest or the appearance of conflicts of interest.

          .    A "conflict of interest" occurs when an individual's private
               interest is different from the interests of the Company as a
               whole. Conflict situations include:

               (1)  When a director, officer or employee, or a member of his or
                    her family, will benefit personally from something the
                    director, officer or employee does or fails to do that is
                    not in the best interests of the Company,

               (2)  When an employee, officer or director takes actions or has
                    interests that may make it difficult to perform his or her
                    Company work objectively and effectively, and

               (3)  When an employee, officer or director, or a member of his or
                    her family, receives personal benefits from somebody other
                    than the Company as a result of his or her position in the
                    Company. Loans to, or guarantees of obligations of, such
                    persons are of special concern.

..    If a conflict of interest becomes unavoidable, a director or the principal
     executive officer will promptly report the conflict of interest to the
     Board, an officer other than the principal executive officer will promptly
     report the conflict of interest to the principal executive officer and any
     other employee will promptly report the conflict of interest to his or her
     supervisor. In each instance the director, officer or employee will work
     with the person or persons to whom a conflict of interest is reported to
     devise an arrangement by which (1) that person or those persons (or their
     designee) will monitor the situation which creates, or gives the appearance
     of creating, a conflict of interest, (2) the director, officer or employee
     who has a conflict will, to the fullest extent possible, be kept out of any
     decisions that might be affected by the conflict of interest, (3)
     arrangements will be made to ensure that the director, officer or employee
     will not profit personally from the situation that causes the conflict of
     interest, and (4) every reasonable effort will be made to eliminate the
     conflict of interest as promptly as possible.

Corporate Opportunities

..    No director, officer or employee will:

          1)   take for himself or herself personally any opportunity of which
               he or she becomes aware, or to which he or she obtains access,
               through the use of corporate property, information or position;

          2)   make it possible for somebody other than the Company to take
               advantage of an opportunity in any of the Company's areas of
               business of which the director, officer or employee becomes aware
               in the course of his or her activities on behalf of the Company,
               unless the Company has expressly decided not to attempt to take
               advantage of the opportunity;

          3)   otherwise use corporate property, information, or position for
               personal gain; or

          4)   compete with the Company generally or with regard to specific
               transactions or opportunities.

..    Directors, officers and employees owe a duty to the Company to advance its
     legitimate interests when the opportunity to do so arises.

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Confidentiality

..    Directors, officers and employees must maintain the confidentiality of all
     information entrusted to them by the Company or its customers that is
     treated by them as confidential, except when disclosure is authorized by
     the Company or legally mandated

     .    Confidential information includes all information that may be of use
          to the Company's competitors, or that could be harmful to the Company
          or its customers, if disclosed.

..    Directors, officers and employees will comply with all confidentiality
     policies adopted by the Company from time to time, and with confidentiality
     provisions in agreements to which they or the Company are parties.

Protection and Proper Use of Company Assets

..    Directors, officers and employees will in all practicable ways protect the
     Company's assets and ensure their efficient use.

..    Directors, officers and employees will use the Company's assets only for
     the Company's legitimate business purposes.

Change in or Waiver of the Code

..    Any waiver of any provision of this Code must be approved

     .    With regard to any director or officer, by the Board of Directors, or
          if a significant number of its members will be personally affected by
          the waiver, by a committee consisting entirely of directors who will
          not be personally affected by the waiver.

     .    With regard to any employee who is not an officer of the Company, by
          the employee's supervisor or such other person as is designated by the
          chief executive officer of the Company.

..    No waiver of any provision of this Code with regard to a director or
     officer will be effective until that waiver has been reported to the person
     responsible for the preparation and filing of the Company's reports on Form
     8-K (or any successor to that form) in sufficient detail to enable that
     person to prepare a report on Form 8-K containing any required disclosure
     with regard to the waiver. The Company will promptly disclose on Form 8-K,
     by means of the filing of such form and dissemination by the Internet or by
     other electronic means, any change in or waiver of the Code.

..    Any waiver of provisions of this Code will be reported in filings with the
     Securities and Exchange Commission and otherwise reported to the Company's
     stockholders to the full extent required by the rules of the Securities and
     Exchange Commission and by any applicable rules of any securities exchange
     or securities quotation system on which the Company's securities are listed
     or quoted.

Compliance

..    Directors, officers and employees must report promptly any violations of
     this Code (including any violations of the requirement of compliance with
     law). Failure to report a violation can lead to disciplinary action against
     the person who failed to report the violation which may be as severe as the
     disciplinary action against the person who committed the violation.

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..    Normally, a possible violation of this Code by an employee other than an
     officer of the Company should be reported to the supervisor of the employee
     who commits the violation. However, any employee may report any possible
     violation to the general counsel of the Company.

..    A possible violation of this Code by a director or an officer of the
     Company should be reported to the general counsel of the Company. If an
     employee believes that in a particular situation it would not be
     appropriate to report a possible violation by a director or officer to the
     general counsel, the employee may report the possible violation to the
     principal executive officer of the Company, to the Chairman of the Audit
     Committee of the Company's Board of Directors, or to any other officer or
     director of the Company to whom the employee believes it would be
     appropriate to report the possible violation.

..    The identity of the employee who reports a possible violation of this Code
     by another employee will be kept confidential, except to the extent the
     employee who reports the possible violation consents to be identified or
     the identification of that employee is required by law.

..    Possible violations may be reported orally or in writing and may be
     reported anonymously.

..    The Company will not allow retaliation for reports of possible violations
     made in good-faith.

Terms used in this Code

..    Any reference in this Code to the Company or to an employee of the Company
     is to Chateau Communities, Inc. and all its subsidiaries.

..    Any reference in this Code to a director or officer of the Company is to a
     director or officer of Chateau Communities, Inc.. It does not refer to a
     person who may be an officer of a subsidiary unless the person in fact
     functions as an officer of Chateau Communities, Inc., because the person is
     regularly involved in setting policy for Chateau Communities, Inc. and its
     subsidiaries. For the purposes of this Code, a person who is an officer of
     a subsidiary will be treated as an employee, but not an officer, of the
     Company.

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