The resident group at Country Villa MHP, Soquel, CA is pleased to announce the successful completion of the purchase of their park, through their resident-owned mutual benefit corporation, Country Villa MH Owner’s Association (CVMHOA).
The purchase arose out of discussions with the park owner, who was interested in retiring from the MHP business. The resident group and the park owner were able to work out a deal which was attractive both to the owner, and to almost 75% of the residents, who gave up the protections of the Santa Cruz Country Rent Control Ordinance to become members of CVMHOA. Residents not becoming members of CVMHOA remained on rent control with CVMHOA as their new landlord.
PMC is pleased to have acted as negotiator for the resident group, and also to have arranged the first mortgage, and share purchase financing (for non-plaintiffs).