The Homeowners Association of Blue Pacific Mobile Home Park, Aptos, Ca, has refinanced the loan they used to purchase their mobile home park in 2011. The original loan was guaranteed by HUD/FHA and was a 40-year, fixed rate, fully amortizing loan for about $5,600,000. Almost 85% of the residents in the 100 home site park … Read more
In April 2016, I was asked to make a presentation to a workshop for Affordable Housing Nonprofit Corporation (501 (c)(3)). Those groups are interested in buying and possibly rehabilitating mobile home parks. There is money available from the State of California to assist in this task. But they have no clue as to how to … Read more
RESIDENTS REFINANCE MH PARK The resident group at Palm Terrace MHP, Aptos, CA are pleased to announce that they have completed the refinance of their existing first mortgage loan. The group (Palm Terrace Mobilehome Owners Association, Inc. – PTHOA) purchased the park in 2006. The park, which has 48-sites and a clubhouse, was built in … Read more
The resident group at Country Villa MHP, Soquel, CA is pleased to announce the successful completion of the purchase of their mobile home 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. … Read more
Alimur Park Residents Purchase Their Park! Date: February 1, 2016 Location: Alimur Park, 4300 Soquel Dr, Soquel CA 95073 What Happened: The residents of Alimur Mobile Home Park formed a nonprofit mutual benefit corporation and purchased the Park from its investor-owner. Key Players: The APHOA Board of Directors: Clay Butler, Bernadette Guimarin, Rickie Crane, John … Read more
An MH industry publisher asked me to write an article on resident ownership and specifically highlight the differences in the ways group use to buy their park.
Recently, I was asked by the publisher of an MH industry magazine to write an article about resident park purchases for park owners, since there are a lot of misconceptions about the process.
The fears of Buena Vista Mobile Home Park residents, who could be displaced to make room for luxury apartments, aren’t theirs alone. In many parks, residents, who often own their homes but not the land under them, are treated as second-class citizens.