According to federal housing surveys, around 20 million Americans–roughly one in 18–live in mobile homes, in part because they can cost half that of a traditional, site-built home. However, residents do not own the land their home sits on, which means they can easily be priced out of their lot rent and end up displaced.
CHFA’s innovative lending work in the mobile home and manufactured home industry provides financing that creates and preserves affordable homeownership for residents.
Longmont Mobile Home Community, Longmont
Through participating with ROC USA, 36 low-income residents were able to form a co-op entity to purchase the park after it went on the market. By owning the park themselves, the residents have more control over their living situations and rent without worry of being priced out of the park.
CHFA Helped by Providing
$1,194,800 CHFA Housing Opportunity Fund (CHFA HOF) loan
Partners Included
- Impact Development Fund: $1,344,150 participation loan
- City of Longmont: $300,000 Affordable Housing Fund loan
- Thistle Communities - technical services provider
Results
This cooperative (LMP Co-op) eliminates the homeowners' risk of displacement, gives them more control over lot rent fluctuations, and preserves affordable homeownership in Longmont.