An example of a CHFA Multifamily Lending Mobile Home project.
Golden Hills Mobile Home Cooperative
Golden, Colorado
Golden Hills Mobile Home Cooperative, Golden
Purpose
Provide financing to help the resident cooperative purchase the park and become the owners and managers, resulting in a preservation of their homes for the long term.
Who the Project Serves
39 mobile-home households earning low income in Golden.
Community Impact
This cooperative (LMP Co-op) eliminates the homeowners' risk of displacement, gives them more control over lot rent fluctuations, and preserves affordable homeownership in Golden. This was the seventh park in Colorado structured through the ROC USA (Resident-owned Communities) model and the fourth in which CHFA participated.
Project Partners
- ROC USA
- Mercy Community Capital
- KeyBank
- Ally Bank
- Thistle Communities
How We Got the Deal Done
$868,182 CHFA Housing Opportunity Fund (CHFA HOF) gap financing with a 10-year term
Pair with these CHFA Programs
For the manufactured home communities, we would not likely pair more than one CHFA program. These would generally be funded with CHFA HOF.