Preview:
The future affordability of a Bellingham manufactured home park is uncertain after an attempt by the park residents to buy the land was unsuccessful and the community was sold to a new owner.
Lakeway Mobile Estates is a senior community made up of 218 individually owned manufactured homes on more than 28 acres in Bellingham’s Puget neighborhood. Residents pay a monthly fee to lease the land that their homes are on.
In December residents were notified by letter that the property owner intended to sell the community. Per city and state law meant to maintain affordable housing and prevent manufactured home park residents from being displaced...
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“We are sorry to hear that Lakeway Mobile Estates (the ‘Park’) is being sold for approximately $41 million,” the city stated in an email to a constituent about the sale. “We understand that the purchase price could result in a significant increase in lot rent, which many low-income residents at the Park will be unable to afford.”
OK, so let me get this straight. The residents were unable to pull off the purchase of the property for $41 million. So somebody else bought it for $41 million. The city was willing to cough up $7 million down payment. The private-sector buyer probably put down a little more than that, but close. With either party buying the property for $41 million there would be an identical note with identical interest rate and identical monthly payment. So then how exactly would the non-profit be able to buy it without raising lot rents just as high – or higher – than the private sector group would? The answer, of course, is that they can’t.
STUPIDITY RATING ON A 1 TO 10 SCALE: 9