Governor Polis and the Colorado Department of Local Affairs (DOLA) announced that DOLA’s Division of Housing (DOH), Office of Housing Finance and Sustainability (OHFS) granted more than $28 million to three loan program administrators for the Mobile Home Park Resident Empowerment Program (MHPREP).
“This important support helps residents purchase the land their homes are on, and we are excited to continue the important work to make sure Coloradans have access to safe and affordable housing,” said Gov. Polis.
SB22-160 establishes a revolving loan and grant program to provide assistance and financing to mobile home owners seeking to...Read More
Our thoughts on this story:
I’m all for these type of programs – we have sold several parks to the residents so far – but can we all admit how few properties this benefits in the end? Residents in the entire U.S. only buy about 20 or 30 parks a year. Wouldn’t this money be better served if every mobile home park got a grant to build a pavilion, charcoal grills, playground, and nicer entrance? That would benefit ten times more people for the same money. I’m not sure what this obsession is with the residents buying the land underneath their mobile homes, but it does nothing to stop rents from increasing, if that’s the myth that people are counting on. I don’t have any stats, but I know of parks that have significantly higher rents under resident-owned scenarios as they then have to contend with covering the rising costs of everything from insurance to property tax, as well as try to pay a crushing monthly mortgage.