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San Antonio – The City of San Antonio plans to use part of its first housing bond to help create the city’s first mobile home park cooperative.
As part of the second round of proposals to use bond and federal dollars, city staff on Wednesday recommended helping fund a plan to purchase a South Side mobile home park and convert it into a co-op. That means the tenants of the 56-site Riverside Terrace on Mission Road would then own the park themselves and have the authority to set rents and make any improvements.
City staff recommended approving a little less than $2.9 million of the $150 million housing bond as well as $250,000 in fee...
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The tenants are buying this park for around $100,000 per lot. Clearly the seller has no problem with that. But I don’t think these residents realize what they’re getting into. To service that much debt, the rents are going to go up – way up. “Maybe not today or tomorrow but soon and for the rest of their lives” as Humphrey Bogart would say. To think that this transaction is going to keep rents low is a fallacy. It’s called math.