The push to promote resident ownership comes as parks have become a favorite target of investment banks, hedge funds and other deep-pocketed investors.
PORTLAND, Ore. — When Gadiel Galvez learned that the owner of his mobile home park south of Seattle was looking to sell, he and other residents worried their largely Latino community would be bulldozed to make way for another Amazon warehouse.
So far these resident-owned communities are proving to be a reliable option. None of the more than 300 in the network of nonprofit ROC USA have defaulted or closed. One decided to sell back to the county housing authority it originally purchased from. Park residents often own their home but rarely the land beneath it. So if a landlord raises rent, residents can be evicted or forced to sell their home. If a park is sold to be redeveloped, mobile homes that can’t be moved are demolished.
To pay off the purchase loan, residents now pay $520 a month — a stretch, but one that comes with reassurance, King said. “We are not for profit. All the money that we get has to go back into the village and pay the mortgages off,” said Stephen Laclair, board president. Some resistance comes from residents, many of whom are seniors and people with disabilities who may not want the responsibility of managing their park. Others argue rent control or stricter zoning regulations protecting mobile home parks from redevelopment are more effective.
Another challenge is that few states provide funding for residents looking to buy their parks. The lack of grants can make it difficult for residents to finance large loans.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Man accused of firing gun in downtown MobileMobile police arrested a 33-year-old Mobile man on several charges after they say he fired off rounds from a gun in downtown Mobile.
Read more »
Mobile’s Herz, one of nation’s last lesbian bars, has closedTwo years ago, Mobile nightclub Herz was featured in a documentary showcasing the last few lesbian bars in the country. Now it has closed. Here's why:
Read more »
PUBG Mobile Launches Golden Moon Event & World Invitational DatesICYMI: PUBGMobile has launched a brand new event into the game this week, along with the news of a new esports event this July at Gamers8. PUBG
Read more »
Chrome to bring a new epoch of web graphics to mobile and desktopA new WebGPU API is coming to Google Chrome, which will enable developers to present even more beautiful graphics within the infamous browser.
Read more »
Community members fighting to be heard amid mobile home evictionsPhoenix City Council Chambers erupted this week at a contentious meeting. MORE ⬇️
Read more »
Eight lawyers apply for vacant judgeship in Mobile CountyEight lawyers – including a former judge – have applied to fill a vacancy on the Mobile County Circuit Court bench.
Read more »