Better HCD funding for manufactured home park conversions to resident ownership.
Presently, the HCD (Department of Housing and Community Development) makes loans from the Mobile home Park Purchase Fund to qualified manufactured home park residents, resident organizations, and nonprofit housing sponsors or local public entities to finance conversion of the parks to resident ownership to make monthly housing costs more affordable.
This law gives the HCD greater flexibility in its administration of the Purchase Fund (renamed the Mobilehome Park Rehabilitation and Purchase Fund) by allowing the HCD to lend for individuals to repair their manufactured homes and for nonprofit sponsors or local public entities to acquire manufactured home parks.
This law aims to facilitate conversion of mobile home parks to resident ownership in three ways: It aims to ensure attractive loan terms for park conversions; It allows for a streamlined process in which nonprofit housing sponsors may take over troubled parks that might otherwise be forced to close due to neglect and substandard conditions; and it allows the loans to be used for needed repairs in addition to financing the conversion.
Assembly Bill 225 codified as Health and Safety Code 18114.1, 50781, 50782, 50784, 50785, 50786, 50784.5 and 50784.7. Effective date is September 20, 2014.