Funds for conversion, acquisition and/or rehabilitation of existing mobilehome parks in order to preserve them as a source of affordable housing and to assist park residents with needed repairs, accessibility upgrades or replacement of mobilehomes.
Short-term conversion loans at up to three percent simple annual interest for up to three years to enable a resident organization, nonprofit sponsor, or local public agency to purchase a mobilehome park.
Long-term blanket loans at up to three percent simple annual interest for up to 40 years for long-term financing of a park purchase, or for a resident organization, nonprofit or local public agency that has purchased a park to help low-income residents finance the purchase of shares or spaces in the park or to help pay for the cost to repair low-income residents’ mobilehomes. Payments of conversion and blanket loans can be deferred or adjusted if necessary to make the purchase feasible.
Long-term individual loans at up to three percent simple annual interest to low-income residents of a mobilehome park that has been converted to ensure housing affordability when the resident buys a cooperative interest, a share, a planned unit development space, or a condominium space in the park.
Each funding cycle includes a rural set-aside of funds of at least 20 percent.
- Public Agency
Eligible applicants must be resident organizations, qualified nonprofit housing sponsors, or local public entities. Please note,individuals/residents are ineligible to receive direct funding from HCD through this NOFA. Once these funds are awarded, qualified low-income individuals/residents may apply directly to an MPRROP program recipient.
How to Apply
State agencies/departments recommend you read the full grant guidelines before applying.
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