New Financing Available to Assist Mobile Home Park Owners in Eastern Coachella Valley
PALM DESERT – Owners of mobile home parks in the eastern Coachella Valley can get help financing improvements to their parks due to a new county partnership announced today by Supervisor John J. Benoit.
Clearinghouse Community Development Financial Institution (CDFI) will partner with the Housing Authority of the County of Riverside to offer individual loans to help park owners make necessary improvements to bring their parks into code compliance and get permitted.
“It is great news that the county has a special partner that has the resources, flexibility and soft spot for the farmworker community,” said Supervisor John J. Benoit. “Owners of these mobile home parks have been waiting several years for financing but now can apply for loans to improve their parks.”
The elimination of redevelopment agencies in 2011 left Riverside County without a source of funding to offer owners of unpermitted mobile home parks. Financing has been difficult, if not impossible, because of lending guidelines such as income verification and documentation that don’t take into account the unique challenges in farmworker housing.
Under Supervisor Benoit’s leadership, the Housing Authority of the County of Riverside sought a financial institution that could work with these owners. Clearinghouse CDFI, which has bilingual staff and experience in the eastern Coachella Valley, immediately responded and was approved.
Based in Lake Forest, Clearinghouse CDFI improves the quality of life for low-income individuals through affordable financing that is unavailable in the conventional market. Over the last 10 years, Clearinghouse CDFI has provided financing to bring several similar mobile home parks into code compliance.
“Our partnership with the Housing Authority of the County of Riverside will provide for critical park updates,” said Doug Bystry, Clearinghouse CDFI President/CEO. “Residents will benefit from a safe and affordable living environment.”
Clearinghouse CDFI will offer individual loans between $150,000 and $250,000 to owners of Polanco mobile home parks, which have 14 units or less.
As part of the partnership, the Housing Authority will provide a loan facilitator that will act as a liaison between Clearinghouse and the owner and will assist with the loan application, loan packaging and underwriting. In addition, the loan facilitator will provide assistance to the owner with permitting, planning, development and long-term management plans for their rehabilitated parks.
Interested parties should contact John Aguilar, deputy director of the Housing Authority, at 760-393-3314.