By Alan Gionet
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LITTLETON, Colorado (KCNC) — For about seven weeks now the residents of the Meadowood Village Mobile Home Park in Littleton have been in charge of their own destiny after purchasing their park.
“A lot of people did not think we would make it. Us included at many times,” said Sandy Cook, President of the Meadowood Village Cooperative. “We’re now the proud owners. 92 homes. 139 people of Meadowood.”
Meadowood Village was faced with the sale of the property a year ago when a Utah based company offered 18 million for the property. Colorado however has a law that enables the residents of mobile home parks to make their own offers. If they can match a buyout, they can buy their own park ahead of companies seeking the benefit of rising real estate prices in Colorado. The state has about 900 mobile home parks. Few have been able to put together winning bids amid buyout offers.
Meadowood Village was different.
Afraid that new owners would likely raise rents for the land where they place their mobile homes, the park’s board gained support from all but two residents to create a purchase offer. One resident forgot about the meeting and the other was out of town.
“The uncertainty of not being able to know where you’re going to live within twelve months is so scary for people,” said Cook.
Once they matched the 18 million dollar offer, the board had to find the money. Meadowood knew they would have to carry a big mortgage. The question was, could they get enough grants and low interest loans from local, county and state government overseeing federal dollars to finance what they needed?
The final piece turned out to be a $3.475 million low-interest loan from Colorado’s Department of Local Affairs.
“DOLA was our last piece. When we got our DOLA award, had it not been for our DOLA award we would not have made it,” Cook explained.
Now the residents are in charge of the over 55 park. The board noted there are far more hours involved in overseeing the park themselves. It would be harder, they acknowledged, if it were a park with younger residents.
Board members said they are finding residents are more willing to pitch in.
“Now we’re knowing a little about our neighbors. A lot more than when they were quiet about it. A lot of them wouldn’t say anything and they’d go without,” said Dave Stouder, operations manager for the cooperative now running the park.
The cooperative is keeping rent for the spaces where people place their mobile homes under $1000. Nearby, another park that sold recently, has seen rents rise to nearly $1500.
Many of those at Meadowood are on fixed incomes. Park board members are finding that without profit margins in their non-profit corporation, they can keep costs down. The goal of keeping people who wish to stay at the park is being accomplished. A couple of residents who were short on rent have been helped by fellow residents with donations.
“They don’t even realize where that subsidy is coming from. But it’s actually coming from everybody in the park contributing to be able to subsidize those,” explained Cook.
Managing a park is a learning experience, but the board said they’re up for the challenge. They don’t have much choice. The financial deal to buy the park prohibits sale for 30 years, and no one wants to sell.
“You’re always going to have to take care of the park. You’re always going to have to listen to residents’ problems to solve those problems for them. You still have to pay your bills, you still have to mow the grass. So it is a business, but it is a family business,” said Cook.
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