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15 ATTACHMENTS
City of Pleasanton
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CITY CLERK
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2009
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040709
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15 ATTACHMENTS
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4/1/2009 1:08:32 PM
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CITY CLERK
CITY CLERK - TYPE
STAFF REPORTS
DOCUMENT DATE
4/7/2009
DESTRUCT DATE
15 Y
DOCUMENT NO
15 ATTACHMENTS
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loans, aState-funded finance program was created for lower-income residents in <br />converted parks. She added that lower-income residents can be loaned money up to <br />95 percent of the purchase price at three percent interest over 30 years, and payments <br />will be tailored based upon the residents' income to ensure affordability. <br />Ms. Forbath stated that there have been meetings in the park with large attendance, <br />that they tried to provide as much information ass possible to prepare the residents for <br />the change, and that they were careful to mail information to everyone in the park. She <br />noted that part of people's fear is the unknown, and the unknown in this case is change. <br />She added that this change provides the option for some to own where none currently <br />exists and for others to continue rent, although their rent may not be protected in the <br />same manner as the present. She indicated that there would be no change of use upon <br />conversion and that the park will always remain a mobile home park. <br />Ms. Forbath stated that everything within the boundaries of a mobile home park is <br />controlled by the State Housing and Community Development Department and that this <br />will stay in place after conversion. She added that the Mobile Home Residency law will <br />stay in place, as well and that additional protections under the Davis Sterling Act will be <br />provided once a homeowners association is set up. <br />Commissioner O'Connor referred to affordability and inquired what the price of the <br />conversion would be today. <br />Ms. Forbath replied that an appraisal has not been conducted. She noted that <br />appraisals of this type are different from a regular single-family home in that many <br />factors must be determined, and would cost approximately $30,000. She stated that in <br />other parks across the State, prices of lots depend upon the location of the park and <br />that she believed it would be equal to or greater than the amount the owner could sell <br />the park today to another party. She added that it is to the owner's advantage to sell <br />lots gradually over time and that another reason park owners want to convert is <br />because they would prefer to see the park as resident-owned rather than owned by a <br />Real Estate Investment Trust (REIT) or other entity. <br />Commissioner Fox presented a scenario where an 85-year-old is making monthly <br />payments on a $50,000 mobile home, and this resident is given an option to purchase <br />the lot for $200,000. She requested Ms. Forbath to describe the financing of such a <br />loan where the senior resident would suddenly have to come up with funds to refinance <br />the home and purchase the lot. <br />Ms. Forbath stated that assuming the 85-year-old person qualifies as alower-income <br />resident and applies for the loan from the State, the State will look at the resident's <br />income and ensure that the total housing costs, including mortgage, property tax, HOA <br />dues, and utilities, do not exceed 30 percent of his/her income. She noted that if $500 <br />is the remainder that would apply toward a mortgage, the State would defer the rest of <br />the principal and interest short of $500 a month. <br />EXCERPTS: PLANNING COMMISSION MINUTES, February 25, 2009 Page 7 of 19 <br />
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