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Jack Ferris stated that he bought and replaces rnany mobile homes within the park over the last ten years and expressed his support for the proposal. He indicated that space rents have gone up, and the conversion would provide residents the opportunity to buy their space and control their destiny, which they cannot do today. He added that manufactured homes are of high quality but that the only way value is to be seen is to purchase the land underneath their units which will appreciate over time. He further discussed costs at varying loan amounts, which he felt was less expensive than space rents today, and stated that he supported the State's loan program. Pam O'Connell stated that homeowner dues must be taken into account when considering rent and mortgage, and this is not affordable for many people. She added that she felt the State would not be in a position to provide loans due to their position and that this cannot be counted on in ten years. She stated that she believed the owner representatives used coercive tactics and that she did not trust the proposal. She indicated that she has not been not able to sell her mother's unit and felt that moving the land into ownership was not a good thing for the park or the people living there. Janet Cristiano stated that her mother lives in the mobile home park. She indicated that she was excited about the opportunity to purchase the land as affordable housing is difficult to find. She echoed Mr. Ferris' comments and confirmed that reserves would need to be put in by the park owner for repairs, which the homeowners would control. She noted that the low-income level for couples is $53,000 and inquired what the rate was for singles. Mr. Dolan replied that it is $46,350. Mr. Close referred to comments regarding buying air and stated that the residents will own both the land and their pro-rata share of all common areas. He noted that the State recognizes that there may be some residents who would not be able to afford purchasing their unit, and these residents can remain in the park for as long as they desire. He reiterated that low-income residents are fully protected as they will not be charged more than the CPI increase. Ms. Forbath stated that part of the application to the DRE requires documentation that includes a reserve study to be done by a licensed inspector who will physically inspect every single aspect of the park and look at the current owner's operational costs to determine the history of repair work. She noted that the reserve study will indicate what the useful life of each park component is, and the HOA would start off with a substantial balance in its account for reserves. She added that the DRE will also look at future operational costs to determine what the dues should be. Regarding ownership of the land, she stated that residents will own approximately two feet deep under their unit so that no individual resident has to own the utility lines which are located below the units; the HOA would own the rest and would be responsible for any repairs. Commissioner O'Connor inquired if the HOA would be fully funded at the time of the conversion. EXCERPTS: PLANNING COMMISSION MINUTES, February 25, 2009 Page 11 of 19