- Supplements loan funding to help tenants cover the purchase price, fund infrastructure improvements, and provide capacity building support for the residents
- Helps maintain affordable rents and improve housing conditions at the mobile home park
Community development financial institutions, such as ROC USA, offer financing for tenant acquisition of mobile home parks, but oftentimes grant support is also needed to help cover the purchase price, infrastructure improvements needed at the property, and on-going capacity building support for the residents. Sources for a fund could include local and national foundations, general obligation bond funds (for the infrastructure), Community Development Block Grant funds, and general revenue. Tax Increment Reinvestment Zone (TIRZ) funds could also help cover infrastructure improvements at mobile home parks in an area where there is a TIRZ.
When the residents of the North Lamar Mobile Park purchased their mobile home park in 2020, the City of Austin supported the $7 million purchase with a $2.5 million forgivable loan using General Obligation funds, which requires that the property remain affordable for at least 99 years.