An example of a CHFA Multifamily Lending Mobile Home project.
La Luna Community
Lafayette, Colorado
Photo courtesy of Russ Croop
La Luna Community, Lafayette
Purpose
Provide financing to help the resident cooperative purchase the park and become the owners and managers, allowing them to collectively set lot rents and share in decisions regarding repairs and enhancements to their community, resulting in a preservation of their homes for the long term.
Who the Project Serves
34 mobile-home households with 91 percent earning below 80 percent of the Area Median Income (AMI).
Community Impact
This cooperative (LMP Co-op) eliminates the homeowners' risk of displacement, gives them more control over lot rent fluctuations, and preserves affordable homeownership in Lafayette. This is the ninth park in Colorado structured through the ROC USA (Resident-owned Communities) model and the fifth in which CHFA participated.
Project Partners
- Ally Bank
- Boulder County
- City of Lafayette
- Colorado Division of Housing
- KeyBank
- Mercy Community Capital
- ROC USA
- Thistle Communities
How We Got the Deal Done
$269,090 Colorado ROC Acquisition Fund participation loan with a 10-year term
Pair with these CHFA Programs
For the manufactured home communities, we would not likely pair more than one CHFA program.