City Forgives Loan to Would be Co-op

According to smmirror, the city of Santa Monica, California loaned the Mountain View Mobile Home Inn Residents Association $272,000 in 1996 to convert the property to a co-op owned by the residents. When the plan was determined to not be feasible, City Hall purchased the property in 2000 and maintained it as affordable housing inventory. However, $124,977.01 of the loan was actually dispersed and the city has now decided to forgive the loan, because it is providing affordable housing in the community. MHProNews has learned over a 12-year period, the city made $5 million in infrastructure upgrades and replaced 19 of the travel trailers and factory-built homes with sustainable manufactured homes.

(Photo credit: localYahoo!/Mountain View Mobile Home Inn, Santa Monica))

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