As part of the second round of proposals to use bond and federal dollars, city staff on Wednesday recommended helping fund a plan to purchase a South Side mobile home park and convert it into a co-op.
That means the tenants of the 56-site Riverside Terrace on Mission Road would then own the park themselves and have the authority to set rents and make any improvements.as well as $250,000 in fee waivers. The city council is scheduled to vote on the $3.1 million worth of assistance on June 8. The project’s total development cost is $5.5 million.
ROC Vice President of Acquisitions Angela Romeo said mobile and manufactured homes in the United States are a hybrid of home ownership and rentals. Residents in the parks often own their homes but have to rent the lot underneath them, which is currently the case at Riverside Terrace. “And so all the money that they collect in the form of lot rent go back into the community itself,” Romeo said. “They have a voice and control and say over improvements that are made. If they want to put a playground in for children or if they want to install sidewalks, they don’t have to go to a landlord and ask for them to make those improvements.”ROC plans to talk with residents of Riverside Terrace next week.
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