Culver City : Loan for Mobile Home Park
The Culver City Redevelopment Agency approved lending residents of Baldwin Hills Mobilehome Park at least $766,000 to buy the park property.
The 118 tenants, most of whom are of low or moderate income, are planning to buy the property for about $3.5 million from the owner, Vorelco Inc. Each of the households are to buy a $30,000 share in the park. The agency money would be used to give eligible households 30-year loans ranging from $4,000 to $14,000 each.
Buying the park at 11250 Playa St. would help Culver City meets its goals to preserve low- and moderate-income housing, city Housing Manager Phyllis Baboolal said. Residents who want to later sell their shares will be required to sell to households of the same or lower income status, she said.
The Redevelopment Agency will also arrange a loan to residents to pay for a study of the condition of park utilities, some of which are 40 years old.
The loan is contingent on the residents’ obtaining $870,000 in state loans, Baboolal said, but she added that she did not foresee any obstacles to residents’ application for the state funding.
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