CAMARILLO : Loan Program OKd to Purchase Lots
The Camarillo City Council has given final approval to a $417,000 loan program to help low-income residents of Rancho Adolfo Mobile Home Estates purchase their lots.
The council voted Wednesday in favor of the program, which is funded by federal Community Development Block Grant money.
Residents of the 250-lot mobile-home park on Rancho Adolfo Drive west of Mission Oaks Boulevard are in the process of purchasing the entire 35.6 acres from the present owners.
At a total price of $14.6 million, the cost of buying into the park comes to an average of $58,500 per household.
To help the estimated 40 residents who can’t afford this price, the city will offer the block grant funds as low-interest loans. The loans will accrue 3% interest annually, but will be due only when residents die or move from the park.
Because city officials don’t want residents to use the low-interest loans as their primary financing, they are requiring applicants to obtain mortgages or have some other funding source for the purchase.
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