Making an appropriation for programs to preserve mobile home communities, and establishing a revolving loan and grant program to assist mobile home owners in purchasing their communities.
Mobile home owners seeking to organize and purchase mobile home parks can obtain financial assistance and financing through the revolving loan and grant program established by the act. The Division Of Housing (division) within the Department Of Local Affairs (department) must contract with at least 2, and not more than 3, loan program administrators, unless the division determines that there is only one qualified applicant during an open and competitive selection process, in which case the division can contract with a single administrator.
Administrators are required to make loans to mobile home owners who wish to purchase their mobile home parks using the money provided by the loan program. To assist eligible home owners in acquiring their mobile home parks, the division needs to establish a grant program for nonprofit organizations. The division is also required to establish a grant program to provide grants to eligible home owners to support programs to ensure the long term affordability of a resident-owned park, including by stabilizing lot rents and limiting rent increases.
There is a creation of the mobile home park resident empowerment loan and grant program fund (fund). $35 million must be transferred from the general fund to the affordable housing and home ownership cash fund by the state treasurer. In order to implement the loan and grant program, the fund is continuously appropriated to the department; however, $384,019 has been reappropriated by the governor to the office of information technology for information technology services for the department, and $29,571 has been reappropriated by the department of law for legal services.