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: The Home Equity Theft Reporter

City Leverages Disaster Relief Funds To Buy Out Mobile Home Park Landlord, Promises Residents Infrastructure Upgrades, No Displacements, Search For Long-Term Owner Such As Co-Op, Nonprofit To Ensure Affordability, Stability

By r morris

In Boulder, Colorado, the Daily Camera reports:

• Boulder has purchased the Ponderosa Mobile Home Park, a Boulder County enclave in the northern part of the city, which it hopes will ensure long-term affordability and address conerns regarding the state of the park's infrastructure.

  The city bought the 6.46-acre piece of property from Mantle Ranch Real Estate LP for $4.2 million, and $3.5 million of that came from a federal grant providing for disaster relief stemming from the 2013 floods, according to a news release. The park was impacted by the flooding.

  The remainder came from the city's affordable housing fund, according to a news release.

  The 68-unit trailer park, at 4475 Broadway, is currently located in Boulder County, and has been since the 1950s. Over time, the city limits have changed as such that the property is now surrounded. Providing utilities, health and safety services has been challenging and required coordination between Boulder, Boulder County and the property owner, according to the release.

  The property will eventually be annexed into Boulder with infrastructure upgrades in 2019. The city will work with residents to identify a long-term owner such as a cooperative or nonprofit to ensure long-term affordability.

  The city has promised residents at the park that they will not be displaced because of the sale.

Full post as published by The Home Equity Theft Reporter on September 02, 2017 (boomark / email).