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Home My WebLink About1996-03-06 HC Regular Meeting Agenda Packet • HOUSING ADVISORY COMMITTEE WEDNESDAY, MARCH 6. 1996 3:30 P.M. NORTH WING CONFERENCE ROOM PALM DESERT CITY HALL SIGN-IN SHEET eahl-4/ • • HOUSING ADVISORY COMMITTEE . MEETING MARCH 6, 1996 - 3:30 P.M. NORTH WING CONFERENCE ROOM AGENDA 1. INTRODUCTIONS 2. REVIEW OF BYLAWS 3. SELECTION OF STANDARD MEETING DATE AND TIME 4. DISCUSSION OF PACKET OF INFORMATION PREVIOUSLY MAILED • HOUSING ADVISORY COMMITTEE • MEETING NOTES MARCH 6, 1996 - 3:30 P.M. NORTH WING CONFERENCE ROOM PRESENT: G. Holmes, W. Winfield, J. Richards, J. Benson, Teresa LaRocca Reviewed package of information and discussed each document individually. Reviewed current housing projects and past history of projects on line. Discussed production mandates, RHNA and Stipulation requirements. To provide copy of RSG RDA project fund projections to members. Schedule regular meeting on first Wednesday of month at 3:30 p.m. Next meeting scheduled on April 5, 1996. • ,41‘ ,, \ • s . •••.° e-.3•,, 73-510 FRED WARING DRIVE, PALM DESERT,CALIFORNIA 92260-2578 ` TELEPHONE(619)346-0611 FAX(619)340-0574 February 28, 1996 (1) Mr. Jim Richards (3) Mr. G.A. Holmes 72-857 Bel Air Road 43-871 Via Granada Palm Desert, CA 92260 Palm Desert, CA 92260 (2) Mr. William Winfield (4) Council Member Jean Benson 650 Vista Largo Circle North City Hall, Palm Desert, CA 92260 Palm Desert, CA 92260 Subject: HOUSING ADVISORY COMMITTEE INITIAL MEETING Dear Committee Members: • I would like to schedule the first meeting of the Housing Advisory Committee for Wednesday, March 6, at 3:30 p.m., in the North Wing Conference Room, adjacent to the Redevelopment Agency office, here at City Hall. We will begin to discuss your role and responsibilities as a Housing Advisory Committee, and to respond to questions you may have generated as a result of the packet of information which was forwarded to you. I have attached a copy of the PMW Associates' Analysis of Ownership Alternatives for Manufactured Housing Communities for the City of Palm Desert. Please review the document and we will discuss your thoughts and comments at the above referenced meeting. If you have any questions, please feel free to give me a call. I hope that this date works with all your schedules, if not, we will attempt to accommodate all the members as soon as possible. N TERESA" . LA ROCCA Housing Programs Coordinator Enclosures (Z?'RECYCLED PAPER I • P M W Associates .232 West Avenida Gaviota, San Clemente, California 92672 (714) 498-7085 FAX (714) 498-8262 • MEMORANDUM Date: December 14, 1995 To: Terry La Rocca Housing program Coordinator City of Palm Desert From: Marilyn Whisenand PMW Associates Subject: Analysis of Ownership Alternatives Palm Desert Mobile Estates and Silver Spur Mobile Home Park PMW Associates, as a part of their analysis of household income and housing costs within the above noted Mobile Home Parks, evaluated the feasibility of converting these • parks to resident ownership. Information necessary to include a third mobile home park, Indian Springs, is not available at this time. This memorandum will summarize our findings. METHODOLOGY PMW utilized the following assumptions in analyzing resident purchase options. These assumptions are: • • The purchase price of the Silver Spur Mobile Home Park is estimated at$9 million. • The purchase price of Palm Desert Mobile Estates is estimated at $4.5 million. • An estimated $500,000 per park was added to assumed purchase prices to cover the fees associated with dividing the park into a • condominium/subdivision. • It was assumed that the City would not utilize General Fund, Housing Set- • Aside Funds, or any other public funds to subsidize a resident purchase program. OWNERSHIP ALTERNATIVES Two of the most common forms of resident purchase are subdivision/condominium and stock cooperative. The condominium form of ownership would require that a subdivision map be filed, dividing the park into fee simple lots that would be purchased by residents. Public areas and facilities would be owned in common by the residents; the park would be managed by a homeowners' association elected by the residents. A stock cooperative form of ownership would not require subdivision, but rather would result in the purchase of the park by an incorporated resident organization who, in turn, would sell shares in the cooperative representing the right to occupy the individual spaces. Each of these purchase alternatives requires roughly the same financing standards. The cooperative approach is less costly and time consuming than the condominium approach for the initial purchase; however, the re-sale of stock cooperative shares is historically more difficult to finance than individual fee simple condominium parcels. Both alternatives face the obstacle of arranging financing for the purchase of the total property requiring either 100% participation (all residents providing their proportionate share of equity and debt service) or, in the absence of 100% participation, an individual or organization willing to finance, own and manage the lots that would remain unsold and maintained in the rental inventory. FINANCING ALTERNATIVES PMW consulted with Belgravia Affordable Housing Corporation, who specialize in obtaining financing for mobile home park owners and residents. Belgravia stated that their financing sources could provide loans for either condominium or stock cooperative conversions at current interest rates ranging from 7.25% (start rate on adjustable rate • 2 • mortgage) to 8.5%. Loan to value ratios, according to Belgravia, range from 65% to 75%. For purposes of analyzing the ability of Palm Desert mobile home park residents to purchase individual spaces, the following proformas were prepared: Silver Spur $9 million purchase price _ 216 = $41,667 per space 30% down payment = $12,500 $29,167 @ 8% amortized over 30 years = $242 $41,667 8% amortized over 30 years = $333 ..- *Silver Spur contains 36 RV spaces not included in this analysis 100% Financing 70% Financing $333.00 $242.00 Space Payment • 35.00 35.00 Property Taxes 97.00 97.00 Operations/Maintenance Reserves for Replacement $465.00 $374.00 Total Space Costs Palm Desert Mobile Estates $4.5 million purchase price _ 149 = $30,201 per space 30% down payment = $9,060 $21,140 @ 8% amortized over 30 years = $184 $30,201 8% amortized over 30 years = $250 • 3 100% Financing 70% Financing 11110, $250.00 $184.00 Space payment r.. 25.00 25.00 Property Taxes 97.00 97.00 Operations/Maintenance Reserves for Replacement $372.00 $306.00 Total Space Costs Based on these assumptions, (discounting any tax savings that could result from space ownership), the total monthly new space costs for a space in Silver Spur would be$374 per month at the lowest and for Palm Desert Mobile Estates $306 at the lowest However, this new space cost assumes the availability of cash down payments from each resident, a factor which would, in our experience, present a major impediment to resident purchase. If interest costs for the down payment are assumed (100% financing), the monthly space costs would be $465 for Silver Spur and $372 for Palm Desert Mobile Estates. Information supplied by the property manager for Silver Spur and Palm Desert Mobile Estates indicates average space rents in Silver Spur of $360 and Average space rents in Palm Desert Mobile Estates of $285. The ownership costs in each of these parks based on the assumptions made above would increase space costs by a range of 4% to 29% in Silver Spur and 7% to 31% in Palm Desert Mobile Estates. (The lower end of the range indicates increases based on the assumption that residents can pay cash down payments of 30% of the purchase price of the space.) The fact that a significant proportion of the very low and lower income residents within the parks are now paying household costs above allowable levels indicates that immediate conversion to resident ownership would be financially infeasible. • Although the State of California periodically funds programs to provide downpayment assistance to residents who wish to purchase their mobile home park, these programs require matching funds from the City. Since our study parameters excluded the use of Public funds to subsidize a sale to residents, this alternative has not been explored. 40 4 • BRIDGE PURCHASE ALTERNATIVE Given the interest in resident purchase expressed by a substantial number of Palm Desert mobile home park residents, the City may wish to explore providing a "bridge" to resident purchase by placing the park in the control of a non-profit organization eligible to receive the benefit of tax-exempt bond financing. For this alternative, the City would assist an eligible non-profit corporation by acting as a conduit for tax exempt financing. The non-profit corporation would hold ownership and provide park residents with an option to purchase as soon as bonds can be redeemed by conventional financing. ''As the value of the park increases and the bond debt is retired, an "equity increment," would accrue to the benefit of the resident/occupant. As soon as loan to value levels are sufficient to meet underwriting requirements for conventional financing, individual lots could be sold to participating residents negating the requirement for a cash downpayment and/or public subsidy. During interim ownership by the non-profit corporation, the resident organization could be assigned the responsibility of park management, providing for an increased level of resident control over park operations and management. MW:mb • • ), AFFORDABLE HOUSING ASSISTANCE PROGRAM ALTERNATIVES FOR MANUFACTURED HOUSING COMMUNITIES Prepared for the City of Palm Desert by PMW Associates 232 West Avenida Gaviota San Clemente, California 92672 TABLE OF CONTENTS I. Introduction 1 H. Existing Conditions 4 M. Alternative Rent Stabilization/Assistance Programs 6 A. Direct Rental Assistance 6 B. Conversion of Mobile Home Parks 7 C. Non-Profit Ownership/Two-Step Conversion 9 IV. Available Funding Sources 10 �► A. Mobilehome Park Resident Ownership Program 10 B. Home Investment Partnership Program 11 C. Section 8 Rental Vouchers/Certificates 11 D. Redevelopment Agency Housing Set-Aside Funds 12 V. Recommended Work Program 15 A. Mobile Home Park Conversion 15 B. Mobile Home Resident Assistance 16 C. Two Step Conversion Process 16 Appendix I - Non-Profit Ownership Outline 18 • Appendix II - Policies/Procedures Governing Conversion 20 Appendix HI - Survey Research Questionnaire 24 Appendix IV - Letter to Residents 26 Appendix V - Resident Survey Tables 27 INTRODUCTION Mobile home parks within the City of Palm Desert represent a significant portion of the City's affordable housing resources. While the parks vary considerably in size, physical condition and resident demographics, several common trends prevail that are important to consider when formulating public policy recommendations. • Park owners and park residents are frequently at odds on the issue of space rents'i costs. With a free market society, rental housing is subject to competitive pricing based upon the availability of alternative rental housing stock and the mobility of the resident population. While these forces serve to moderate rental rates established for traditional "stick built" housing, a dramatically different market dynamic exists for the mobile home park resident. The typical mobile home park resident has a significant financial investment in a manufactured home which occupies space rented mew from a mobile home park owner. Additionally, costs to relocate a manufactured housing unit can range from $4,000 to $8,000. Many mobile home park residents are senior citizens with limited incomes for whom a move of any kind is physically, emotionally and financially challenging. Limited availability of choice in the mobile home space rental market as compared to other housing alternatives also contributes to the low level of mobility of mobile home park residents. All of these factors combine to severely restrict housing alternatives available to manufactured home owners and serve to neutralize the effect of the competitive market on space rental costs. • 1 • • Property owners who have invested in mobile home parks are entitled to receive a reasonable return on their investment. In addition to providing investment income, this return must be sufficient to pay the costs of park ownership such as: (1) the repair and continuing maintenance of park facilities, common grounds and amenities; (2) property taxes and insurance; (3) park management fees and expenses; (4) debt service; and (5) reserves for depreciation and replacements. Achieving a balance between the need of mobile home park residents to stabilize housing costs and the need of owners to obtain a reasonable return on their real estate investment is a conflict-laden and complex issue. • Rent control has been used by the City of Palm Desert and many other California cities as a means to assist mobile home park residents to • maintain affordable housing costs by limiting the space rent increases that can be applied by mobile home park owners. While rent control is an effective means of assisting mobile home park residents, it does not address several important issues such as: (1) rent increases for residents who, due to long term leases, are not protected by rent control; (2) concerns about maintenance standards and the physical condition of mobile home parks; and (3) the need to improve the relationship between residents and park management. Further, the administration of rent control ordinances expends significant financial and staff resources and often requires that the City be involved in • mediating divisive issues between residents and owners. It should also be noted that the ability of government to impose rent control on mobile home park owners is frequently litigated on the local level and may in the future, be subjected to a statewide vote. 4111 2 • • Local communities are required to maintain compliance with the affordable housing component of their general plan. Further, redevelopment agencies must comply with State Law which requires that at least 20% of the tax increment generated in a redevelopment project area be used for the creation, preservation and/or improvement of affordable housing for low and moderate income households. Failure to comply with this requirement can result in the loss of local tax dollars to other jurisdictions and/or halt all redevelopment activities. The preservation of mobile home parks as affordable housing resources is often seen as a positive program option to meet these requirements, particularly since mobile home parks represent existing housing stock, accepted within the community, which can be assisted with a less disruptive effect than that created by the introduction of new housing or population groups. ID • 3 II. EXISTING CONDITIONS PMW Associates conducted a survey of the following three mobile home parks within the City of Palm Desert. Palm Desert Mobile Estates Silver Spur Mobile Home Park 43-101 Portola Avenue 46050 Highway 74 Palm Desert, CA 92260 Palm Desert, CA 92260 Indian SpringerMobile Home Park 49-305 Highway 74 Palm Desert, CA 92260 The survey was administered by means of a confidential questionnaire mailed directly to each resident along with a postage paid self addressed return • envelope. Prior to distributing the questionnaire, a PMW representative reviewed the survey instrument with representatives of the resident organization of each of • the subject parks and obtained approval to proceed. Throughout the survey period, PMW staff was available to respond to questions from the residents regarding the survey. (A copy of the information provided to residents and the survey form is provided as appendix III and IV.) The survey results are summarized as follows: Palm Desert Mobile Estates - 149 spaces Response Rate: 48 / 32% Full Time Residents 24 / 50% Very Low Income Residents (50% of median income) 20 / 48% • 4 Lower Income Residents • (80% of median income) 9 / 21% Range of Monthly Housing Costs $200 to $1,120 Residents with Household Costs above 30% of Income 20 / 42% Residents with household Costs above allowable Community Redevelopment Law levels (very low/lower income residents) 3 / 10% Expressed Interest in Resident Ownership 26 / 54% Indian Springs Mobile Home Park - 199 spaces Response Rate 94 / 47% Full Time Residents 72 / 77% Very Low Income Residents (50% of median income) 33 / 39% Lower Income Residents 30 / 35% (80% of median income) Range of Monthly Housing Costs $353 to $955 Residents with Household Costs above 30% of Income 48 / 51% Residents with Household Costs above allowable Community Redevelopment Law levels (very low/lower income residents) 27 / 43% Expressed Interest in Resident Ownership 62 / 66% Silver Spur Mobile Home Park 252 spaces Response Rate 125 / 50% • 5 • Full Time Residents 96 / 77% IL Very Low Income Residents (50% of median income) 57 / 48% Lower Income Residents 26 / 22% (80% of median income) Range of Monthly Housing Costs $365 to $1,101 Residents with Household Costs above 30% of Income 62 / 50% Residents with.Household Costs above allowable Community Redevelopment Law level (very low/lower income residents) 24 / 29% Expressed Interest in Resident Ownership 94 / 75% III. ALTERNATIVE RENT STABILIZATION/ASSISTANCE PROGRAMS • A variety of programs are available to the City of Palm Desert to preserve mobile home parks as affordable housing resources. These programs are summarized as follows: A. Direct Rental Assistance Some cities have utilized direct rental assistance programs to assist mobile home park residents to maintain affordable housing costs. Examples include Section 8 Housing Assistance administered by County housing authorities and rental subsidies funded by housing set-aside or other local funds. These programs provide rental subsidy directly to qualified residents in order to reduce housing costs to an affordable level. Although regulations for these programs are unique to each funding source, most programs require that assistance be targeted to residents who earn less than 80% of County median Ni" 6 income. Affordable rents must be subsidized to a level which results in total • housing costs (including manufactured home payment, space rent and utilities) of not more than 30% of household income. An advantage of this approach is the ability to target assistance directly to qualifying households which have verified their household income and housing costs. However, given that rent subsidies ultimately are paid to park owners, rent rates must be carefully monitored to assure that they do not exceed fair market levels. Due to limited funds, rental subsidies do not represent a permanent solution to the, problem of affordability. Based on current assumptions about demographics of the mobile home park resident population within Palm Desert, it is likely that the demand for direct rental subsidy would far exceed resources if relied upon solely to fulfill the affordable housing needs of Palm Desert mobile home park residents. Further, direct rental subsidies do not resolve problems such as poor maintenance and/or management of • manufactured housing communities. Most importantly, the provision of rental subsidy payments does not resolve the issue of affordable housing costs on a permanent basis. An option, if direct assistance programs are utilized, would be to limit rental subsidy programs to very low income residents (those earning no more than 50% of area median income). This limitation would reduce the number of qualified applicants; however, it would act to increase the cost of individual direct subsidies in that a wider gap exists for very low income residents between affordable rent and ability to pay . B. Conversion of Mobile Home Parks to Resident Ownership Resident organizations statewide have supported permanent control of housing costs through conversion of mobile home parks to resident 7 • ownership. State funded programs offer financial assistance in the form of loans and/or grants to support these conversion plans. These programs include "blanket financing" to assist with purchase of the mobile home park prior to its subdivision and conversion as well as "take out financing" for individual lot purchases. However, the supply of state funds is limited as compared to the demand, and significant amounts of matching funds from local agencies and/or other private sources are often required. Typically, conversion programs sponsored by resident organizations are extremely difficult to finance,aparticularly for those parks which house a large number of low and/or very low income residents. A conversion program which contemplates purchase of the park by its residents, requires that 100% of the residents of the park: (1) qualify for and have the necessary down payment and closing costs to support conventional financing; (2) have sufficient cash to pay their pro rata share of the purchase/conversion costs; (3) have income sufficient to pay debt service, homeowner's association fees, coach payment and utilities; and/or (4) receive public subsidy to provide "gap" financing. The most readily available conventional financing sources require the subdivision of the park into individual fee condominium ownership. The subdivision process can be time consuming and costly. It requires that the owner of the property either establish a purchase price that recognizes the time value of money over the conversion period, or that the property owner modify the purchase price at certain points in time. Frequently, substantial public subsidies are required to fund the "gap° between resident resources and acquisition/conversion expenses. A cooperative ("co-op") form of ownership avoids the subdivision process by selling ownership shares in a resident owned park. Financing for this form of ownership is more difficult to obtain. Further, re-sale of shares within S cooperatively owned parks can be complicated by lack of financing. rom 8 The greatest impediment to the conversion of mobile home parks to resident ownership is the fact that there are often a number of residents within each park who lack sufficient financial resources to purchase their space. This blocks conversion of the park to resident ownership unless public subsidies are provided and unsold spaces are purchased by a public agency or non- profit organization. For these reasons, immediate or "one-step" conversion of mobile home parks to resident ownership is very difficult to accomplish for parks which are comprised predominantly of low to moderate income residents. SQ C. Non-Profit Ownership/"Two-Step" Conversion A bridge between private ownership of mobile home parks and conversion to resident ownership can be established by the purchase of parks by a non- profit housing corporation. A mobile home park may be purchased by a city, redevelopment agency or housing authority utilizing tax-exempt bonds supported by space rental income and, to the extent necessary, housing set- aside funds. The park is then immediately sold to a non-profit housing corporation which acts as operator and manager of the park. Through non- profit ownership and management and the provision of interim financial assistance using housing set-aside funds, park revenues are often sufficient to generate funds to improve the physical condition of the park and to maintain rents at affordable levels. Long term leases can be executed between park residents and the non-profit • owner which grant the resident a future option to purchase the space at a price which is "frozen" at the time the option is offered. Over time, as the value in the park appreciates, an "equity increment" accrues to the benefit of the resident. Depending on market conditions, over a five to ten year period, resident equity can be used to leverage conventional financing in order to retire tax-exempt bonds and place the park in resident ownership. The property owner who sells a mobile home park under this program can receive the tax benefits of "friendly condemnation" if the acquiring entity has the power of eminent domain. Advantages to residents under this approach is the ability, through non profit management, to provide residents with an active role in the management of their manufactured housing community, and the mechanism over the long term, to enable residents to purchase the park. Materials are provided in Appendix I which describe this program in more detail. S IV. AVAILABLE FUNDING SOURCES A variety of funding sources are available to the City of Palm Desert and its Redevelopment Agency to assist manufactured home owners. Certain limitations and conditions are specific to each source of funds. A. Mobilehome Park Resident Ownership Program (MPROP) The State Department of Housing and Community Development (HCD) administers a program to finance conversion of mobile home parks to resident ownership. The program provides loans to resident organizations to assist in financing the purchase of the park from the owner as well as "take-out" loans to finance lots purchased by individual manufactured home owners. The program funds loans of up to one million dollars per park. Candidate parks are selected statewide on a competitive basis. Eligible applicants must demonstrate matching funds from a local jurisdiction, financial feasibility of the purchase/conversion project, and a purchase and sale agreement between mobile home park residents and the park owner. io • No long term affordability restrictions are imposed; however, re-sale of lots triggers repayment of MPROP loans. Funding cycle for the MPROP is quarterly. Historically, demand for funds has far exceeded availability. B. Home Investment Partnership Program (HOME) The HOME Program, also made available by HCD and the Department of Housing and Urban Development (HUD), provides funding to specified recipients for: (1) new construction; (2) acquisition; (3) rehabilitation; and (4) resident rental assistance. The resident purchase of mobile home parks is an eligible project for HOME funds as is the provision of rental subsidy. HOME funds can be used to assist resident organizations to finance the purchase of a mobile home park and/or the purchase of individual lots, or to assist a city, redevelopment agency or non-profit corporation to acquire mobile home parks as affordable housing projects. Park rehabilitation costs can be included as eligible project costs. N First time homebuyers can be assisted with HOME funds to purchase manufactured homes within mobile home parks. No long term affordability restrictions are imposed by the HOME program for assistance to existing manufactured home owners; first time home buyers would require an affordability restriction of from five to ten years. C. Section 8 Rental Vouchers/Certificates HUD provides, through its Section 8 program, rental vouchers and certificates that can be applied to the space rentals of manufactured home owners. This program, administered by the County Housing Authority, would require that space rents be maintained at a HUD approved "market level" to assure that subsidies benefit the space occupant rather than the property owner. As previously discussed, the availability of these and other forms of rental • subsidies are rather limited relative to the demand. D. Redevelopment Agency Housing Set-Aside Funds The Palm Desert Redevelopment Agency is required to set aside twenty percent (20%) of its annual tax increment into a low and moderate income housing fund. The purpose of the housing set-aside fund is to produce, increase, improve and preserve the community's supply of low and moderate income housing. In carrying out the annual housing set-aside requirements, the Agency may exercise any or all of its powers, including the following: • Acquire real property or building sites subject to the provisions of Code • Section 33334.16, California Community Redevelopment Law. • Improve real property or building sites with on-site or off-site improvements, but only if the improvements directly and specifically improve or increase the community's supply of low or moderate income housing. • Donate real property to private or public persons or entities. • Finance insurance premiums. i • Construct buildings or structures. • Acquire buildings or structures. I 12 • Rehabilitate buildings or structures. !N. • Provide subsidies to, or for the benefit of, very low-income households, as defined by Code Section 50105, lower income households; as defined by Code Section 50079.5, or persons and families of low or moderate income; as defined by Code Section 50093, to the extent those households cannot obtain housing at affordable costs on the open market. (Housing units available on the open market are those units developed without direct government subsidies.) • Develop plans, pay principal and interest on bonds, loans, advance, or other indebtedness, or pay financing or carrying charges. • Maintain the community's supply of mobile homes. • Preserve the availability to lower income households of affordable housing units in housing developments which are assisted or subsidized by public entities and which are threatened with imminent conversion to market rates. The twenty percent housing set-aside fund monies can also be used for planning and general administrative costs, when directly related to programs and activities associated with Code Section 33334.2(e). This includes the following activities: • Costs incurred for salaries, wages, and related costs of the Agency's staff or for services provided through inter-agency agreements, and agreements with contractors, including usual indirect related costs. f 13 I •• • Costs incurred by a non-profit corporation which are not directly attributable to a specific project. • Legal, architectural, and engineering costs and other salaries, wages, and costs directly related to the planning and execution of a specific project which are authorized under subdivision (3) or Code Section 33334.2 and which are incurred by a non-profit housing sponsor and are not planning and administrative costs for the purpose of this section, but are, instead, project costs.. As noted above, the preservation of manufactured housing is specifically referenced as an activity eligible for housing set-aside funds. As a result, many cities have chosen to use set-aside funds to fund manufactured housing rehabilitation, administration of rent control, provision of rental subsidies, IRO purchase of mobile home parks, and assistance in financing resident purchase and conversion programs. The degree to which manufactured housing projects, assisted by set-aside funds, must have affordability controls varies depending on the nature of the financial assistance. Generally, affordability controls must be in place for the longest feasible time, but not less than the period of land use control established by the applicable redevelopment plan. If proper affordable housing covenants and restrictions are put in place, certain affordable housing production requirements may be satisfied through the purchase of existing mobile home parks. • 14 V. RECOMMENDED WORK PROGRAM A. Mobile Home Park Conversion to Immediate Resident Ownership A number of factors verified by the resident survey, combine to make the immediate conversion of mobile home parks to resident ownership problematic. As more fully described in Section III, the financial feasibility of immediate conversion of mobile home parks to resident ownership requires that the purchase price of the mobile home park be affordable to all residents on a pro-rata per space basis or, that a means be found to manage unsold spaces in a manner which will not increase housing costs for the resident non- owner. In the case of the three parks surveyed, a significant number of residents are already experiencing housing costs above acceptable levels. Adding the cost of property taxes, association fees; a down payment and pro- rate share of subdivision, acquisition and conversion costs would create an affordability gap for many residents (approximately 53 % of those surveyed). Public subsidies would be required to close this gap as has been the case • with the recent conversion of the Portola Palms mobile home park. The degree to which public funds would be required cannot be ascertained without information about the purchase price, terms, and physical condition of the park. However, it is very likely that subsidy which would be required would equal, at a minimum, the same level as that experienced in the recent City- assisted conversion of the Portola Palms project. 15 • B. Mobile Home Resident Assistance - Direct Rental Assistance Program. Given the significant number of mobile home park residents who report housing costs above affordable standards, the City of Palm Desert may wish to design a direct rental assistance program utilizing Redevelopment Agency housing set-aside funds and/or County Section 8 housing funds. This program, if considered, should be limited to full time residents with household incomes less than 50% of median income (very low income). Additional conditions could be imposed limiting assistance to special needs residents such as the elderly or disabled. r This program could be instituted in cooperation with mobile home park owners who could be asked to limit rent increases for these special needs residents in conjunction with City assistance. C. Two-Step Conversion Process If the City wishes to pursue acquisition of mobile home parks, the alternative recommended by PMW is the "two-step" conversion process, more fully described in Section III. In this approach, the City, or Redevelopment Agency, would issue tax-exempt bonds on behalf of a non-profit corporation who would acquire mobile home parks for the benefit of the residents. Residents would be responsible for managing the park under parameters established by the non-profit corporation. Over time, as the bond financing is amortized, the residents build an "equity increment" in the park, and can convert the park to resident ownership as soon as the bonds can be repaid with resident • resources. In theory, (if bonds were not repaid earlier) residents would own the park as soon as the bonds were fully paid, approximately 25 years. In the meantime, residents control their community and their housing costs through self-management. • 16 • If the City wishes to pursue this approach, the following steps are recommended. (1) Assess the interest, if any, of park owners in selling their parks. (2) With the owner's cooperation, obtain fair market appraisals to determine value, and perform engineering studies to determine the condition of the park. (3) Form, or locate an existing non-profit corporation willing to hold ownership of the park on an interim basis pending sale to residents. (4) Assess the feasibility of conduit bond financing to provide capital for park purchase. • (5) Develop a management plan which places responsibility of park management with the resident organization within each park. 17 • APPENDIX I MOBILE HOME PARK NON-PROFIT OWNERSHIP AND MANAGEMENT STRUCTURE Bonds are secured by rental income, City or Redevelopment Agency and if necessary, Housing Set-Aside Issues Tax-Exempt Bonds To Finance pledge. Purchase of Mobile Home Parks ICity or Redevelopment Agency Sells Park to Non-Profit Corporation 4 Resident or Non-Profit Corporation Non-Profit Corporation Executes returns net operating rental income to Leases With Residents City reimbursing General Fund debt service payments. Resident or Non-Profit Corporation Executes Management Agreement With Professional Management Firm Professional Management Firm Management company collects rent, Hires On-Site Managers, Maintenance pays expenses and returns net income Firm, etc. to non-profit corporation. 18 • MOBILE HOME PARK NON-PROFIT CORPORATION ASSISTED CONVERSION PROGRAM • City/Redevelopment Agency borrows funds at tax-exempt interest through bond issue and purchases park. • Bond issue is amortized from rental proceeds from park. • Park is sold to a non-profit corporation. • Non-profit corporation provides residents with leases with option to purchase transferable to subsequent manufactured home owners. • Options to purchase are exercised when: (1) at least two-thirds of the lots can be sold; and (2) remainder of lots generate sufficient income to pay remaining bonded debt. • As lots appreciate in value, equity is created to the advantage of the residents who hold a fixed option price; equity is used to leverage conventional financing for resident purchase. • Public purchase plan provides tax advantages to owner which often results in lower purchase price of park; thus, lower sales prices of lots. • Surplus revenue, if any, above operating costs and financing fees can be placed in fund to assist low/moderate income residents to purchase spaces. • 19 • APPENDIX II POLICIES AND PROCEDURES REGARDING THE CONVERSION OF MOBILE HOME PARKS TO RESIDENT OWNERSHIP BACKGROUND Mobile home parks represent a significant source of affordable housing and community security for low and moderate income families and senior households, many of which subsist on limited or fixed incomes. Conversion of mobile home parks to resident ownership provides an effective means whereby owners of manufactured housing can be assured greater financial stability with respect to housing costs, enhanced control over the management of their park, and security from the threat of park sale or closure. The City of Palm Desert generally recognizes the benefits of resident-owned mobile home parks; however, in order to assure that mobile home park conversions work to the benefit of their residents, these policies and procedures have been developed. POLICY STATEMENT It is the policy of the City of Palm Desert to encourage the conversion of mobile home • parks to resident ownership when the following conditions are met: • 20 • (1) The individual or entity sponsoring the conversion provides documentation evidencing support by at least two-thirds of the owners of manufactured housing who rent spaces within the mobile home park. (2) The conversion of the mobile home park includes safeguards which guarantee that no existing mobile home park resident will be displaced physically or economically by the conversion project or its implementation or operation. (3) The ownership entity which results from the conversion project agrees to place non-owned lots (e g. those occupied by mobile home park residents who do not wish or cannot afford to purchase their space) under enforceable space rent restrictions guaranteeing their long-term affordability. (4) A mobile home park conversion feasibility report has been submitted to and approved by the City, which includes the following components: • (a) a financial feasibility analysis documenting: (i) a verified source of permanent financing to be used to purchase the mobile home park from the existing owner; (ii) a verified source of permanent financing to be used by individual residents in purchasing their spaces; (iii) a financial analysis which demonstrates that conversion of the park is financially feasible. (b) Documentation verifying the number of residents that have indicated interest in purchasing their space based on full disclosure as to estimated purchase cost inclusive of homeowner's association fees. 21 • (c) An analysis of demographics within the park relative to income and housing costs sufficient to verify that residents who have indicated interest in purchasing spaces will be financially able to do so. (d) A homeowner's association budget indicating the source and application of funds to be used to operate the park and to assure adequate capital and debt service reserves on a long term basis. (e) A management plan for the operation of non-owner occupied spaces including projected space rents for residents who do not participate in a purchase program and, as an alternative, intend to continue to rent spaces within the mobile home park. (f) A Phase I hazardous waste study reflecting the soils condition within the park proposed for conversion. • (g) An engineering study indicating the condition of the park infrastructure • including utility systems and common area improvements. The study should include estimated improvement costs for rectifying any substandard conditions and completing any appropriate rehabilitation, and identify an appropriate capital reserve for replacement for purposes of establishing a homeowner's association budget. It shall further be the policy of the City of Palm Desert to provide financial assistance for the conversion of mobile home parks to resident ownership only if (1) such assistance serves to preserve, create or improve low to moderate income housing resources, and (2) the following additional conditions are met: • 22 • (1) The financial participation provided by the City is not less than in direct proportion to the number of low to moderate income residents and very low income residents housed within the park. (2) The mobile home park proposed to be converted represents the primary residence of the low or moderate income residents and very low income residents eligible to receive assistance by the City. (3) The financial participation provided by the City is in accordance with California Community Redevelopment Law and City housing policies. (4) The proposed mobile home park resident conversion program does not require the long term ownership or management by the City or Redevelopment Agency. (5) The mobile home park conversion plan incorporates long term affordability • restrictions as necessary to meet required housing goals of the City and Redevelopment Agency. • 23 APPENDIX III MANUFACTURED HOUSING RESIDENTS CITY OF PALM DESERT, CALIFORNIA SURVEY RESEARCH QUESTIONNAIRE: RESIDENT NEEDS October 1995 1. Number of residents in the household: (Please check) 1 ( ) 2 ( ) 3 ( ) more than 3 ( ) 2. The age of the resident(s) is/are: (Please check) 1 = over 55 ( ) 2 = over 55 ( ) 3 = over 55 ( ) • 50-54 ( ) 50-54 ( ) 50-54 ( ) 49 & under ( ) 49 & under ( ) 49 & under ( ) 3. How many of the above residents are employed full or part time? (Please check) 1 ( ) 2 ( ) 3 ( ) more than 3 ( ) 4. The total, combined income (wages, dividends, annuities, social security, disability, and earnings/income of any kind) of the persons listed above from all sources for calendar year 1994 was: (Check one) Under $12,000 ( ) $22,001 - 26,000 ( ) $34,001 - 38,000 ( ) $12,001 - 18,000 ( ) $26,001 - 30,000 ( ) $38,001 - 42,000 ( ) $18,001 - 22,000 ( ) $30,001 - 34,000 ( ) $42,001 and over ( ) 5. How many months per year do you reside in the park? months • 6. Do you own and/or occupy another residence outside of Palm Desert for any portion of the year? Yes ( ) No ( ) 7. Manufactured home currently for sale? Yes ( ) No ( ) • 24 8. Own home free and clear? Yes ( ) No ( ) • 9. Amount of monthly house payment? 10. Remaining term of home mortgage? years. 11. Monthly space rental? 12. Is your space covered by a Lease? Yes ( ) No ( ) 13. How many years has your household lived in the Park? 14. Future resident ownership of the park is important. (Please check) Strongly Disagree (� )" Disagree ( ) Neutral ( ) Agree ( ) Strongly Agree ( ) 15. If made affordable, would you participate in a resident purchase program? Yes ( ) No ( ) Undecided ( ) Response Code: 41. 25 APPENDIX IV LETTER TO RESIDENTS Dear Resident: The firm of PMW Associates has been hired by the City of Palm Desert to undertake survey research in order to obtain information about the needs and interests of manufactured housing residents within the City. The survey research will obtain information about: household size; housing costs; household income; and potential interest of residents with respect to the possibility of future conversion of the park to resident ownership. The survey will be administered by mail and will request the manufactured housing owner to respond to the questions on a confidential survey form. Only PMW Associates will receive and review the survey instrument. The City of Palm Desert will receive a tabulation of survey results, but will not be provided with demographic information keyed to specific names and/or addresses. We know you are busy, but the City needs a few moments of your time to complete the enclosed questionnaire and return it in the stamped, self-addressed envelope provided for your use. Without your participation, the City is unable to determine what your interests and needs are. If you have any questions about the questionnaire or our study, please call me, Michele Blaylock or Diane Silleman at (714) 498-7085. Thank you for your assistance. Sincerely, Marilyn Whisenand Principal 26 APPENDIX V RESIDENT SURVEY TABLES ALLOWABLE INCOME/HOUSING COST RATIOS PER COMMUNITY REDEVELOPMENT LAW FAMILY SIZE VERY LOW ALLOWABLE LOWER INCOME ALLOWABLE MEDIAN/MODERATE INCOME (1) HOUSING COST(2) HOUSING COST(3) INCOME 1 S15,000 S420.00 S24,000 S494.00 ABOVE$24,000 2 S17,000 S473.00 S27,000 S558.00 ABOVE$27.000 3 $19,000 S526.00 S30,000 $621.00 ABOVE S30.000 4 $21.000 S579.00 $34,000 $685.00 ABOVE S34.000 (1) Rounded Numbers (2) Very low income allowable rents: 50% median income - 12 + $50 utility allowance (adjusted for family size). (3) Lower income allowable rents: 60% median income _ 12 + $50 utility allowance (adjusted for family size). 27 >■ as 0 04 W cn U Go 14 Z >4Z >+ ZZZ Z >: >4Z >': ZZ.ZZZ Z >4 W F E. W CO) 14 CA Z = O O y O O O al co, :H VI -m -GM :V, -are CV v3 m or) G4 Z Z >+ Z ZZ m .� >+ >4 >" >r >"i >4 >4 >4 ›' >>4 > lEg 11.e F Z a cn mi ail rn rn Im •- v, L'� W W •v V z Z 'V w [.. 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