Mobilehome Park Purchase Fund.

Existing law authorizes the Department of Housing and Community Development to make loans from the Mobilehome Park Purchase Fund to qualified mobilehome park residents, resident organizations, and nonprofit housing sponsors or local public entities to finance conversion of the parks to resident ownership and to make monthly housing costs affordable. Existing law limits the interest rate on loans to a rate of 3% per annum. This bill would authorize the department to lower that interest rate if the department finds that it is necessary and will not jeopardize the financial stability of the fund. This bill would authorize the department to provide technical assistance to loan applicants, or to contract with a qualified nonprofit entity to provide that technical assistance, and to include the reasonable costs of that technical assistance as a part of the loan principal.