Preserving a Resident-Owned Manufactured Housing Community
Woodland, California is home to a resident-owned manufactured housing community called Leisureville Mobile Home Park and is made up of 150 pads.
Leisureville residents enjoy a number of amenities, including a recreation center, service kitchen, billiards room, swimming pool and mail center. However, arguably among its top benefits are a high level of community engagement and rental affordability.
It Takes a Village
There is a strong sense of community, care and involvement in this tight-knit neighborhood — partly because Leisureville is owned by a cooperative called Leisureville Community Association Inc. that is made up of an elected board of directors who are all residents.
Another benefit is that Resident-Owned Communities (ROCs), like Leisureville, provide better insight on what improvements are needed in their neighborhood. In 2022, Freddie Mac Multifamily worked with Sabal Capital Partners LLC, now Regions Real Estate Capital Markets (RRECM), to finance a $4.6 million loan, which will help support vital capital improvements.
“There was a fantastic opportunity to collaborate with the board and residents of Leisureville, working alongside Freddie Mac, to devise a solution that would facilitate the replacement of the community’s aging infrastructure,” said Richard Rennell, managing director at RRECM. “This initiative would not only address the infrastructure needs but also promote conservation efforts within Leisureville.”
Since closing the deal, the bulk of the slated infrastructure improvements have already been completed or are underway.
ROCs allow for better control of monthly lot rent as well, because the property owners are also residents who are directly impacted by the stability and affordability of their neighborhood. At Leisureville, rents on more than half of the units are restricted to at or below 65% of the area median income. Furthermore, manufactured housing tends to be more affordable than both single-family home ownership and multifamily apartment rentals — making Leisureville a great affordable housing option in Northern California.
Whether it’s creating, preserving or rehabilitating a resident-owned manufactured housing community, Freddie Mac Multifamily has the financing solution for your needs.