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    $11.1 Million Loan for Purchase of Mobile Home Park & Subsequent Remedy of Environmental Issues

ACI Friendly Village – Long Beach, CA

ACI Friendly Village a nonprofit public benefit corporation created by Resident Owned Parks to preserve affordable housing by acquiring and managing an 18-acre, 184-site mobile home park in Long Beach, California. Resident Owned Parks is a nonprofit organization that has dedicated 30 years providing financial, real estate, consulting, and property management services for mobile home park residents with their interests and financial abilities in mind.

Clearinghouse CDFI (CCDFI) provided $11.1 million in financing for ACI Friendly Village to purchase the mobile home park out of bankruptcy and continue park rehabilitation.

Acquisition will allow ACI to gain control of the site, stabilize operations, and ensure affordability for residents. ACI will also expand health and safety systems to address several park issues, which was originally built over a landfill in the 1970s. Measures include the repair or replacement of utilities, well maintenance and monitoring, repair of roadways, and establishing a Landfill Gas Control system to monitor methane gas emission.

Download the PDF: Just Funded – ACI Friendly Village

Clearinghouse CDFI clearly understood the nonprofit ownership and management of affordable housing communities. Clearinghouse heard our commitment to long-term improvements to this former landfill site, and listened to our plans for how we would achieve our short and long-term goals to improve the common areas to benefit its low-income residents.
- Maurice Priest, President, Affordable Communities, Inc.
Financing Provided:
$11,175,000 Loan
Location:
Long Beach, CA
Impact:
Ensure affordability for mobile home residents and expand health and safety systems to address environmental issues
Purpose:
Purchase mobile home park out of bankruptcy and continue park rehabilitation
Year Funded:
2021
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