Clearinghouse CDFI provided $9.86 million in debt financing allowing the low-income, elderly and disabled residents of Capistrano Terrace to acquire and save their mobile home park.
The Capistrano Terrace Organization is a nonprofit that was created as part of a 20-year effort to establish a resident-owned park. This loan saved 146 homes in the mobile home park from unaffordable rental increases and complete loss through redevelopment of the land.
Resident ownership provides for direct control and responsible management of the park. This project preserved affordable housing for an underserved population in an affluent, high cost area.
Download the full story here: Funded by Clearinghouse CDFI – Capistrano Terrace Organization