Philanthropic loan through Community Foundation allows residents to control the future of the land under their homes.
Four months after they learned the land under their homes was for sale, residents of the Milner Mobile Home Park are under contract to buy the park for $7.75 million with the help of a philanthropic loan, according to the Yampa Valley Community Foundation.
When the sale closes, the community will be managed by the newly formed Milner Park Community Co-Op, putting the future of the park in the hands of the residents with in it.
“Our goal has been to keep our neighborhood affordable for the all the families living here now and the future, and to ensure the land did not get developed or purchased by another investment company looking to profit off the workforce of the valley,” said Melanie Stewart, chair of the Milner Co-op, in a press release.
Forming a resident-owned community was seen as the ideal scenario when residents learned the park was going up for sale at the end of July at a price of $8 million. Having just experienced a sale in 2021, residents feared a sale for that high a price would force new owners to hike lot rents further. The resident purchase of the park from Texas-based MHS-Parks will allow residents to build equity in their homes and provide rent stability for mobile homeowners.
The funding for the deal is made possible by a philanthropic loan through the Yampa Valley Housing Accelerator fund of the Yampa Valley Community Foundation. This is a revolving loan fund made up of donations from several “anonymous donors.”
“The residents of the Milner Mobile Home Park are valuable members of our community – construction workers, school district employees, home cleaners, retirees, families,” said Tim Wohlgenant, YVCF’s CEO, in a press release shared with The Yampa Valley Bugle. “As a Foundation, we are very focused on protecting the most vulnerable and safeguarding a diverse and thriving community,”
This is the third time funding from the housing accelerator has been used, and a portion of this money comes from repayment of the funds first investment in Craig last year. Additionally, YVSC’s Routt County Workforce Housing Preservation fund will help pay some other community expenses. Residents will also hold a fundraiser in Steamboat Springs on Saturday to help cover closing costs and build a reserve fund.
The deal to buy the park is the second park in the last three years to be saved with community funding. In 2022 the Yampa Valley Housing Authority stepped in to buy Whitehaven Mobile Home Park in Steamboat Springs. After completing infrastructure upgrades, the ultimate plan for Whitehaven to be resident owned as well.
The housing authority assisted with Milner as well, hosting a community meeting in August to inform residents of their options.
“The Milner mobile home community has achieved something truly inspiring. By forming a resident cooperative, partnering with a pro-bono lawyer for legal guidance, and working with the Yampa Valley Community Foundation for financial support, they made this incredible milestone possible,” said YVHA Executive Director Jason Peasley, in the release. YVHA is honored to have played a part in this journey as one of the Milner mobile home park’s partners.”
The Milner Park Community Cooperative is hosting a fundraiser on from 8:30 a.m. to 4:30 p.m. on Saturday, Nov. 30 at the Steamboat Springs Community Center to help cover the costs of the transaction. A selection of plates will be available: egg sausage and pancake breakfast, tamale plate, breakfast burritos, posole, Barbacoa burritos on homemade flour tortillas and an assortment of baked goods. Organizers suggest a donation of $20 a plate.
Top Photo Caption: Residents of the Milner Mobile Home Park Learned at the end of July that their park was for sale. They are now under contract to buy it. (Dylan Anderson/The Yampa Valley Bugle)