A historic opportunity to make this park our own!
That disclosure and that specific language is required by statute, the Map Act, (Gov Code Section 66428.1) and it actually contemplates a different situation than what is going on here. The “protections” under the Map Act that the disclosure is aimed at are certain procedures that are intended to help avoid economic displacement of residents […]
Yes, your total membership fee plus earned interest, as well as your home, may be willed to your heir.
Once the Franciscan Mobile Home Park converts to a limited-equity housing cooperative, your $2,500 membership fee will fund your membership interest in the Franciscan Residence Advisory Cooperative, and will earn up to 10% interest annually as approved by the FRAC Co-op Board of Directors.
Your $2,500 plus interest is returned to you if you choose to sell your home and leave the park.
McGovern Escrow Services, Inc. (Escrow Number 101213) will hold your funds until the National Cooperative Bank loan closes.
Your $2,500 is deposited in your name in a licensed independent escrow company.
No, all that is required is a deposit of $500 or $250 for low income residents who wish to join the co-op. Any balance of payment would be required at closing of escrow.
The answer is that a resident owned Park is the only way for residents to control their destiny as a mobile home park. An all-resident Board of Directors, voted in by the resident members, will make the best decisions to control costs, keep rent level stable, and keep the park open as a mobile home […]
The answer is “Yes.” They will need to update their paperwork with the membership committee. The co-op difference is that the membership committee is committed to the needs of the residents. Every effort will be made to ensure the designated heirs will remain in your home according to your designation and wishes, without any penalties. […]
It will be a certificate issued to you bearing the FRAC Corporate Seal, and all required restrictive legends.