September 8, 2020
Dear homeowner:
We are pleased to report that the due diligence for our loan is progressing very well. If you have not already completed a membership agreement, it is not too late for you to sign up for membership in the Co-op. As a member, you will be an owner of the park, along with the other members, you will be helping to keep costs as low as possible, so that the park remains affordable for generations to come.
You may have recently received a brochure from realtors attempting to entice your support for their private purchase of the park. FRAC does not approve of this proposal. In fact, the FRAC board has repeatedly rejected this proposal, because it benefits realtors, and not residents. FRAC only supports ownership by and for the resident homeowners of the Franciscan Park. The realtors’ proposal is not part of the Settlement Agreement. There simply is no path for Alliance Homes or any of the realtors listed in the brochure to become owners.
The only path forward is for residents to own the Franciscan Mobile Home Park, as a limited equity housing cooperative. The fact that outsiders are attempting to compete with the Co-op to buy the park is positive proof of the tremendous value and benefit you will receive by being a member of the FRAC limited equity housing cooperative.
Should you have any questions about completing the paperwork to become a Co-op member, please contact Cyn Thompson at 415-235-0350, or Pedro Gonzalez at 415-425-8132, or send us an email at admin@franciscan.coop
Sincerely,
Pedro Gonzalez, President
Robert Quinn, Secretary
Mamie Zhu Treasurer
Cyn Thompson director
Be an Owner, not a Renter.