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 […]
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 […]
No. Becoming a member is voluntary. It is not mandatory for current residents to become cooperative members. However, if a nonmember household leaves the park in the future, and sells or moves their home, the new occupant must become a member.
A portion will fund the transaction costs and will be used to close the NCB loan.
Yes. A portion is refundable according to the terms of the Membership Agreement.
A professional escrow company holds the funds according to the terms of the Membership Agreement until the National Cooperative Bank is ready to close.