Letter: Maine lenders ready to support mobile home resident ownership

Letters submitted by BDN readers are verified by BDN Opinion Page staff. Send your letters to letters@bangordailynews.com

Concerns about affordable housing in Maine echo loudly from every corner of our state. It’s imperative not only to develop new affordable housing options but also to safeguard what we have.

Mobile home parks are a vital component of affordable housing. What’s deeply concerning, however, is that residents of investor-owned parks are vulnerable to sudden and/or significant rent increases, land use changes, and the threat of parks closing and upending their lives.

As a community lender, the Genesis Fund has worked with residents, banks, MaineHousing, and the Cooperative Development Institute to preserve the affordability of mobile home parks. Over the last 15 years, ten Maine mobile home communities have been successfully purchased and operated as resident-owned parks, totaling about 500 homes .

Recent news underscored the urgency of continued action.

The owner of two mobile home parks in Old Orchard Beach rejected an offer by residents to purchase their communities in favor of an out-of-state buyer. We believe the rejection included erroneous claims about lender requirements and denied residents the opportunity to demonstrate they could put financing together — even though lenders in Maine and across the country have a track record of financing this proven model.

For those who may face similar circumstances, it’s important to know there are lenders in our state standing ready to support resident ownership of mobile home communities. And when future opportunities become available, Genesis and our partners will be ready to work with park residents as we would have in Old Orchard Beach.

Liza Fleming-Ives
Executive Director
Genesis Community Loan Fund
Brunswick