SB 22-160

Senate Bill 22-160, also known as the Loan Program Resident-owned Communities Act, provides financial assistance and loans to mobile home park residents who want to buy their parks. The bill sets up a fund with $35 million to help these residents organize and purchase their parks, ensuring long-term affordability and stability for them. This program will benefit mobile home owners by offering both loan options and grants to nonprofit organizations that support the process of purchasing and managing resident-owned communities. Since the bill has been signed into law, it is now active and being implemented by the Department of Local Affairs in Colorado.

Official Summary

The act establishes a revolving loan and grant program to provide assistance and financing to mobile home owners seeking to organize and purchase their mobile home parks. The division of housing (division) in the department of local affairs (department) is required to contract with at least 2, and not more than 3, loan program administrators, unless the division determines that there is only one qualified applicant during an open and competitive selection process, in which case the division may contract with a single administrator. The administrators are required to use money provided by the loan program to make loans to mobile home owners seeking to purchase their mobile home parks. The division is required to establish a grant program to provide grants to nonprofit organizations that provide technical and other assistance to eligible home owners seeking to organize to purchase their mobile home parks. The division is also required to establish a grant program to provide grants to eligible home owners to support programs to ensure the long term affordability of a resident-owned park, including by stabilizing lot rents and limiting rent increases. The mobile home park resident empowerment loan and grant program fund (fund) is created. The state treasurer is required to transfer $35 million of money from the affordable housing and home ownership cash fund that originates from the general fund to the fund. The money in the fund is continuously appropriated to the department to implement the loan and grant program; except that $384,019 is reappropriated to the office of the governor for use by the office of information technology to provide information technology services for the department and $29,571 is reappropriated to the department of law to provide legal services to the department. (Note: This summary applies to this bill as enacted.)

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