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The West Mountain Regional Housing Coalition has been making the tour of local governments who contributed toward the Aspen Basalt and Mountain Valley Mobile Home Parks purchase to present them with details surrounding the communities’ deed restriction and their financial contribution.
April Long, executive director of WMRHC, made a recent appearance in front of the Pitkin County Board of County Commissioners on Thursday to fill them in and let the commissioners know what exactly their $3.25 million contribution was buying.
“The deed restriction is an affordable housing restrictive covenant,” Long explained. “It runs with the property...
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“The loan agreement says that we are giving this money toward these purchases of these properties and that that money does not need to be repaid except upon resale of the property or foreclosure on the property,” Long explained. “In the event of foreclosure, if there’s enough money in the property to repay us in full, we would be repaid in full plus our interest requirement. If not, we will be paid a (proportional) share of the amount available.”
Interesting that those who contributed to the non-profit “buying this park for the residents” are so particularly interested in what happens when the parks get foreclosed on. Maybe they saw that article about the four ROC parks in Canon, Colorado being foreclosed on recently.