November 27, 2024: An offer of $7.75 million has been accepted by investor-owner MHS Parks for the purchase of Milner Mobile Home Park by the Milner Park Community Co-op. When the sale is complete, the Co-op will manage the property with the oversight of bylaws, five co-op board members and voting homeowner members. While owners have long owned their homes, they have not owned the land on which their homes sat, creating uncertainty about their future and the value of their home ownership. Transitioning the land to a resident-owned community enables the 40 homeowners to build equity and provides rent stability and assurance that they can remain in the Yampa Valley for the long-term.
“Our goal has been to keep our neighborhood affordable for the all the families living here now and the future, and to ensure the land did not get developed or purchased by another investment company looking to profit off the workforce of the valley,” said Melanie Stewart, chair of the Milner Co-op homeowners’ group.
The offer was made possible by a philanthropic loan through the Yampa Valley Housing Accelerator fund of the Yampa Valley Community Foundation, a revolving loan fund seeded by several very generous gifts from anonymous donors. This is YVCF’s third impact investment for affordable housing; a portion of the funding for this project comes from repayment of their first impact investment in 2023 in Craig. In addition to the loan for the purchase of the property, the Routt County Workforce Housing Preservation fund at YVCF will help pay some of the other community expenses.
“The residents of the Milner Mobile Home Park are valuable members of our community – construction workers, school district employees, home cleaners, retirees, families. As a Foundation, we are very focused on protecting the most vulnerable and safeguarding a diverse and thriving community,” said Tim Wohlgenant, YVCF’s CEO.
“The Milner mobile home community has achieved something truly inspiring. By forming a resident cooperative, partnering with a pro-bono lawyer for legal guidance, and working with the Yampa Valley Community Foundation for financial support, they made this incredible milestone possible. YVHA is honored to have played a part in this journey as one of the Milner mobile home park’s partners,” said Jason Peasley, Executive Director, YVHA.
The Milner Park Community Cooperative is hosting a fundraiser to help cover costs of the transaction this Saturday November 30th 8:30am to 4:30pm or until supplies last at the Steamboat Community Center, 1605 Lincoln Avenue. All proceeds will go toward closing costs and a reserve fund. A selection of plates will be available: egg sausage and pancake breakfast, tamale plate, breakfast burritos, posole, Barbacoa burritos on homemade flour tortillas and an assortment of baked goods. The suggested donation per plate is $20.
Donations to support this and other workforce housing preservation efforts can be made to YVCF’s Workforce Housing Preservation Fund at: https://yvcf.fcsuite.com/erp/donate. To learn more about YVCF’s Impact Investing program: https://yvcf.org/impact-investing/