Fresno, Ca — Westlake Park is a 50-acre manufactured home community in Fresno, California operated by the nonprofit Millennium Housing. With help from the City of Fresno and The Authority, Millennium Housing acquired Westlake in 2003 through the issuance of $15 million in tax-exempt bonds.
Thanks to this favorable financing, Millennium is able to serve the needs of older citizens by following current rent control guidelines regardless of future legislation or court rulings. They also are able to set aside funds annually to assure long-term capital needs of the community.
As a nonprofit, all funds remaining after paying the bills remain in the park to help fund resident activities, rental assistance and added improvements. Each resident has a voice in determining how any excess funds are spent.
For more information on how ICFA helps cities acheive affordable housing alternatives, contact The Authority at (877) 906-0941.