Bond Financing for Rancho Vallacitos Mobile Home Park

At the March 2013 ICFA Board of Directors meeting, a motion was approved to finance a $23 million bond refunding a 340 unit manufactured home community in the City of San Marcos. The project will be a joint effort, carried out by Millennium Housing and their affiliates, Coach of San Diego.

Rancho Vallacitos Mobile Home Park covers 50 acres of land. It was built in 1971 and offers residents a pool, spa, recreation center, laundry, and RV storage. It is 100% occupied, and has a very low turnover rate.

As a Millennium Housing community, homeowners will enjoy the following protections:

• Rancho Vallecitos will remain an over-55 community.
• San Marcos’s current rent control ordinance will be honored, even if rent control is later repealed by a later City Council or Court. This is rent control that cannot be taken away!
• All funds remaining after paying the bills and fees will remain in the park for homeowner activities: housing assistance, additional capital improvements and other items suggested in consultation with the Homeowners’ Association.
• Millennium Housing’s management staff is trained to be problem solvers, with the financial resources to address our homeowners’ needs.
• Rancho Vallecitos also benefits from SPARC, Millennium’s resident services arm. SPARC seeks to bring local-area resources and SPARC’s own programs into our Communities. By way of example, past SPARC programs in Millennium communities have included Health Fairs and Flu Shot Clinics as well as many other programs that help our residents.

Rancho Vallecitos provides a highly desirable lifestyle for residents over 55 years of age at an affordable cost. Millennium’s mission, working closely with the Homeowners’ Association, is to preserve and, if possible, improve upon the beautiful Rancho Vallecitos environment while maintaining the long-term affordability to our senior homeowners.

With the approval of this project, ICFA will have financed the purchase (by non-profits) of 4,879 manufactured homes. ICFA is proud to say that this the fifteenth project we have funded for Millennium Housing. Their continued efforts to improve the lives of Californians through housing security are remarkable and we hope to continue our partnership with them in the future.