At the February 2015 ICFA Board of Directors meeting, a motion was approved to finance a $38 million bond refunding of two manufactured home communities located north of San Diego in the City of San Marcos – Palomar East Estates and Palomar West Estates. The project will be a joint effort, carried out by Millennium Housing and their affiliates, Coach of San Diego.
Palomar East Estates is a beautiful, 5-Star, 372-space community for persons over 55 years of age covering over 50 acres of land. Amenities in Palomar East include a 7,300 square foot clubhouse/recreation center, spa, pool, two tennis courts, putting green, billiards room, craft room, laundry, car wash, RV parking and many other features.
Palomar West Estates is a beautiful, 5-Star, 474-space community for persons over 55 years of age. Covering 74 acres, Palomar West is the second phase of the impressive Palomar Estates Manufactured Home Community. Amenities in Palomar West include very large homesites (all doublewide, triplewide or quad homes), wide streets, lush landscaping and views. Amenities include a 7,900 square foot clubhouse/recreation center, spa, pool, two tennis courts, putting green, billiards, craft room, laundry, car wash, RV parking and many other features. The Recreation Center and many of the homes have dramatic views, including glimpses of the ocean.
Palomar East and West are among the finest manufactured home communities in California, with very large homesites, big homes, wide streets and lush landscaping.
As a Millennium Housing community, homeowners will enjoy the following protections:
- Both parks 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- San Marcos’s current rent control ordinance will be honored, even if rent control is later repealed by a City Council or Court.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.
- Palomar East and Palomar West benefit from SPARC, Millennium’s resident services arm. SPARC seeks to bring local-area resources and SPARC’s own programs into Millennium’s 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 residents.
With the approval of this project, ICFA will have financed the purchase (by non-profits) of 5,000 manufactured homes. ICFA is proud to say that this the sixteenth project it has funded for Millennium Housing. Their continued efforts to improve the lives of Californians through housing security are remarkable and ICFA hopes to continue its partnership with Millenium Housing in the future.