Welcome to the archive of Mapleton Hollow's community newsletter!
The Mapleton Mobile-izer is issued quarterly, following the MHA membership meetings. Special editions are issued as needed, for example before a quarterly meeting where MHA members will be voting for executives or making an important decision...
Volume 3.2 Newsletter of the Mapleton Home Association [MHA] July 1998
MHA LAUNCHES RESIDENT DOWNPAYMENT FUND
MONEY RAISED TO BE USED TO PURCHASE PARK FROM THE CITY OF BOULDER
Inside This Issue
- Hast and Company sends lease to Mapleton Park Residents
- Escrow account terms of agreement fund
- Mobile Home Grant Program
- Mapleton Home Association minutes for the quarterly meeting July 19, 1998
- MHA Treasurer's report
- Special Editorial - The Next Step, by Pete Caterina
- Exec speaks out
Hast and Company sends least to Mapleton Park Residents
by Debbie Kranzler
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In June, Hast & Co. sent out the new lease for Mapleton residents. This lease has been through many steps before arriving in its final form, and the Mapleton Home Association was actively involved in negotiating and forming this lease. After the first draft of the lease was released, a large committee of residents discussed each clause of the lease. A negotiating team then met with the City and Hast & Co three times, as the lease moved through several incarnations. The MHA attorney and the City Attorney's office have reviewed and approved the lease. The negotiations over the lease were a great example of the City, Hast & Co, and the MHA working together to meet everyone's needs.
It is important to recognize that a lease is a legal document, so it can be intimidating if you are not accustomed to the language used. The purpose is to set out the rights and responsibilities for both the landlord and the tenant. Many clauses in our lease are standard provisions that will be found in most leases. (Among others, items 17-26.)
A flyer was recently given to a
ll residents with some explanations of specific clauses in the lease. In addition, at the July Quarterly Meeting, held Sunday the 19th, the floor was thrown open to more questions. The minutes of the meeting can be found on p 5 in the Mapleton Mobile-izer. Please be aware that any explanations of the lease from the MHA is not legal advice. If you have concerns about the lease you are always welcome to consult your attorney.
The Mapleton Home Association's Executive Board, the Resident Advisory Committee and the Lease Committee endorse the new lease. Overall this is a very reasonable and equitable lease and the MHA, the Division of Housing and Human Services, and Hast & Co. worked very hard to put together a lease that worked well for all parties involved.
THE MAPLETON HOME ASSOCIATION ESCROW ACCOUNT QUESTIONS AND ANSWERS
By Nan Lederer and Pete Caterina
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WHAT IS IT?
- A bank account in which residents deposit money earmarked for our eventual purchase of the Park.
- A down payment for purchasing the Park.
- It is your money -- a deposit, not a donation -- which will go towards the purchase of your share of the Park.
- We're organized, committed, and on the way towards buying the Park -- now we need your help and commitment in building up this account. To make any dream come true, we must DO something.
- The total amount we are trying to raise is $150,000. Our goal is for each resident household who wants to participate in buying the Park to deposit $1,000.00 over a 5-year period. This amounts to an average of $200.00 per year, or about $16.00 per month ($16.67 to be exact).
- This is a way for us to demonstrate to the City and to potential lenders and grant-givers that we are serious about purchasing the Park -- putting our money where our mouth is.
- It is a first step toward becoming the future owner of the land under your home. When we purchase the Park, you will own a share and will earn equity with each monthly mortgage payment, rather than paying rent that you can never recover.
- When we own the Park, shareholders will be the people to make decisions about Park management, rules and regulations, and will set the rent amount for non-shareholders.
- The money will be invested in a money market account and managed by Piper/Jaffray Inc.
- The interest is expected to be approximately double what could be earned in a passbook savings account.
- It will be MHA's job to keep track of individual deposits and balances. This will be done by the MHA Escrow Account Manager.
- Each household will have its own internal account number (the same as its lot number).
- Each time a resident makes a deposit, s(he) will be given a receipt that includes their current balance.
- Each participant will receive an annual statement from the MHA Escrow Account Manager showing the status of their individual account, as well as a quarterly statement from Piper Jaffray showing the activity and balance of the whole MHA account.
- Deposits can be made monthly, quarterly, or annually.
- Deposits will be accepted by the following persons: The Escrow Account Manager, Nan Lederer, Lot #77, or MHA President Mark Reeder, Lot #14. There will also be a drop box located in the laundry room next to the rent drop box.
- The Escrow Account Manager will make monthly deposits to the bank on the 11th of each month, so the 10th of the month is the deadline for residents to make a deposit for that month.
- If a participant moves out of the Park, or experiences financial problems and needs to have their money returned, they will receive all the principal of their deposit plus 1/2 of the accrued interest (which will be approximately the same as the interest on a passbook savings account). MHA will retain 1/2 the interest for operating costs.
- This is not a personal savings account, so you may not make partial withdrawals of your money. Any withdrawal will be for the total amount, and you will no longer be a participant in the escrow account.
- If a resident must leave the Park involuntarily (e.g. is evicted or forced to relocate outside the Park because of the Goose Creek flood control project), they will be refunded the full interest on their account balance in addition to the principal.
- In cases of death, or serious health problems that cause financial difficulty, full interest will be paid to the resident or their estate in addition to the principal.
- We believe that we will be successful in purchasing the Park. But if that does not happen, then all the money will be returned to the participants, including all the interest accrued.
- No. We are now ready to focus on raising the down payment for the Park. The money left in the Voluntary Fund will continue to be used for its original purpose, to cover costs such as consultant fees directly connected with the purchase of the Park. But rather than building this fund up further, it is now more important that residents contribute to their own down payment in the Escrow Account. (The escrow account will be managed by Nan Lederer #77. Many of you know Nan, she was one of the founders of the Mapleton Home Association in 1996. If you wish to join the Escrow Account, Find the Terms of Agreement handouts in this issue; read the terms carefully, sign both copies, keep one and return the other to Nan Lederer #77, with your first Escrow Account payment. eds. note.)
HOW MUCH MONEY ARE WE TRYING TO RAISE?
HOW WILL IT BENEFIT ME TO PARTICIPATE IN THIS ACCOUNT?
WHERE WILL THE MONEY BE AND HOW WILL IT BE KEPT TRACK OF?
HOW WILL IT WORK?
WHAT IF I WANT TO GET MY MONEY OUT OF THE ESCROW ACCOUNT?
EXCEPTIONS TO THE 1/2 INTEREST PENALTY RULE
WHAT WILL HAPPEN TO THE MONEY IF WE DON'T BUY THE PARK?
DOES MHA WANT RESIDENTS TO CONTINUE MAKING CONTRIBUTIONS TO THE VOLUNTARY FUND?
by Gene Langlois
Jackie Morales-Ferrand and Luther Green of Boulder's Division of Housing and Human Services have made available to residents at Mapleton Park information on Boulder's innovative and far reaching Mobile Home Grant Program. The program provides a one time grant to assist mobile home owners in making necessary repairs and improvements to their mobile homes. It provides grants for up to $4000, as well as technical assistance and contractor supervision to ensure that the work is performed to specific standards.
Jackie Morales-Ferrand explained that the program has a lot of funds at its disposal, so now is the time to fix up your home.
To be eligible, residents must currently live in their mobile homes, have owned their homes for at least one year, reside within the city limits of Boulder, and have a gross annual income that does not exceed the income guidelines listed below:
Family Size Maximum Income
1 $31,700
2 $36,250
3 $40,750
4 $45,300
5 $48,900
6 $52,550
7 $56,150
8 $59,800
If you would like more information or would like to apply to the program, please call (303) 441-3157 and ask for Leslie Gibson. The good folks at HHS will be glad to answer your questions or mail you an application.
(Eds. note. Several residents in the Park have taken advantage of this program to upgrade their roofs, electrical or plumbing systems or other urgently needed repairs.)
MAPLETON HOME ASSOCIATION MINUTES FOR THE QUARTERLY MEETING July 19, 1998
By Pete Caterina
The Quarterly Meeting of the Mapleton Home Association was held Sunday, July 19, 1998 at Unity Church (SW corner of Folsom & Valmont) in Boulder, Colorado. President Mark Reeder called the meeting to order at 4:37pm.
1. LEASE MHA President, Mark Reeder, started by expressing his congratulations to the Lease Committee for their hard work. Then he opened the floor to questions and answers. They included:
The security deposit residents paid Lu Nuttall has been transferred to the new lease with the City and should be filled in on item 6A. If the amount is incorrect call Hast & Co.
The term of the individual lease (item 3A or 3B) month-to-month or yearly will remain the same unless you personally talk to Hast & Co. and have them change it.
A reminder that the rent increases to get everybody up to speed with the City's "tiered income rent structure" concludes with August 1998. There shouldn't be another park-wide increase for some time now.
On item 15A-2 (OPTION TO PURCHASE): mobile homes in the state of Colorado are classified as personal property because they can move (like a car) but are taxed as real property (like a permanent home) by Boulder County. However, whether our homes are valued as real or personal property, 15A-6, clearly states that your selling price is to be "fair market value as personal property in its present location."
The exact time table for infrastructure repairs (water, sewer, roads, etc.) is unavailable, but the repairs will done sometime around the time the Goose Creek Project is completed.
2. ESCROW ACCOUNT The Escrow Account established at the April Quarterly Meeting will be inaugurated at the Goose Creek Festival on 8/15/98. Nan Lederer (#77) has been appointed the EA Manager. Deposits can be given to her or placed in the (soon to be constructed) box in the laundry room. Complete details on the Escrow Account will appear in the next Mobilizer (newsletter) and be available at the MHA table during the Festival. Again the floor was opened for questions:
The advantages to being a future owner of Mapleton Park are rent stability for shareholders, self-governing of the Park's rules and regulations, and the equity of owning land, to name a few.
At present about 40% of the Park's homeowners seem to be interested. Those who do not want to take the risk and responsibility of ownership do not have to. They will remain renters paying their lot rent to the MHA. (Of course, the MHA will use the rents to pay off the mortgage held by the shareholders--just as the City does now.)
If buying the Park falls through, everyone would get back their money deposited in the Escrow Account with interest.
Also, residents must remember that we have to qualify to buy the Park from the City, just as if we were qualifying for a loan from a bank to purchase a home. If we do not meet the qualification standards, we can't buy the Park.
In buying the Park we will most likely be asked to accept 'covenants. For example: after the MHA buys the Park it will have to remain "affordable income housing" meaning new homeowners moving in would have to be under 120% of the "median area income" which is about $53,000 (times 120%= $63,600.)
Escrow Account investments will be made by Piper/Jaffray. Details about their reliability and experience will be available at the Festival.
Finally, to avoid confusion, the MHA Voluntary Account has been closed and remaining funds transferred into the Dues Account. These voluntary funds were well used in the past year. A hearty "Thank-you" to everyone who contributed.
3. FESTIVAL The third annual Goose Creek Festival is going to be different this year. It is going to be a POT LUCK DINNER at Dumpster Island from 5-8pm on Saturday August 15, 1998. It was moved, seconded and voted that dishes brought by individuals would not be assigned. The MHA will provide tables, tents, soft drinks, paper plates, utensils and BBQ grills. Ann Crone (#82) volunteered to be Chairwoman. This will be a great opportunity to meet and eat with your neighbors.
Meeting was adjourned at 5:30
MHA TREASURER'S REPORT
By Silvia Gentile
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As of 7/16/98, the MHA's account at Colorado National Bank has a balance of $1,677.20. Because of residents' generosity with the Voluntary Fund and by renewing their memberships, we have had a good year so far. Thank you to everyone for their faith and support in the MHA.
In the future, the Voluntary Fund is being retired and in its place the MHA has put together the Escrow Account. The MHA's bank account will continue to be funded by membership dues only. These monies will pay the MHA's operating expenses.
Balance 12/31/97 1,234.30
2/27/98 voluntary fund 60.00
4/24/98 membership fees 165.00
4/24/98 voluntary fund 60.00
4/24/98 bank charge (1.90)
5/30/98 membership fees 90.00
6/29/98 check to Col. Sec. Of State (25.00)
6/30/98 bank fee (.20)
7/15/98 membership fees 45.00
total 1/198 - 7/16/98 $442.90
Balance 7/16/98 $1677.20
total inflows for 1998 to date $470.00
total outflows for 1998 to date $ 27.10
Net total year to date $442.90
Special Editorial THE NEXT STEP
By Pete Caterina
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The primary goal of the Mapleton Home Association has always been to facilitate the resident-homeowners buying the Mapleton Mobile Home Park from the City of Boulder after the Goose Creek Greenway Improvement Project is completed in 2003.
To this end the MHA was formed on 12/2/95 and officially established on 4/21/96 at its first General Meeting where election of officers was held; Executive Board, Steering Committee, and By-Laws Committee were formed; dues payments and a newsletter were originated. By 5/5/96 the MHA had become a registered, non-profit corporation in the State of Colorado. The first steps had been taken!
During the first two years the MHA spent most of its time on successfully securing an equitable lease with the City; limiting the Goose Creek Project's impact while saving six homes; and establishing two-way communications with our new landlord, the City of Boulder. This has been time well spent giving the MHA accreditation as a serious, legitimate, on-going, community-minded organization. Now, it is time to focus again on our main goal: buying Mapleton Park!
Over the last 2 years, MHA has received assurances from Boulder City Council members and Staff to the effect that they "want to sell Mapleton Park back to us." The City is helping us in this endeavor by preparing a "series of steps" for the MHA to take in order to qualify for buying the Park.
One of the first "steps" is to raise money for the down payment through an "escrow account." To that end, the MHA ESCROW ACCOUNT was established at the Quarterly Meeting on 4/26/98 to collect funds from our own membership for that exact purpose. This does two very important things. First, it raises money to help secure HUD and other loans and grants needed for the buy-out. And second, it proves our commitment to buy and manage Mapleton Park.
To really have a chance to own the ground underneath our own homes MHA needs approximately 51% of the present Homeowners to invest $1,000 each over the next five years. (Don't freak! That's only $200/yr., or just $16.67/month.) Those who invest $1,000 before it is needed for the down payment, will become MHA Shareholders and thus a FUTURE OWNER of Mapleton Park. After the buy-out those who did not invest $1000 will remain tenants, renting from the MHA and its shareholders. This investment in the future applies to $5 dues paying MHA members and non-members alike.
The MHA's officers, committees and volunteers have done all that they can. The next step requires everyone to participate. It requires a show of support of our common goal to own Mapleton Park. It requires a real, tangible, monetary commitment. It is time to take the next step!
Exec Speaks Out
By Mark Reeder
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After a winter and spring where the most excitement in Mapleton Park was watching the weather reports from the rest of the country, residents of Mapleton are enjoying summer with its bright promise of the future. That future is now.
Now is an interesting word. It means, "..at the present time; in the immediate future;" and it comes from the Latin word, nunc meaning "this" or "here." This land where our homes reside; here where we live. This place Mapleton Park can be ours. Now. In order for residents to purchase Mapleton Park and to own the land beneath our homes in the future, that future begins now. Many residents have heard me explain that Staff at the Division of Housing and Human Services is committed to helping residents qualify to purchase Mapleton Park. Yes, qualify. Purchasing Mapleton Park will be like going to the bank to qualify for a loan to buy a house. We have to show that we can afford the payments, that we can manage our budgets and the Park, and we have to raise a down payment.
The down payment will most likely be somewhere between $150,000 and $300,000. Which brings me to the Escrow Account. The Escrow Account is our chance to build up part of that down payment from within the Park itself. It is a very small amount when spread among 135 homes-- $16.67 per month for five years. Imagine, for cost of a family dinner out, we can be putting away an investment in our future. Now.
Why start, now? Because, it will take us five years to raise the money and qualify to purchase the Park from the City. And even more importantly, during those five years, the mortgage payments the City of Boulder is now making to Lu Nuttall are paying down our future mortgage. For those of us who will become shareholders in buying the Park, this gift by the City turns our current rents into future mortgage payments.
Imagine, a future where you own your land; you are building equity instead of paying rent; you make your own rules. That future starts now with the Escrow Account. Now is when our future begins.
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The Mapleton Mobile-izer is published quarterly by the Mapleton Home Association and is distributed free to all residents of Mapleton Mobile Home Park.