PALM DESERT – Owners of mobile home parks in the eastern Coachella Valley can get help
financing improvements to their parks due to a new county partnership announced today by
Supervisor John J. Benoit.
Clearinghouse Community Development Financial Institution (CDFI) will partner with the
Housing Authority of the County of Riverside to offer individual loans to help park owners make
necessary improvements to bring their parks into code compliance and get permitted.
“It is great news that the county has a special partner that has the resources, flexibility and soft
spot for the farmworker community,” said Supervisor John J. Benoit. “Owners of these mobile
home parks have been waiting several years for financing but now can apply for loans to
improve their parks.”
The elimination of redevelopment agencies in 2011 left Riverside County without a source of
funding to offer owners of unpermitted mobile home parks. Financing has been difficult, if not
impossible, because of lending guidelines such as income verification and documentation that
don’t take into account the unique challenges in farmworker housing.
Under Supervisor Benoit’s leadership, the Housing Authority of the County of Riverside sought
a financial institution that could work with these owners. Clearinghouse CDFI, which has
bilingual staff and experience in the eastern Coachella Valley, immediately responded and was
approved.
Based in Lake Forest, Clearinghouse CDFI improves the quality of life for low-income
individuals through affordable financing that is unavailable in the conventional market. Over the
last 10 years, Clearinghouse CDFI has provided financing to bring several similar mobile home
parks into code compliance.
“Our partnership with the Housing Authority of the County of Riverside will provide for critical
park updates,” said Doug Bystry, Clearinghouse CDFI President/CEO. “Residents will benefit
from a safe and affordable living environment.”
Clearinghouse CDFI will offer individual loans between $150,000 and $250,000 to owners of
Polanco mobile home parks, which have 14 units or less.
As part of the partnership, the Housing Authority will provide a loan facilitator that will act as a
liaison between Clearinghouse and the owner and will assist with the loan application, loan
packaging and underwriting. In addition, the loan facilitator will provide assistance to the owner
with permitting, planning, development and long-term management plans for their rehabilitated
parks.
Interested parties should contact John Aguilar, deputy director of the Housing Authority, at
760-393-3314.
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Supervisor John J. Benoit is the chairman of the Riverside County Board of Supervisors,
representing the eastern two-thirds of Riverside County as the 4th
District Supervisor. The 4th
District stretches from Palm Springs and Desert Hot Springs, south to the Salton Sea and east to
Blythe and the Colorado River.
Supervisor Benoit’s office hours are 8 a.m. to 5 p.m. Monday through Friday.
Clearinghouse Community Development Financial Institution (CDFI) addresses unmet credit
needs in California and Nevada by bridging the financing gap between conventional lending
standards and the needs of low-income families and communities. To date, the company has
funded a total of $959 million in loans for 1,510 projects in distressed communities, benefiting
over 764,000 individuals each year. Clearinghouse CDFI loans have created or retained over
9,850 permanent and construction jobs and developed or rehabilitated 9 million square feet.
