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ATTACHMENT 14 LAW OFFICES GILCHRIST Sz RUTTER PROFESSIONAL CORPORATION WILSHIRE PALISADES BUILDING TELEPHONE (310) 393 -4000 1299 OCEAN AVENUE, SUITE 900 FACSIMILE (310) 394 -4700 SANTA MONICA, CALIFORNIA 90401 -1000 E -MAIL: rclose @gilchristrutter. corn January 21, 2009 VIA FEDERAL EXPRESS Jennifer Pearce, Chairperson Arne Olson, Vice Chairman Commissioner Philip Blank Commissioner Anne Fox Commissioner Kathy Narum Commissioner Gregory M. O'Connor, Alternate Pleasanton Planning Commission City of Pleasanton, City Hall 200 Old Bernal Avenue Pleasanton, Califomia 94566 Re: Benefits of Conversion to Resident Ownership of Vineyard Mobile Villas: Dear Vice Chairman Olson: On January 28, 2009 you will be considering the approval of the conversion/subdivision of Vineyard Mobile Villas to resident ownership. The special law that governs resident ownership of mobilehome parks was created to provide residents an opportunity to own the land beneath their homes. In creating the law, the legislature focused particularly on the needs of the majority of mobilehome park residents who are of lower income. They created rent protections for those residents who wish to continue to rent, and benefits for those who wish to purchase, many of whom would not otherwise have an affordable opportunity to own real estate. The State created not only laws to govern the process, but also established a financial assistance program to enable lower income residents the ability to purchase their lot if they choose. The state funded financing program, called MPROP, adjusts the monthly payments based on the resident's income rather than the purchase price to keep the payments affordable. This opportunity to purchase may be the first and only occasion that many residents in the Vineyard Villa community will have to own their home along with the land it is on. This combination allows the residents a choice to combine their current housing costs of a personal property loan on their house and rent for the land, into a regular real estate loan. This results in a lower interest rate with better terms, ownership of the land, and the opportunity to realize a profit on the sale of their homes.