Twin Pines mobile park in Mississauga and its current residents are extremely fortunate that their business partner, the Region of Peel, will transform their mobile home park into a private co-op development, giving them first dibs at ownership (though the article expresses their anxiety). The Region of Peel will become part owners with these people, therefore using some units for affordable housing. The private co-op idea is new in Canada and rare but not in New York City.
There are immense benefits and capital here for the current mobile home owners.
1. The Region will act as the lender, offering mortgages at discounted rates.
2. Co-ops are extremely low priced, compared to the market prices of condos and homes, but are highly coveted.
3. You become an owner of the entire building and the co-op functions as a corporation with its own credit rating that is based ultimately on the residents.
4. The co-op (by extension its owners) profit directly from capital gains and use (rentals and leases) that are used to maintain the entire building. That’s how private co-ops get so beautiful.
This project will be like St Lawrence in Toronto and False Creek in Vancouver.
Next to this building will be a designated Heritage site. The complete presentation is here.