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Bell Mobile Home Park RELOCATION IMPACT REPORT Bell Mobile Home Park Prepared for Bell Community Housing Authority 6330 Pine Avenue Bell, CA 90201 By OPC 3750 Schaufele Avenue, Suite 150 Long Beach, CA 90808 (562) 304-2000 November 24, 2020 Table of Contents Introduction ................................................................................................................... 1 Mobile Home Park Location and Description ............................................................. 4 A. Regional Location ......................................................................................................................... 4 B. Park Site Location ......................................................................................................................... 5 C. Mobile Home Park Description ...................................................................................................... 6 Mobile Home Park Resident Profile ............................................................................. 7 Replacement Housing Resources ............................................................................... 8 A. Mobile Home Park Space ............................................................................................................. 8 B. Mobile Homes For Sale ................................................................................................................. 9 C. Rental Housing ............................................................................................................................ 10 Moving Costs ............................................................................................................... 10 Market Analysis ........................................................................................................... 11 Impacts and Proposed Mitigation Measures ............................................................ 12 A. Impacts to Mobile Home Owners and Park Residents ............................................................... 12 B. Relocation Mitigation Measures .................................................................................................. 13 Relocation Plan / Explanation of Services ................................................................ 16 Proposed Timetable for Park Closure………………………………………………… 18 Conclusion ................................................................................................................... 19 List of Exhibits: ........................................................................................................... 19 Introduction The Bell Mobile Home & RV Park is a 151-space residential mobile home park (“Park”) situated on real property located in Bell, CA. The property is currently owned and operated by the Bell Community Housing Authority (BCHA or “Owner”). BCHA currently owns and operates 59 multi-family and two single family units located throughout the City as well as two mobile home parks, with a total of 349 spaces. Rents range from $500 to $1,200 a month at the apartments, depending on size and length of residence. Rents range from $391 to $730 a month at the mobile home parks, depending on size and length of residence. Rents have not increased in the last five years. BCHA has not consistently means-tested existing tenants to ensure that tenants qualify for low-income housing. Only one household uses a Section 8 voucher. On January 1, 2020, AB 1482 capped rent increases statewide to 5% plus the increase in the regional Consumer Price Index. In 2005, BCHA issued $20,790,000 of Lease Revenue Refunding Bonds. The bonds were secured by the BCHA rental properties, the clubhouse at Veteran’s Park and Ernest Debs Park. The bonds are scheduled for repayment in 2036, and BCHA rental revenues are dedicated to bond repayment and BCHA expenses. City of Bell General Fund reserves are dedicated to subsidize BCHA, if rental revenue declines. Five years ago, BCHA was collecting $2.7 million in revenues, with $2.5 million in expenses that included $1.35 million in annual payments on the bonds. Pre-COVID, BCHA rental revenues had declined over time and expenses have increased without an increase in rents. Annual repair and maintenance expenses averaged $265,719 from 2015 through 2019. These expenditures have not covered a significant amount of deferred maintenance for the BCHA properties estimated at $5 million, including approximately $2 million for each of the mobile home parks. Parking deficiencies have resulted at mobile home parks over time due to increasing tenant density. As a result, empty spaces are being rented for resident parking, which further degrades revenues. And finally, as of September 2020, 21 residents were in arrears in rent payments for a total of almost $37,000 at that time. The BCHA fund balance has decreased by about $2 million in five years from $3.2 million in 2015 to a projected $1.3 million at the end of the 2019-2020 Fiscal Year. Thus, there is currently a structural deficit of about $300,000 per year not counting (i) 1 additional deficits of approximately $400,000 caused by the rent holiday granted by AB 1482, and (ii) the deferred maintenance of $2 million per park. Due to the COVID-19 pandemic, for the First Quarter of Fiscal Year 2020-2021, rental delinquencies totaled $105,370 at BCHA properties. Due to rental delinquencies, BCHA revenues may be reduced by $421,480 this Fiscal Year. BCHA cannot begin eviction processes against delinquent tenants based on rental eviction ordinances passed by other governmental agencies. As a result, in Fiscal Year 2021-2022, with the exhaustion of BCHA reserves, the General Fund may be required to subsidize BCHA bond payments and expenses, resulting in cuts to other City services that are funded by the General Fund. BCHA’s mandate to develop affordable housing in the community is a worthy and necessary goal, and there is a role for BCHA in developing new affordable housing. However, the operation of BCHA as an owner and landlord of properties places a financial risk upon the General Fund that will lead to reduced services for the entire community. Options must be developed for BCHA to reduce its risk as a landlord, while still using BCHA resources to develop affordable housing that will not place BCHA or the General Fund in a position of substantial risk in the future. To emphasize, the loss of BCHA reserves is not only a threat to the General Fund, but it means that other housing programs cannot be initiated. In January 2021 (if eviction restrictions are not extended by the County or State), according to Resolution 2012-29, the City may place delinquent tenants on a 12-month payment plan. If a tenant does not comply with the 12-month payment plan, they will be subject to eviction. Eviction of tenants that refuse to enter a payment plan or fail to comply with the payment plan will significantly increase legal and court costs for BCHA, further draining the BCHA fund balance. It is likely that BCHA will never recover delinquent rental payments, and the BCHA fund balance will require General Fund support, affecting public services for the entire community. As can be seen from the foregoing, BCHA currently has a structural deficit of approximately $400,000 per year not counting (i) additional deficits in excess of $400,000 in 2020 caused by the rent holiday granted by AB 1482, and (ii) the capital deferred maintenance costs of approximately $5 million ($2 million per park). It is assumed that the deferred maintenance cost will wholly eliminate the remaining current BCHA reserve of $1.3 million. Accordingly, the projected revenue for 2020 is approximately $2.3 million, and the current expense (without the deferred capital expense) is approximately $3.3 million, yielding a deficit of approximately $1 million. 2 This deficit would grow to almost $3 million by 2024 based on current projections, and the City will have to commence a General Fund subsidy within that period. Moreover, a calculation has been made of what rent level would be needed to put the Parks on a sustaining basis. That assumes (i) paying the bond obligations of $1.3 million, and (ii) paying the $1.4 million current general operating cost and salaries and annual maintenance obligations of approximately $265,000 (but not the deferred maintenance) . These estimates show the BCHA reserves would be exhausted in FY 2022-23 and City General Fund support of $180,000 would be necessary in FY 2022 and $1M per year thereafter. Even assuming that the vacancy level currently at an average 24% were cut in half (BHMHP 21.8% and FVMHP 26.2%), the projected rent increase is identified at $1,325 per unit to avoid the general fund subsidy. Moreover, this estimate does not include (i) repaying any contribution from the General Fund or (ii) setting aside sufficient funds for deferred maintenance of $5 million. It is estimated in this report that current rent levels are about half of the market in the area, so it is not surprising that current rent levels would have to significantly increase to make BCHA operations financially sustainable. The question is if residents object to the closure, would they be willing to support such an increase in rent levels to make the Park sustaining and not a drain on the City’s General Fund, which is necessary to support the City’s citywide programs. Therefore, after careful consideration of viable options, BCHA is looking to sell the mobile home park. Once the Relocation Impact Report is approved, the Owner will list the Park for sale. A buyer may continue
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