Where: Gladstone, Clackamas County, Oregon

Issue: Oregon’s low-income families lack affordable housing options

Outcome: Rural Community Assistance Corporation’s (RCAC) Loan Fund provided a $3 million participation in a loan to Two Rivers Homeowners Cooperative (Two Rivers) for the mobile home park acquisition by a resident formed co-op

Gladstone, Oregon is an incorporated city near Portland in Clackamas County, at the confluence of the Clackamas and Willamette rivers, with a population of just more than 11,000. Rural Oregon is in the midst of an affordable housing crisis, joining the ranks of California and Hawaii.

Mobile homes offer an affordable option for low-income families to achieve homeownership. The Two Rivers Homeowners Cooperative was established in 2016 and has received technical assistance from Community and Shelter Assistance of Oregon (CASA) to learn how to own and operate their park. The park, which is 12 acres and includes 142 manufactured home pads, was for sale. Oregon state law says the park’s residents have the right to purchase the park before it is placed on the open market. The residents formed a cooperative and were successful in purchasing the park.

RCAC provided a $3 million participation loan along with CASA and Network for Oregon Affordable Housing to finance the $9.5 million park acquisition, along with upgrades to the property which was built in 1962. The cooperative does not plan to raise rents, which are generally lower or equal average market rate, though the park offers more amenities than most. The project is also applying for Oregon Affordable Housing Tax Credits.

The cooperative’s successful purchase means the park remains a viable affordable housing option for low-income families in rural Oregon.