Residents Of Marin County Senior Mobile Home Park In Financial Battle With City: Report

NOVATO, CA — A group of senior citizens are battling with the city of Novato over the purchase price of a mobile home park while some wonder how the city even came to own the property, according to a report from CBS.

In 1997, seniors at Marin Valley Mobile Country Club planned to buy their park for housing security. They've nearly paid off the loan, but now the city reportedly demands they repay it to become owners.

The land, which originally was planned to be a golf course, became a 319-unit complex, housing 400 elderly residents, with more than 90 percent being low-income.

"It's an incredible community," Serena Fisher, 13-year resident, told CBS. "And housing security, financial security, and a community is key to aging well."

The residents entered into an agreement to pay $17 million to buy the property 28 years ago,. The city guaranteed the 30-year bank loan.

"The city has paid nothing for this piece of property. The residents have paid for everything," resident Janine Bradley told CBS. "Initially, our name was supposed to be on the title. Somewhere in the paperwork, it got lost and the city took title. Never with our permission. Never in writing. Just simply, the record shows that the city took title, period."

With $1 million left on the loan, Novato, the park's legal owner, acts as the residents' landlord. The city rejected the homeowners' $20 million offer, demanding $26 million.

The city seeks an extra $6 million for land residents claim it never paid for, sparking questions about why they should pay more. The city declined to comment on ongoing, confidential negotiations. Residents plan to attend next week's council meeting, facing the unusual situation of a landlord who may seek their vote.

Read the full story at CBS.