3/4/26
Local Organizations Unite to Help Hermosa Mobile Home Village Residents Secure Their Homes
HomesFund, Region 9 Economic Development District, and First Southwest Bank provide critical gap financing, enabling 56 La Plata County families to become a Resident Owned Community
On March 4, 2026, residents of Hermosa Mobile Home Village achieved a milestone: they closed on the purchase of their mobile home park officially becoming a Resident Owned Community (ROC). The closing marks the culmination of a collaborative effort by the mobile home park residents, ROC USA Capital, Thistle Community Housing and three local organizations: HomesFund, Region 9 Economic Development District of Southwest Colorado, and First Southwest Bank, who stepped in to bridge a financing gap.
La Plata County faces an affordable housing crisis. For the residents of Hermosa Mobile Home Village, a community of 56 mobile home lots and two stick-built homes outside Durango, this crisis hit close to home when the property’s owner of 40 years announced it was for sale.
All mobile homes in the park are owner-occupied, meaning residents own their homes but not the land beneath them. When a mobile home park sells to a private investor, residents often face steep rent increases or, worse, displacement. For many of the families at Hermosa, losing their community would have meant losing affordable housing with no comparable alternatives in the area.
Determined to stay, residents formed a cooperative and embarked on the process of purchasing the property themselves. The process was guided by Thistle, a Colorado-based nonprofit organization that specializes in helping mobile home residents secure financing to purchase their land. As a Resident Owned Community, the co-op will be led by a five-member resident board and supported by a community (property) manager. The bulk of the financing was provided by ROC USA Capital, but the co-op faced a final gap that threatened to stall the purchase.
That’s when three local organizations stepped in. HomesFund, Region 9 Economic Development District, and First Southwest Bank each provided financing to bridge the gap and carry the cooperative across the finish line. What makes this investment especially powerful is that all three local institutions deployed revolved funds - loan capital that has been lent out, repaid, and then reinvested into new community projects. By using these recycled dollars to provide a low-rate loan, they reduced the amount the park needed to borrow from a higher-cost loan, ultimately lowering rents for residents. This transaction demonstrates the multiplying impact of local capital; when funds revolve within a community, they don’t just support one project - they create an ongoing cycle of reinvestment and local impact. The result of this community participation and lending is a fully resident-owned community—a model that gives homeowners permanent control over the land beneath their homes and protection from the market forces that have displaced so many mobile home communities across the country.
“HomesFund is proud to be part of the collaborative effort that helped these families secure stable, affordable housing for the long term. This is exactly the kind of outcome we work toward every day.” said Pam Moore, Executive Director, HomesFund.
“By partnering with HomesFund and Region 9 to provide low-cost financing, we were able to help the co-op reduce their reliance on higher-cost debt—and that directly translated into lower lot rents for residents. That's what CDFI lending is all about: putting affordable capital to work where it makes the greatest difference." said Paul Broderick, Commercial Lender, SVP, First Southwest Bank.
With the March 3 closing complete, the residents of Hermosa Mobile Home Village are now the owners of the land beneath their homes. As a Resident Owned Community, the co-op’s five-member, resident-led board will manage the property and ensure that housing costs remain stable and affordable for the families who call Hermosa home.
The impact extends beyond the 100 residents directly served. In a county struggling with severe housing shortages, Hermosa’s success demonstrates that residents, nonprofits, economic development organizations, and community lenders can work together to protect affordable housing. It is a model to replicate across the region.
About HomesFund
HomesFund is a nonprofit CDFI dedicated to expanding affordable homeownership opportunities in southwest Colorado. HomesFund provides financing, education, and resources to help low- and moderate-income families achieve and sustain homeownership.
About First Southwest Bank
First Southwest Bank (FSWB) is a locally owned, independent community bank, and one of two Community Development Financial Institution (CDFI) banks in Colorado offering personal and business banking, agricultural and small business loans. FSWB puts customer dollars to work to improve the social and economic landscape of Southern and rural Colorado. With its non-profit partner, the First Southwest Community Fund, and our tech platform, HelloBello®, FSWB ensures its region’s entrepreneurs, small businesses, and not-for-profit organizations have access to the inclusive and equitable capital they need to grow and enrich our communities. More information is available at fswb.bank.
About Region 9 Economic Development District of Southwest Colorado
Region 9 Economic Development District serves five counties, ten cities and towns and two tribal nations in Southwest Colorado, providing planning, technical assistance, and financing resources to support economic vitality and community resilience across rural communities.
**Photo source: Hermosa Mobile Home Village Facebook page