Helping Mobilehome Park Residents Become Park Owners
PMC Financial I think the most important thing to remember throughout the eminent domain process is YOUR GOAL — that your group is trying to acquire your park. And eminent domain is merely a legal vehicle whereby you might be able to accomplish that goal.
OK, you have the City Fathers lined up, your Team is standing by, the financing is identified and you are moving forward toward Eminent Domain action. However, you would not have gotten this far if you did not have a supportive RESIDENT ORGANIZATION from the start.
One of the most important aspects for a successful resident acquisition of the mobilehome park using eminent domain is locating PERMANENT FINANCING. Permanent financing is the EXIT STRATEGY required by the City Fathers in order to pay off any interim financing and allow the City Fathers to recover their costs of the project. However, you … Read more
OK gang, we now have the City Fathers flirting with using their eminent domain powers to acquire your park. And to facilitate this process, your group is putting together an ACQUISITION PLAN. One of your first tasks is to assemble the TEAM, and a critical component of the TEAM is the ATTORNEYS. As I mentioned … Read more
OK gang, we last left our discussion where the City Fathers were waiting expectantly for the resident group to present them with an ACQUISITION PLAN that, as far as the City Fathers are concerned, is NOT political suicide.
In order for the City Fathers to leap into the great eminent domain unknown, the City Fathers must know that there is a viable ACQUISITION PLAN, and an EXIT STRATEGY to get the City out of the deal, and get the resident group into the deal. Your group has the present them with the PLAN.
The usual next step in the political process of eminent domain is convincing the City Fathers that it is in their interest to exercise their powers, and that the likely outcome will be positive and beneficial.
The basic political problem for your resident group is that you have to convince the City Fathers that they should take a huge political risk for your benefit, with lots of unknown factors and only vague future benefit to the City Fathers.
There has been a lot of discussion recently among MH park residents about the use of eminent domain to force the park owner to sell the park to the resident group.
Fannie Mae is probably the largest lender for manufactured home parks in American
today. You might think this is good, since Fannie Mae was created by Congress to facilitate the affordable housing loan market, and, you probably think, foolishly, that as a resident group seeking to refinance your resident owned park, Fannie Mae would be a great source.