Helping Mobilehome Park Residents Become Park Owners
I’m sitting in my office on a chilly Saturday morning, reflecting on LIFE, as we head into an uncertain and somewhat scary New Year.
Music playing (serendipitously) in the background is “Hotel California” by the Eagles. The song finishes with the lyrics “You can check out any time you like but you can never leave.”
I have been really busy closing a resident park purchase transaction. Such transactions not only take a lot of time, they are also very important since it might be the only time the group gets the opportunity to acquire their park.
I often get asked by resident groups how much their park is worth, i.e., what are they going to have to pay to buy it.
Resident group Boards (and the members) always need to be aware of the future needs of their community. One of the more important needs (for some parks) is the need to refinance their first mortgage. Groups have financed the purchase of their park with a variety of loans – from banks, from community development groups, … Read more
Over the years I have talked with many mobile home park residents seeking to purchase their park. But I have often felt that the saddest situation is when a group wants to buy their park, but their owner doesn’t know they want to buy it.
This Blog is about my recent activities regarding resident park purchases and other affordable housing projects.
I am an advocate of park ownership by the residents. However, I have also consulted and financed a number of park purchases by affordable housing (501c3) nonprofit corporations (NFP) and I believe that NFP can have a significant role in preserving and improving manufactured home parks. They can play a number of roles. AS PARK … Read more
Under state law, a park owner has a duty to maintain the park at some acceptable level. [Note that the acceptable level of poor maintenance is in the eye of the beholder – the residents are one group, the California Department of Housing and Community Development (HCD) is another, the owner is a third. Finally, having a poor enough level to attract an attorney to take your case on contingency is another.]
This Fall, there will be lots of decisions NOT made, since not making a decision may be the safest path in uncertain times. There will be lots of folks treading water until they see economic improvement they can count on.
As cities and towns expand, sometimes park owners decide that ‘their’ dirt is more valuable for some other use – an apartment complex, residential development, commercial building, whatever. So the owners decide to close the park.