This Blog is about my recent activities regarding resident park purchases and other affordable housing projects.
Truth tell, I only write about Deane’s week when I don’t have other more burning topics. But, I have recently discussed Nonprofit roles in MHP, eminent domain, Failure to Maintain (FTM) lawsuits, and frankly, I need to build up some more passion to address other new subjects.
So, in the recent past I have:
- Participated in a ‘Skype’ conference call with attendees at the quarterly NeighborWorks Training Institute (held this time in Cincinnati, Ohio) to discuss manufactured housing manufactured housing as an affordable housing alternative and resident and nonprofit ownership of manufactured home parks.
- Worked on the purchase of a 46-site park in the Santa Cruz, CA area involving owner financing and resident share purchases. Activities included document drafting and preparation, conference calls and organizational activities. Closing schedule within 45 days.
- Worked on the details of a 53-site new construction project in the agricultural area near Monterey, CA. The developer plans to use manufactured housing to build a site/home project where he will rent the homes/sites to low/moderate residents. This financing/development model can also be used by affordable housing non-profits to build parks.
- Provided additional details to the auditor reviewing the records of a HUD financed resident purchase project that closed late last year.
- Discussed a possible resident purchase transaction with a real estate broker listing a 161-site park in Riverside County, CA east of LA. The park has 50 vacancies and included a leasehold estates along with a fee simple purchase. Snakey but doable. We will see if the park owner is interested.
- Worked with a resident group on the CA coast trying to buy their park, notwithstanding the need for lots of rehab and upgrades.
- Worked on other stuff.
I’ll keep in touch.
Deane Sargent and PMC Financial Services have been helping mobile home park resident groups and cooperatives to organize and find financing to buy their parks for over 20 years.