In Jacksonville, Florida, one company is taking a unique path to offer the American dream of homeownership to more citizens.
And manufactured housing is center stage.
Park Place Communities (PPC), a national real estate investment company specializing in affordable housing, is seeking a total of $1 million in capital to facilitate a large-scale affordable home project.
According to Globe St., PPC plans to take existing manufactured homes, renovate them, and sell them to qualified buyers using five-year amortized mortgages. The buyer will make monthly payments for five years at 12 percent.
“This allows buyers to purchase the mobile home [sic] for about the same monthly cost of renting,” said CEO Andrew Lanoie of PPC.
“There is a huge demand for affordable housing right now and there are not enough parks [sic] to fill that void. Right now, there are roughly 50,000 affordable housing parks [sic] in the United States.”
The company assisting PPC with the plan is IHT Realty Crowdfunding, a real estate company that helps sponsors raise capital for their acquisitions. PPC is looking to expand its operations and acquire an additional 15,000 to 20,000 manufactured homes over the next few years.
With housing costs projected to rise, Lanoie says manufactured homes are becoming a practical alternative.
“As the wage gap in the United States widens, there has been a shift towards lower paying jobs, which leads to an increase in demand for affordable housing,” said Lanoie.
“With 10,000 Baby Boomers retiring every day, 47 percent of which don’t have any retirement savings, affordable houses are their last opportunity of home ownership,” said IHT Realty Crowdfunding CEO Dan Summers.
According to a statement, Park Place Communities is a national Top 100 owner-operator of manufactured home communities, and currently owns 13 in eight states with nearly 1,000 total homesites.
“Mobile home parks [sic] are one of the most stable and predictable investments during a recession and recovery,” said Lanoie.
As Daily Business News readers are already aware, the myths, and the facts surrounding manufactured housing abound. To learn more, including why manufactured housing is the solution hiding in plain sight for many to achieve the American Dream, click here. ##
(Image credits are as shown above.)
Submitted by RC Williams to the Daily Business News for MHProNews.
