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Posts Tagged ‘eminent domain’

City Prepares to Acquire Manufactured Housing Community

November 8th, 2013 Comments off

Following up on a story MHProNews posted Oct. 31 regarding the acquisition of Spruces Mobile Home Park by the city of Williamstown, Massachusetts and returning it to a natural state because it is in a flood plain, the Board of Selectmen will discuss the drafts of three warrant articles dealing with the future of the community Dec. 10. The first draft concerns the management of Spruces during the two-year mandatory period required by Mass. law after notifying residents of the intent to close the community. The second draft is to create a revolving fund for the city to manage Spruces during the 24 months. The third authorizes the Selectmen to obtain the community “by gift, purchase or eminent domain.” This iberkshires.com article suggests it may acquire the property through eminent domain, while MHProNews understands from past news sources the transaction would be a purchase.

(Photo credit: iberkshires.com–Spruces Mobile Home Park)

Regulator May Act Against Eminent Domain Plan

August 14th, 2012 Comments off

fhfa-logo-headerReuters tells MHProNews that the Federal Housing Finance Agency (FHFA) raised concerns about a private investor group’s controversial aim to seize and restructure poor-performing mortgages. The federal housing regulator of the GSEs said it is concerned about the program’s constitutionality. “FHFA has significant concerns with programs that could undermine and have a chilling effect on the extension of credit to borrowers seeking to become homeowners and on investors that support the housing market,” the agency said in a statement. Edward DeMarco, the acting director of the FHFA, has objected to principal reductions on mortgages. DeMarco told reporters “the anticipated benefits do not outweigh the costs and risks.” Concerns about costs to taxpayers was also expressed. Mortgage Resolution Partners, a San Francisco-based group backed by some prominent West Coast financiers, is promoting the concept. Eminent domain traditionally has been used by local governments to condemn buildings and properties for public works projects. A related column in Industry Voices can be found here. ##

(Graphic Credit: FHFA Logo)