Archive

Posts Tagged ‘land lease community (LLC)’

New Regulations for Developing MHCs in New Mexico

December 6th, 2011 Comments off

Daily-Times reports from Kirtland, New Mexico, the San Juan County Commissioners will be voting Dec. 6, 2011, on an ordinance that will require future developers of MHCs to obtain county approval and pay a plan-review fee. The water and septic service must be approved by the New Mexico Environment Department, and the communities must abide by the ordinance with regards to parking, sidewalks, trash removal, and junked cars. If the ordinance passes, it will go into effect immediately instead of the usual 30 days to prevent someone quickly moving in a manufactured house or RV to get in under the wire. The new regulation requires MHCs to be at least 2.25 acres and have no more than 6 manufactured homes per acre. Property owners could not lease space to any manufactured home on land not suited to multiple housing. Existing land lease communities (LLC) will be grandfathered in, but any expansion of a community will be subject to the ordinance. There are 50 MHCs currently in San Juan County.

(Photo credit: Tim Saville/General Truss)

 

Sun Asks for Variances at Cider Mill Crossings

December 1st, 2011 Comments off

WHMI in Livingston, Michigan, west of Detroit, reports the Tyrone Township Planning Commission approved zoning changes for Cider Mill Crossings MHC, recently purchased by Sun Communities, Inc. at a tax sale for just over $400,000. The previous owner left some projects short of completion before filing bankruptcy, and Sun asked for several variances in an attempt to make the MHC profitable. The variances deal with signage, maintenance of roads and sidewalks, and requirements controlling the age and condition of the manufactured homes on the property. If the changes are approved by the township board, Sun plans to begin construction in the Spring of 2012. According to the 22nd annual Allen Report, Sun ranks as the fourth largest land lease community (LLC) owner in North America with 136 communities comprising 47, 579 homesites.

(Photo credit: Parshallville Community Association)

Canada’s Killam Closes Public Offering

November 30th, 2011 Comments off

CanadaNewswire reports Killam Properties, Inc., of Halifax, Nova Scotia, Canada has closed its public share offering of 3,256,000 shares at $10.75 per share, resulting in gross proceeds of $35 million. Killam intends to use the proceeds for future acquisitions, to pay off indebtedness, and general corporate expenses. The underwrites are lead by RBC Capital Markets and include BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp., Dundee Securities Ltd., Macqurie Capital Markets Canada Ltd., Beacon Securities Limited, Brookfield Financial Corp., and GMP Securities L.P. Up to 30 days following the closing of the offering, the underwriters have the option to purchase 488,400 shares at the same price, which would add $5.3 million to the gross proceeds. The shares may not be sold in the United States without exemption from the United States Securities Act of 1933. According to the 22nd annual Allen Report, Killam ranks as the 17th largest LLC in North America with 9,290 homesites.

(Graphic credit: Killam Properties, Inc.)

Utah Legislature Dealing with MHC Owner-resident Mediation

November 17th, 2011 Comments off

SaltLakeTribune reports about two dozen land lease community (LLC) residents attended a Capitol Hill Business and Labor Committee hearing to support legislation that calls for mediation in cases of MHC owner-resident disputes. Rep. Janice Fisher (D-West Valley City) introduced a bill that would provide for nonbinding mediation if the rent should increase, and would not allow more than one increase a year. Mediation would also be called in if the rent increased more than one percent above the consumer price index. According to Steve Anderson, past president of the Utah Mobile Homeowners Action Group (UMHAG), while denying the group is seeking rent control, says the legislation will protect homeowners from being forced to sign leases by the landowners. But Rick Bills, the manager of his family-owned American Heritage Retirement community for 24 years, says the bill is an infringement on his rights and a step towards rent control, and suggests UMHAG will be back to ask for more next year. Sen. Karen Mayne (D-West Valley City) says there are several MHCs in her district, and in one of them they would not let the residents pass out fliers. Richard McMullen, of Kingsley management, which owns seven MHCs in Utah, says, “If we’re mistreating our customers, they have every right to not do business with us and to relocate. They’re not held hostage.” Rep. Brad Wilson (R-Kaysville) expressed concern about tying non binding mediation concerning a rent increase to the rise in the consumer price index. After a split vote, committee members decided the bill needs more work.

(Photo credit: Trent Nelson/SaltLakeTribune)

LLC Residents Move for State U

November 15th, 2011 Comments off

TheDickinsonPress reports residents of a land lease community in Dickinson, North Dakota, may be relocated to make room for a parking lot for a four-story modular dormitory to house students of Dickinson State University. Linda Steve, Dickinson State University Alumni and Foundation representative, said at a city Board of Adjustment hearing, the new 127-student dormitory will be attached to the Oasis Hotel, which also owns the MHC. Private investors are contributing to the construction of the project. “We are using modular housing. As soon as we get our approval, we’ll be putting post and pier in the ground,” said Ms. Steve.

(Graphic credit: DSU)

Iowa Regency: Fit for a King? Not. Not Yet

November 4th, 2011 Comments off

TheGazette reports from Iowa City, Iowa, that Regency Mobile Home Park in Johnson County has been the target of complaints in recent years for poor water quality, abandoned homes, and charges of fraud. Johnson County does not have jurisdiction over enforcing improvements to the 230 homesite community; its board of health can only require the premises to be safe and free of vermin. Last summer Regency, which sits just outside Iowa City city limits, paid a $7,000 fine for water quality issues dating back to 2005, and agreed to upgrade the system. Residents say the water quality is better but some still refuse to drink it. When Anthony Williams bought three homes in Regency last summer he was not aware $8,000 in back taxes were owed on the units, nor did he receive clear titles. Williams’ issue has since been resolved, but Assistant Attorney General Ben Bellus is investigating other issues involving titles. Some residents were threatened with eviction for not paying rent even though they had receipts, a complaint Bellus also says the company addressed. A bill in the state legislature to give residents of LLCs more rights was voted down. A meeting was held last December in Johnson County to give the county power to require repairs to nuisance properties, aimed at Regency. Farmers feared proposed regulations concerning plumbing, electricity and HVAC systems might affect their homes and out buildings. State law does not allow codes to apply to manufactured housing and not to other owner-occupied homes. The article notes that the community does not look as bad as it once did, but says there are still over a dozen homes with boarded-up windows, and some with bottom panels missing. Volunteers from St. Joseph’s Catholic Church have cleaned up debris and repaired some of the homes, according to Rev. Bill Kneemiller. He says the current manager is “making a real attempt to keep the park up to standards.” However, Board of Supervisors Chairman Pat Harney continues to receive complaints about abandoned homes. The community is operated by Regency of Iowa, Inc., a subsidiary of Colorado-based Churchill group. The reporter notes calls to the local and corporate offices were not returned in preparation for this story. Anthony Williams sums it up: “You have to make do with what you got.” (A Nov. 1 story in our Daily Business News report stated Churchill is closing its Regency in Columbia, MO.)

(Photo credit: David Scrivener/TheGazette)

 

Arizona LLC on the Block

October 21st, 2011 Comments off

Inside Tuscon Business reports Continental West manufactured housing community in Tuscon, AZ defaulted on a $10.95 million loan and will be sold at public auction 11 AM, Jan. 4, 2012 in the Pima County Courts Building. The 319 homesite community was built in 1960, and boasts two swimming pools, a clubhouse/community center, a playground, and basketball court. Public records show Continental Communities of Oak Brook, IL through its affiliate North Star MHC LLC, as the owner. The 2011 Allen Report lists Continental as the 12th largest LLC operator in North America with 13,106 homesites in 51 communities.

(Photo credit: Continental West)

 

Canadian LLC Operator Gets ‘Buy’ Sign from Analyst

July 22nd, 2011 Comments off

The San Francisco Chronicle reports that Mark Rothschild, an analyst at Canaccord Financial, Inc., has raised the rating on Canada’s Killam Properties (KMP:CA) (KMPPF:OTC US) from “hold” to “buy”. According to the 2011 Allen Report, Killam ranks as the 17th largest land lease community (LLC) operator in North America with 9,290 home sites in Nova Scotia and New Brunswick, Canada.

(image courtesy of wikipedia)

MH Community Becomes Resident-owned Cooperative

July 15th, 2011 Comments off

The Curry County Reporter in Oregon reports the residents of what was a land lease community (LLC) in Gold Beach, Oregon, have successfully formed a non-profit co-op that has become Saunders Creek Homeowners Cooperative.  When the owners put the 43 home site land up for sale, the residents received purchase and development assistance from Community and Shelter Assistance Corporation (CASA of Oregon), the Rural Community Assistance Cooperation (RCAC), Oregon Housing and Community Services and the Community Development Law Center.  Residents will be able to buy into the cooperative April 26 to control rents.  Those who choose not to become owners will have higher rents.  According to state law, it will always be a manufactured home community that can be transferred only to another non-profit entity.   CASA of Oregon will continue to provide the residents with transition to management assistance.

(stock photo)

Homeowners in LLC Now Have State Regulatory Protection

July 7th, 2011 Comments off

The South County Independent says the Washington County Superior Court judge in South Kingstown, Rhode Island, has ruled that Wakoma Park is legally a land lease community (LLC), supporting a ruling by the Department of Business Regulation (DBR).  The Wakoma Park Homeowners Association has been trying for two years to have the manufactured home community declared an LLC.  The ruling means Wakoma Park will have to abide by statutory regulations and licensing that govern such entities, including possible state involvement in dispute resolution.  Owner Shore Line Realty contends the facility is a seasonal resort with part-time water supply, reasoning the judge rejected.  Shore Line has 20 business days to appeal the ruling to the state Supreme Court.