Archive

Posts Tagged ‘manufactured housing community’

First Time First Right of Refusal Law in Minn. Will be Tested

August 11th, 2016 Comments off

Minn_mhc_Lowry_Park_closing__theuptake_credit postedDailyBusinessNewsMHProNewsFollowing the ongoing saga of the Lowry Grove manufactured home community (MHC) in Minneapolis that has filed suit to reverse the sale of their community for not being offered first right of refusal, as MHProNews reported Aug. 8, 2016, an amicus brief from the state attorney general’s office in support of the residents may tip the balance, according to lillienews. The state’s interest stems from the failure of the seller to offer it first to the residents as required by state law.

The community found a backer for the $6 million to match the buyers price, a nonprofit called Aeon that provided funding at the last minute, just as owner Phil Johnson inked the deal with Continental Property Group (CPG), led by President Traci Thomas. The new owner intends to develop the 15 acres, and has said she will discuss possible future plans regarding the property with city officials, including affordable housing.

There will, for sure, be an affordable housing component, I’ve said that all along, but how much, how many units, all of that stuff is yet to be decided,” Tomas said in an interview. She had originally offered more money than the state requires to help residents with relocation costs. When asked if the affordable units will be comparable to the $400 monthly site rent at Lowry Grove, she said no.

The residents of Lowry Grove would prefer to retain their tight-knit community as it stands. The case is scheduled is to be heard in court later this month. ##

(Photo credit: theuptake–Lowry Grove manufactured housing community)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.

Wells Fargo was Freddie’s Top MHC Seller in 2015

February 6th, 2016 1 comment

freddie_mac_loan_volume_scotsmanguide__freddie_macFollowing a story MHProNews posted Jan. 14, 2016 regarding GSEs Fannie Mae and Freddie Mac’s multifamily loans for 2015, which totaled just under $90 billion, rebusinessonline reports CBRE was Freddie’s highest-producing multifamily mortgage seller with $6.96 billion in originations.

Making the announcement at the Mortgage Bankers Association (MBA) convention in Orlando, Freddie reported Wells Fargo Multifamily Capital was the top manufactured housing community seller and affordable housing seller with $3.53 billion in originations. Freddie ranked number five on the list of the top multifamily lenders.

The nation’s largest source of financing for multifamily housing, Freddie Mac’s loans range from $1 million to several billion dollars. Approximately 90 percent of the loans are for low-to-moderate income rental units. Additionally, Freddie securitizes about 90 percent of the multifamily loans it purchases, which transfers the credit risk from taxpayers to private investors. ##

(Image credit:scotsmanguide-Freddie Mac loan volume)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Capital One Arranges Purchase of CA Manufactured Home Community

July 23rd, 2015 Comments off

mfg community  california  progressive housing creditAccording to abladvisor, Capital One has provided a $4.6 million fixed-rate loan for a repeat client to acquire Ocean West, a 127-unit, age-restricted manufactured home community (MHC) in McKinleyville, California. Built in 1979 and renovated in 1986, the property is located less than a mile from the Pacific Ocean, and remains near full occupancy.

Two parcels of adjacent land associated with the community ownership may be developed at some point for expansion. Damon Reed, Senior Vice President and Capital One Multifamily’s Director of MHC Finance, who originated the transaction, said, “To facilitate this expansion, we inserted language in the loan documents that would allow the second phase to be added to the existing collateral at a later date. This sets the stage for an additional loan once the second phase is leased.

MHProNews has learned the 12-year fixed-rate loan has five years of interest-only payments and 11.5 years of yield maintenance, followed by a 30-year amortization payable on an actual/360 basis. ##

(Photo credit: progressivehousing–manufactured home community in California)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily business News-MHProNews.

Manufactured Home Community Refinanced by Fannie Mae

May 14th, 2015 Comments off

mfg com  arrowhead village mobile home park  jake bacon arizona daily sun  creditCommercial real estate lender Hunt Mortgage Group has provided a $4.5 million Fannie Mae loan facility to refinance Terra Vista Manufactured Housing Community in Tucson, Arizona, as digitaljournal tells MHProNews.

Founded in 1970, the age-restricted (55+) community is comprised of 129 homesites set on 14.5 acres with no permanent structures save a small leasing office, which is next to outdoor recreational facilities.

The ten-year term loan with five-years interest only will amortize over 30-years with a 9.5 year yield maintenance period. The borrower, AFK Real Estate Investments, LLC is backed by Angus Keith who owns five manufactured home communities (MHCs) comprised of 799 homesites.

Keith acquired Terra Vista in 2005, and has nearly 20 years experience in owning and operating MH and recreational vehicle (RV) communities. Bryan Cullen, Managing Director with Hunt Mortgage Group, states While we have had success with the Fannie Mae MHC program, with the addition of the Freddie Mac MHC Program Hunt expects to continue expand our presence and become a premier lender in this sector. ##

(Photo credit: arizonadailysun/Jake Bacon–Arrowhead Village manufactured home community)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News to MHProNews.

Fannie Mae’s Manufactured Housing Community Loans Exempt from Caps

April 21st, 2015 Comments off

fannie mae hq    yahoo! and reuters   jonathan ernst creditAs the Housing Group at Ballard Spahr informs MHProNews, the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are nearing their respective 2015 volume caps. Regulated by the Federal Housing Finance Agency (FHFA), their volume to date may mean their allocation could be exhausted by late summer, 2015.

While Fannie is committed to $10 billion this year, which is 25 percent of its $40 billion cap, and Freddie has $25 billion in the pipeline, more than 80 percent of its $40 billion allotment, Fannie Mae’s Manufactured Housing Community loans are exceptions from the volume cap allocation.

Similarly, Freddie’s Targeted Affordable Housing and Small Balance (under $5MM) loan products, as well as Fannie Mae’s DUS Small Loan and Multifamily Affordable Housing Community loan products are all exempt from the volume cap. Says Ballard Spahr, “These loans, typically for underserved markets and property types, may continue to flourish with the agencies, and are exactly the types of financing that the GSE’s and FHFA are committed to providing.” ##

(Photo credit: YahooReuters/Jonathan Ernst–Fannie Mae headquarters)

matthew-silver-daily-business-news-mhpronews-com  Article submitted by Matthew J. silver to Daily Business News-MHProNews.

Sunday Morning Weekly Recap – Factory Built – Housing News – for 11-30 to 12-6, 2014

December 7th, 2014 Comments off

sunday-morning-manufactured-housing-weekly-pro-news-recap-mhpronews-com12-1-6-14-Before jumping into the week that was, first a programing note for the work week starting Monday morning, around 4:30 AM ET. There will be an exclusive news item of interest for manufactured housing professionals.

Looking back at the week of 11-30-2014 to 12.6.2014, big acquisitions and finance news were among the top Daily Business News stories. Easier lending standards?  Yep, read that below too.

Most of the stories we’ve covered aren’t carried anywhere else in MH Industry news. In some cases, they’re mentioned in other’s emailed newsletters, but often weeks after they’ve happened.

That’s part of the reason why you’re here! You want your news on a timely, daily basis.

Manufactured, modular and other key housing from across the nation are covered in the headline news below.  Each headline is linked to their respective stories.

These including a story about a zoning case that’s a win for manufactured housing.

We also bring you more hard reports on statistics! Do you recall the Manufactured Home Merchandiser’s   popular production and shipment monthly report?  See that, modular production facts and much more in this week’s recap, below.

Saturday December 6th 2014

Kroll Bond Rating Agency Rates Carefree in the Manufactured Home Communities sector

Friday December 5th 2014

Sun Shines on Acquisition announcement, MHCV rises along with Dow, NADAQ and S&P

IBTS Report shows Increased gains in Manufactured Home Shipments and Production

Overall Housing Growth, but its a Mixed Bag with Modular Homes sales results

Sun Communities (SUI) Buying Orlando Manufactured Housing Portfolio in $258M Deal

What are the Top 10 Items Home Buyers Want?

Murex Properties CEO Steve Adler Rocks the House


Thursday December 4th 2014

October production increase in new Manufactured Home shipments

The Scope says UMH Properties Inc. a High Dividend Stock

Is US or China #1 Economy? Markets retreat, including MHCV

Negative views about Manufactured Housing in the media – do we just expect and accept it?

Advocates and Manufactured Housing experts working for Flood Victims

Wednesday Dec 3rd 2014

Street Scopes out SUN Communities Inc.

Liberty’s big Rise, Oil and Ruble slide, MHCV and DOW on upward glide

Seniors facing crisis, states the Economist and Senior Housing…but what about MH?

City and Residents locked in emotional tussle over MH Community closure

Gentrification and Community Closure playing out

Tuesday December 2nd 2014

Skyline and Sun Rise, Ditto MHCV, Dow, Nasdaq and S&P

Freddie Mac securitized financing for Manufactured Home Communities

DRM Investments use technology for enhanced Commercial Modulars

Pick Three – Manufactured Housing Stock Summary – Skyline, Cavco, Patrick – Dec 1, 2014

Monday Dec 1, 2014

Manufactured Housing Composite slips, Black Friday and Dow Dips, big Oil drips

Jim Pakulis proclaims bold growth plan for manufactured housing retailing

Council over-rides zoning, Manufactured Homes permitted in residential zoned areas

Relaxed lending standards to go into effect December 1, 2014

Fearless” Senator Elizabeth Warren, the CFPB’s ‘Mama’ buttresses potential 2016 presidential cred

Sunday, November 30, 2014

Sunday Morning Recap – factory built – housing news – for week November 23-29, 2014  ##

(Image credit: MHProNews)

 

DE State Rep takes on Democrat MHC Resident Challenger

October 28th, 2014 Comments off

ruth_briggs_king__villagegazette_com_creditDelaware District 37 Representative Ruth Briggs King, a Republican, is being challenged by Democrat Paulette Rappa, an educator and resident of a manufactured home community. MHProNews first covered King’s election of Nov. 2012 when she defeated another MHC resident, Beth McGinn.

When asked about the problems facing MHC residents, Rep. King responds that the uncertainty of rents and real estate market values can impact MH residents, and that she worked hard to address these issues “through the first rent justification law.”

She intends to push for a “major revision of current law so homeowners can read and understand the requirements.” She also wants to restart the Advisory Council on Manufactured Housing and create a legal assistance program for MHC residents.

Challenger Paulette Rappa, an MHC resident, wants MH on leased land deeded because the interest rates on chattel loans are higher than standard mortgages, putting MH owners at a distinct financial disadvantage. She says homeowners’ association need help with legal matters, and advocates for an office in the attorney general’s office dealing specifically with issues faced by MH residents. ##

(Editor’s Note 1: please see these related finance topics: CFED’s Doug Ryan on MH financing and MHI’s response to Doug Ryan/CFED position).

(Editor’s Note 2: please see this Canadian TV news video on the impact of rent control).

(Photo credit: villagesoup)

matthew-silver-daily-business-news-mhpronews-com(Submitted by Matthew J. Silver to Daily Business News-MHProNews)

Manufactured Homes not Dwellings in Sussex County

October 27th, 2014 Comments off

Rehoboth Shores near Long Neck delaware   ron MacArthur  cape gazetteUnder the current Sussex County (Delaware) code, manufactured homes (MH) are lumped together with hotels, motels and tourist homes, but a new proposal under consideration would consider them as dwellings, according to villagesoup. A public hearing on a proposed RV community and campground for Castaways at Massey’s Landing triggered the possible new ordinance.

County code requires campsites be at least 400 feet from an existing dwelling. The boundary for the proposed campground falls within that dimension of homes in a nearby manufactured housing community, but because MH are not viewed there as dwellings, the setbacks have not applied.

However, that project, which had been recommended for approval by planning and zoning June 27, has not come up for a vote by county council, and as MHProNews understands, will not be approved once manufactured homes are considered dwellings under the proposed ordinance. ##

(Photo credit: Ron MacArthur/capegazette – Rehoboth Beach near Long Neck, Delaware)

matthew-silver-daily-business-news-mhpronews-com(Submitted by Matthew J. Silver to Daily Business News-MHProNews)

Sunrise Manufactured Home Community will see Upgrades without RVs

October 23rd, 2014 Comments off

liberty_homes__creditAccording to sidneyherald,  Robert Emery’s application to update his Sunrise Mobile Home Park in Richland County, Montana has been approved by the Richland County Commissioners.

Recreational vehicles (RVs) will be banned from the community which will have 19 manufactured homes with 20 feet between each unit, a turnaround area for emergency vehicles, identification signs and sufficient lighting for public safety.

While Emery had some Department of Environmental Quality (DEQ) issues he needed to address, he also wanted to take advantage of new legislation dealing with owning buildings on his own property that he could then lease. Electrical outlets previously used by RVs would be for electric cars and semi trucks.

MHProNews  has learned the commissioners have given Emery two years to complete the updates. ##

(Photo credit: Liberty Homes)

matthew-silver-daily-business-news-mhpronews-com(Submitted by Matthew J. Silver to the Daily Business News-MHProNews)

Tiny Homes/Factory-built Housing could Replace the Blight

October 15th, 2014 Comments off

tumbleweed_tiny_homes_slash_billmoyers__com__creditFollowing a story MHProNews posted Oct. 22, 2013 entitled Will Texans take to Tiny Homes, a recent story about small homes on BillMoyers.com, asked if respondents could live in a tiny home, drew a series of responses.

Gordon Billingsley said he lived in a 920 square-foot passive solar home and his heating bill for the entire winter was $98.

Liane Allen lives in a 336 square-foot house.We raised two kids here. Having no mortgage, minimal heating costs, minimal electricity use and very low property taxes made it possible to weather the layoffs that have hit us over the last 15 years, otherwise, we’d have lost everything,” she added.

From 1973 to 2007 the average size of an American home rose from 1,660 square feet to 2,521 square feet, over three times the size of the Long Island homes called Levittown following WWII in 1947, considered the beginning of suburban America. However, as family size shrank during those 34 years, during that same period incomes for the 90 percent of lowest wage earners also fell.

Amnesty International said in 2011 there were 3.5 million homeless people and 18.5 million vacant, often blighted, homes. Many of the dwellings resulted from foreclosure, are now uninhabitable, and in large cities across the land they will be demolished and replaced with parks and community gardens. Why not replace them with affordable housing?

As MHProNews reported Aug. 30, 2013, a tiny home was not permitted to be sited in a manufactured housing community (MHC) because it does not meet HUD Code regulations, but Brian Levy drew his inspiration for his Minim House from a community of tiny homes, not unlike an MHC.Quote-unquote trailer parks — they’re really called manufactured housing communities — are fantastic in a lot of ways,” he said. “They’re affordable, they’re relatively green… there’s a great sense of parity — everyone kind of has more or less the same size structure and a nice sense of community, from what I’ve found. How can you have a cool, kind of ennobling place that also happens to be full of micro-dwellings?Manufactured homes are similar in price to tiny homes in many instances, and can serve the same purpose—house the homeless who populate the larger cities. ##

(Photo credit: BillMoyers.com/Tumbleweed Tiny Homes)

matthew-silver-daily-business-news-mhpronews-com(Submitted by Matthew J. Silver to Daily Business News – MHProNews.com)