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DTS Manufactured Home Lending – Views to FHFA NAFCU, an Innovative MH Community Operator, and MHARR

March 24th, 2017 Comments off
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Credit: Scott Lewis, Creative Commons.

Back in January, The Federal Housing Finance Agency (FHFA) issued a request for input (RFI) on its duty to serve (DTS) underserved markets ‘pilot program’ to finance manufactured homes, with a deadline of March 21st.

According to commentary from the Manufactured Housing Association for Regulatory Reform (MHARR), the request was an adjunct to its December 29, 2016 final rule implementing the Duty to Serve Underserved Markets provision of the Housing and Economic Recovery Act of 2008 (HERA), seeking public input on considerations that Fannie Mae and Freddie Mac should include in their determinations of whether to include manufactured home chattel loan pilot programs in their Duty to Serve Underserved Markets Plans.  And if so, how such pilots could be designed, taking into account policy, safety, and soundness considerations.

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Text and image credit, MHProNews.com

As the deadline arrived, there was no shortage of commentary and feedback from the industry and interested parties.

I am writing to you in regard to the Request for Input on Chattel Financing of Manufactured Homes. Overall, NAFCU supports the steps the Federal Housing Finance Agency (FHFA) has taken to increase the liquidity of the mortgage market and improve the distribution of investment capital available to very low-, low-, and moderate-income families,” said Ann Kossachev Regulatory Affairs Counsel for the National Association of Federally-Insured Credit Unions (NAFCU).

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Ann Kossachev. Credit: LinkedIn.

Nonetheless, NAFCU’s members have expressed concerns regarding the entrance of Fannie and Freddie into the chattel loan market given the history of manufactured housing loans in the secondary market.

Kossachev continued with a cautious tone to the FHFA.

Therefore, NAFCU requests that the FHFA diligently evaluate the chattel loans market prior to requiring the GSEs to decide whether they should pursue a pilot program, thereby extending the time allotted for the GSEs to make such a decision,” sais Kossachev.

NAFCU also requests that the FHFA continue to be transparent in the implementation of the chattel loans pilot program through regular updates and opportunities for stakeholders to provide feedback so the industry may closely follow the progression of the program.

Kossachev also shared that there is, potentially, very serious danger in moving forward too quickly, and that more time was the key to permit GSEs to evaluate the chattel loans marker.

There is serious trepidation among NAFCU’s member credit unions that the implementation of the FHFA’s chattel loans pilot program will cause a negative disruption in the mortgage market. Namely, credit unions are worried that lenders will increasingly enter the chattel loan market because of the associated higher interest rates, ignoring the fact that there is typically a higher rate of delinquency for manufactured housing loans,” said Kossachev.

Delinquencies in the chattel loan market often occur later in the life of the loan, such that the manufactured home is worth much less than the outstanding unpaid loan balance. This type of circumstance creates a risky environment susceptible to a crash.

The full response from the NAFCU is linked here.

It should be noted that NAFCU references the same documents that MHProNews published earlier this month in a feature story on DTS, linked here.

 

A Response From an Innovative Community Operator

Brian Gallagher, COO, CPA, JD, MBA, of Santefort Real Estate Group in Westmont, Illinois, and owner/operator of 11 manufactured home communities located in Illinois and Indiana, comprising 3,000 home sites, also provided commentary to the FHFA.

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Brian Gallagher. Credit: LinkedIn.

We are very confident that the Enterprise’s support of a secondary market for manufactured home community (MHC) chattel loans would be a win-win-win,” said Gallagher.

Secondary Market Investors (SMI) would receive higher yield investments with mitigated risk characteristics. Consumers would have access to more lending sources which, among other key benefits, would lower borrowing costs and unlock the equity value in their manufactured homes. MHC chattel home loan originators would have a source of funds to replenish their lending pools, leading to greater activity, jobs, and more Quality Affordable Housing for a presently unsubsidized and underserved consumer market.

Gallagher continues, stating that he sees a particular, innovative, method leading to success.

The Enterprises could bring this about through leading the development of ‘template transactions’ – standardized documents, PMI, and ‘Park Agreements’, pursuant to which the MHC’s in which the loan collateral is located agree to cooperate with originators and SMI to mitigate the risk of loss arising from borrower default. In sum, the Enterprises’ promotion of a chattel loan secondary market would satisfy their ‘Duty to Serve’ the lower economic classes which are disproportionately dependent upon manufactured home community living for their quality affordable housing needs.

The full response from Gallagher is linked here.

 

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To see the related news story linked above, please click the graphic.

For a deeper dive into understanding GSEs, Duty to Serve, and manufactured home lending, including Eagle One Financials Titus Dare and his “4S’” of good lending, click here. ##

(Editor’s Note: a special review of MHI’s comments is planned after the Tunica Manufactured Housing Show.

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Constraints on New Home Construction – Is MH the Answer?

March 14th, 2017 Comments off
ConstraintsonNewHomeConstructionIsMHtheAnswercreditClarkCountyHomeBuilders-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Clark County Home Builders.

New data from Redfin shows that more consumers than ever before are in the market for a home.

While sales are picking up, new home construction is well below levels prior to the recession of 2008.

Could manufactured housing be the solution?

According to National Mortgage News, there are key factors that limit new home construction.

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Credit: National Mortgage News.

 

Rising Land Costs are a factor, as many homebuilders who where able to grab empty lots as land prices tanked during the recession. They got a great deal and have built on the land, which is significantly more expensive now that it was just a few years ago.

Severe Labor Shortages are hurting the construction industry badly, with 184,000 construction jobs nationwide left unfilled. As the Daily Business News covered recently, a poll conducted by the National Association of Home Builders (NAHB) revealed that 76 percent of builders indicated cost and availability of labor as their major problem. The poll concludes that the anticipated construction labor shortage could cripple the improving housing market.

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Credit: National Mortgage News.

There are currently 184,000 open construction sector jobs,” said Robert Dietz, chief economist at the NAHB.

The rate of unfilled sector jobs has been on the rise and now stands at rates near cycle highs and at levels comparable to the housing boom period. The rising rate of unfilled jobs has slowed the construction sector’s net job growth.

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Credit: Real EstateSyracuse.

The “Renter’s Nation” continues to heat up, as many of the homes that were left vacant during the financial crisis became single-family rentals, and many flock to them to get the home experience, without the cost and restraints.

Credit: National Mortgage News.

Access to Credit is an issue, as it is still very difficult to obtain a traditional home loan, and without buyers for homes, homebuilders have a hard time justifying more home construction.

 

Manufactured Housing to the Rescue?

With all of the challenges facing new home construction, the manufactured housing industry remains a practical and viable solution to making the American Dream accessible to everyone.

Mega successful business people like Berkshire Hathaway’s Warren Buffett, Jim Clayton, founder of Clayton Homes, and ELS Chairman Sam Zell all understand the immense value proposition that manufactured housing provides, with Zell famously being quoted as saying during this interview, “Everyone calls them trailer parks. Pencil head, it’s not a trailer park.

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Credit: MHLivingNews.

For more on manufactured housing being the solution that’s hiding in plain sight, see MHProNews and MHLivingNews Publisher L.A. “Tony” Kovach’s insight into the opportunity linked here. ##

(Image credits are as shown above.)

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

MHARR to Secretary Perry: Withdraw Unnecessary MH Energy Rule

March 13th, 2017 Comments off
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Credits: DOE, MHARR.

The Manufactured Housing Association for Regulatory Reform (MHARR) tells MHProNews that it has formally called upon the Secretary of the U.S. Department of Energy (DOE), Gov. Rick Perry, to withdraw its proposed manufactured housing energy rule.

MHARR says that the proposed rule is “rooted in climate change activism and advanced by energy special interests through an illegitimate and scandal-plagued regulatory process, threatens to needlessly destroy the affordability of manufactured homes” and “simultaneously excludes millions of consumers from the manufactured housing market – and from home-ownership altogether.

According to MHARR, the proposed rule could increase the retail cost of an average multi-section manufactured home by $6,000.00 or more because regulatory compliance, testing and enforcement-related costs were never considered by DOE in developing the rule.

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DOE Secretary Rick Perry. Credit: Wikipedia.

MHARR has been on the record as an opponent of both the proposed DOE rule and the “fundamentally-tainted administrative process” that led to its adoption.

In a November 2016 letter, the organization called for the DOE “to cease and desist from any further activity on the proposed manufactured housing rule pursuant to Congress’ November 15, 2016 warning to all federal agencies against finalizing any pending rules or regulations in the Obama Administration’s last days.

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M. Mark Weiss. Credit: MHProNews.

The DOE manufactured housing ‘energy’ rule is a textbook example of a destructive, big government ‘solution’ in search of a problem. Manufactured homes, comprehensively regulated by the U.S. Department of Housing and Urban Development, already have median energy operating costs that are less than, or comparable to, other types of housing, according to the U.S. Census Bureau,” said MHARR President and CEO Mark Weiss.

To single out manufactured homes and their mostly lower and moderate-income buyers for what amounts to a huge, regressive tax that would devastate both them and the industry in order to satisfy special interests, is incomprehensible, indefensible and precisely the type of baseless, damaging federal regulation that President Trump has vowed to eliminate.

The full letter from Weiss to Secretary Rick Perry is linked here. ##

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Proposed Manufactured Home Community Faces Fight

March 11th, 2017 Comments off
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A manufactured home in Mt. Vernon, IL. Credit: Zillow.

In Mount Vernon, Illinois, what appears to be another case of NIMBY (Not-In-My-Back-Yard) has reared its head.

According to the Register-News, a first reading of an ordinance to annex property for a manufactured home community was held this week, and several residents in attendance voiced their concerns.

We would like a couple more weeks to find out more about what this entails,” said Attorney Hank Villani, speaking on behalf of his client, the Jefferson Fire Protection District.

The loss of tax revenue to the fire protection district was a concern.

The property owner, Jefferson County Holdings, LLC, is asking for the annexation and change of zoning designation from General Agriculture to Resident Manufactured Home Community to “facilitate potential sale of property to residential developer.

One of the challenges around the process lies in the existing classifications on the books.

Under the current classification, R-MH, which covers manufactured homes, laundromats, parks and playgrounds and essential services, the district is created to preserve and enhance property values in the community by providing designated, distinctive areas in which MH may be situated for residential dwelling purposes.

It’s an old ordinance and hasn’t been revisited for many years,” said City Manager Mary Ellen Bechtel.

It’s time to improve and update it. … The standards for manufactured homes have changed, subdivision expectations have changed. We want to improve and control the construction in that zoning area closely. We want to revise the standards for a mobile home park [sic] so it’s more appropriate to modern living.”

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Credit: OC Housing News.

But some residents, including Jill and Mike Nordin, were less than convinced that the move was a good idea.

I hope this won’t be a park view trailer court [sic],” said Jill Nordin.

We have more questions than answers,” said Mike Nordin.

A traditional mobile home park [sic] affects value of adjoining property. We have no information on what this is going to be. A reasonable real estate agent will tell you mobile homes [sic] affect area property values. You also have to remember there are already tremendous traffic problems there, especially when there are large gatherings at the ball fields. The kids have a ball, but the parents don’t know where to park.

They were not alone.

We don’t need mobile homes [sic] across from Klein Field and Lincoln Park,” said Larry Goss, a resident of the Western Gardens area of the city.

Go on Veterans (Memorial Drive) past Oak Grove mobile home park [sic] that was started in the 60s. They have done a certain job of keeping it up, with upkeep, but there are also a number of police calls in that area. … We don’t need another deteriorating mobile home park [sic] near Western Gardens.

Mt. Vernon Mayor Mary Jane Chesley told those in attendance that although the council is now looking at the annexation, the Zoning and Planning Commission will hear more about the plans for the property while considering a zoning change next week. “At that time more information will be presented to the public,” said Chesley.

I do understand that a great deal of thought has gone into the plan and will be presented at the zoning meeting on Monday at City Hall.

The Daily Business News closely follows instances of NIMBY, including the recent instance in Winterville, North Carolina, where the town council moved to change where manufactured homes could be located. That story is linked here. ##

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Land Bank Pursues Tax Delinquent Manufactured Homes

March 10th, 2017 Comments off
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An unrelated home secured by the land bank. Credit: WSAZ.

In Lawrence County, Ohio, the county land bank is making a very strong statement with regard to manufactured homes that are delinquent on their taxes.

According to an editorial board letter in the Ironton Tribune, the land bank is looking to clean up abandoned and run-down properties across the county, but a federal rule is in the way.

There is one area where their hands are tied, and this is on properties with manufactured or mobile homes [sic],” said the letter.

Roughly 30 percent of all properties in the county and a quarter of those properties targeted by the land bank are categorized as mobile homes [sic], and account for $1 million annually in unpaid property taxes.

While the land bank can normally proceed with the process of cleanup, rules with regard to manufactured housing throw a wrench into that process.

Federal rules prohibit the use of federal funds earmarked for land bank demolition to be used on mobile homes [sic], even if they have been modified and attached to a permanent foundation,” said the letter.

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Credit: WR Land Conservancy.

Per the Ironton Tribune, former Cleveland City Councilman Jim Rokakis urged the Lawrence County Land Bank to reach out to Ohio senators and urge them to change the restriction.

As a community, the cleanup of these properties that, in many cases, become havens for squatters or drug activity along with other potential hazards shouldn’t be treated any differently,” the letter said.

The only way this will change is through legislation at the federal level, and voicing your opinion or asking questions of your legislators is a responsibility we all share as residents.

 

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Lawrence County, shaded in red. Credit: Google.

Officially created in July 2016 with a $4.325 million grant from the Ohio Department of Housing, the Lawrence County Land Bank secured residential and commercial abandoned, dilapidated or tax delinquent properties with the goal of getting them back on the tax rolls.

More coverage on the Lawrence County Land Bank from MHProNews contributor Matthew J. Silver is linked here. ##

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Manufactured Housing and Workforce Housing, Practical Partners

March 10th, 2017 Comments off
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A manufactured home in Steamboat Springs. Credit: Realtor.

Even with over 300 households currently in manufactured home communities in Steamboat Springs, Colorado, the tried and true solution to the challenge of affordable workforce housing does not appear to be a priority.

According to Steamboat Today, the Yampa Valley Housing Authority, with city and county support, owns the Fish Creek Mobile Home Park that has 68 units. Even so, manufactured housing has not won much attention in community discussions around solving a growing supply and demand problem in the city, or Routt County.

Yet, opportunity exists to acquire homes at reasonable prices.

Pete Stimmel, owner of four manufactured homes, and the land beneath them in nearby Hayden, is looking to sell and asking $215,000.

I bought it 15 years ago as a business investment, where it generates income (about $27,000 annually) through rentals,said Stimmel.

The homes are part of the old Rainbow Mobile Home Park, which is no longer intact.

Stimmel says the property has been home to permanent residents and also to construction workers spending a season on projects like upgrades to the Hayden Station power plant. The homes are close to convenience stores and transit, and are served by municipal water and sewer services.

A new owner could raise the monthly rents by as much as $100 and still be under the market. Or, a purchaser could almost live in one of the homes for free after collecting rent,” said Stimmel.

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Steamboat Springs (red marker). Credit: Google.

Christian Talli, a local realtor, has a similar scenario.

He has what he considers to be a rare manufactured home listing on the market in the Hilltop Homes neighborhood that also includes ownership of the lot. The cost? $275,000.

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A home in the Hilltop Homes community. Credit: Steamboat Today.

Hilltop Homes is a neighborhood where many residents have taken the option to replace original mobile homes with stick-built or modular homes on the lots that were re-platted after the neighborhood was able to purchase the land from the mobile home park [sic],said Talli, who formerly lived in the neighborhood.

When you drive through Hilltop you see a wide variety of small footprint homes, from custom timber-frame homes to modest manufactured homes.

While the home on the lot needs work, Talli says that the situation offers buyers the opportunity to lock up a lot close to schools while they save money toward a future permanent home on the site.

And a local bank is willing to lend on the purchase,” said Talli.

 

A Practical Solution

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Credit: MHLivingNews.

As scenarios like the one in Steamboat Springs continue to play out throughout the country, MHProNews and MHLivingNews continue to cover the challenges as well as the numerous advantages that the manufactured housing industry provides in the U.S., making affordable, quality housing easily available to most of the population.

Giants and independents alike are actually “doubling down” on the manufactured housing industry, with ELS Chairman Sam Zell being quoted as saying during this interview, “Everyone calls them trailer parks. Pencil head, it’s not a trailer park.

For more on manufactured housing being the solution that’s hiding in plain sight, see MHProNews and MHLivingNews Publisher L.A. “Tony” Kovach’s insight into the opportunity linked here. ##

 

(Image credits are as shown above.)

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Manufactured Housing Industry Acquisitions Announced

March 10th, 2017 Comments off
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Credits: Barrett School of Business, companies.

On the acquisition front in the manufactured housing industry, Universal Forest Products, Inc. (NASDAQ: UFPI) has announced two acquisitions.

Through one of its affiliates, UPFI has closed on the purchase of certain assets of Quality Hardwood Sales.

Based in Nappanee, Indiana, Quality Hardwood Sales is a manufacturer and supplier of hardwood products, including components for cabinets used in homes and recreational vehicles.

According to Street Insider, the acquisition is UPFI’s first operation devoted to hardwood products, and will expand the company’s portfolio while providing Quality Hardwood with additional markets for its products and the opportunity to grow its customer base and product offering.

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Matthew Missad. Credit: UFPI.

Quality Hardwood has exceptional manufacturing expertise, a strong management team that’s staying on, and products that are known in the industry for their superiority,said Universal CEO Matthew J. Missad.

In addition, its leaders share our devotion to lasting customer relationships and to diversification and growth, and will be a great addition to the Universal family of companies.

Founded in 2001, Quality Hardwood had net sales of approximately $30 million in 2016. Current management team will remain with the company.

UPFI has also announced that it has closed on the purchase of a previously announced acquisition, Robbins Manufacturing Co.

A Robbins facility. Credit: Robbins.

Based in Tampa, Florida, Robbins manufacturers treated wood products with facilities in Florida, Georgia and North Carolina.

Founded in 1938, the company has two divisions, including Robbins Treating and Manufacturing, which operates six wood treating facilities, including an operation in Tarrytown, Florida, which it will continue to operate. The remaining five operations are included in the acquisition, with net sales of $86 million in 2016.

Headquartered in Grand Rapids, Mich., UFPI is a component supplier to the MH and RV industries.

As Daily Business News readers are already aware, UFPI is also one of the industry stocks monitored each business day. For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Multi-Acre MH Expansion Approved, Residents Concerned

March 9th, 2017 Comments off
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A Hynes Group Home. Credit: Concord Monitor.

In Allenstown, New Hampshire, officials have formally approved the sale of 166 acres of town-owned land to a Canada-based manufactured home developer, Hynes Group.

The company, which already manages the 300 unit Holiday Acres community in town, plans to expand it by an additional 210 units, which will be age-restricted.

Per the Concord Monitor, the Allenstown select board okayed the sale by a 2-1 vote this week, with selectman Jeff Gryval voting against the measure and selectmen David Eaton and Jason Tardiff in favor.

The Hynes Group says that the new homes will be larger than the current homes in the Holiday Acres community, with additional extras such as garages.

The major factor to take into the study was that it was age-restricted. And the impact of that is that it reduces the number of school-aged children dramatically,” said Russ Thibeault of Laconia-based Applied Economic Research.

Based on an estimated average valuation of $141,068, Thibeault says that the new development would add about $29 million in property value to the tax rolls, and Allenstown could expect a net increase of about $500,000 in new tax revenues once all the homes are built.

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The entrance to Holiday Acres. Credit: Concord Monitor.

Thibeault’s analysis also projected about $1 million in revenues from one-time sewer and water hookup fees.

Mark Fougere, of Fougere Planning & Development Inc., in an analysis submitted to town officials, thought that the revenue number could be even higher.

The estimated positive fiscal impact of $513,000 outlined on page 29 is, again, very conservative and we would expect actual positive revenues to the community to be higher than this finding,” said Fougere.

Even with the positive report, many residents who were at the meeting this week have expressed concerns that the development will burden the town’s services and contribute little in terms of revenue.

And, the issue of just how many students the development might bring made for some strong responses, including one from a unique source.

 

NIMBY Strikes Again?

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Allestown, NH (shaded in red.) Credit: Google.

Our schools are currently struggling to financially meet the needs of the existing student population. They are not prepared to accommodate a large influx of additional students. School taxes will increase as a result,” said Kathleen Pelissier, the town’s clerk and tax collector, in a letter sent to certain residents urging them to contact the select board before the vote.

I hope I’m wrong. But only time will tell.

Pelissier’s letter also said that manufactured homes depreciate quickly in value, and she worried many property owners in the planned age-restricted development might apply for exemptions on their taxes based on age and income.

As a part of the sale, the Hynes Group agreed to upgrade the area around the new development, including installing a sidewalk along the turnpike to the entrance of the new development.

For more on cases of NIMBY (Not-In-My-Back-Yard), including a recent case in Glendale, Arizona, click here. ##

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Town Council Overhauls Zoning, MH in Crosshairs

March 8th, 2017 Comments off
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A manufactured home in Winterville, NC. Credit: Realtor.

In Winterville, North Carolina, the Planning Commission and the Town Council tackled zoning issues this week.

On the subject of manufactured housing, it was very clear on which side of the line some officials fell.

According to the Reflector, in dealing with permitted residential uses, the planning board voted 6-2 with planning board members Robert Briley and Dawn Poaletti dissenting, to remove class B single-family homes, which are classified as single-section manufactured homes from the list completely.

Everyone needs somewhere to live. You’re not thinking about that,” said Briley.

Having no singlewides [sic] is stupid. Land is land. No one is making any more land. I’m a country boy and can’t go along with this. It don’t make no sense. It’s a restriction on half of Pitt County.

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Mayor Doug Jackson. Official Photo.

The County has restrictions on mobile [sic] homes, too. It requires a permit,” said Mayor Doug Jackson.

Then, board member Peggy Cliborne made a motion to remove class A single family homes, classified as multi-section manufactured homes from the list as well.

It is a wise statement to remove both,” said Jackson.

I agree,” said Mayor Pro-tem Mark Smith.

I think we still should move class A doublewides to conditional use,” said Cliborne.

If I were moving to the community, I wouldn’t want to move next to a mobile home [sic].”

The motion died for a lack of a second.

Mayor Pro-tem Smith said that he is not against manufactured homes, but he does think the planning board should determine if they are allowed.

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Mayor Pro-tem Mark Smith. Official Photo.

I have no issued with mobile homes [sic] in our town. My grandmother lives in a mobile home park [sic], but we must look at where they are allowed. Now they are allowed next to $200,000 to $300,000 homes,” said Smith.

People ask, ‘Why would we allow that?’ It is a legitimate question.

Cliborne again made a motion to move class A doublewide manufactured homes to a conditional use in a joint session. Her motion did not receive a second.

We must know the condition,” said planning board member Doug Kilian, making reference to a Board of Adjustment process that requires applicants to prove the special requirement.

That would keep our housing consistent with similar housing together, which adds to the community and makes it look good,” said Winterville Councilwoman Veronica Roberson. She supports conditional use.

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Councilwoman Veronica Roberson. Official photo.

We must clarify the difference between modular homes and doublewides [sic], so it says modulars and doublewides [sic] under conditional use,” said Cliborne, agreeing with Kilian.

Moving class A homes into a conditional use would allow the development of a modular home subdivision or a doublewide [sic] subdivision,” said Roberson.

Kilian then made a motion to make class A housing as a conditional use, which Cliborne seconded.

The motion then passed unanimously.

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Credit: OHRC.ON.CA, under fair use.

 

NIMBY?

The Daily Business News has covered a number of potential NIMBY (Not-In-My-Back-Yard) stories recently, where current residents appear to be working to keep manufactured homes or communities out.

Most notable is the case in Aiken, South Carolinawhere Councilman Danny Feagin was quoted as saying “As long as it keeps the mobile home parks [sic] out, I think the folks would be satisfied,” in relation to a proposed rezoning ordinance. ##

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Resilience Pays Off, a Win for MH Owners

March 8th, 2017 Comments off
ResiliencePaysOffaWinforMHOwnerscreditWyomingPublicMedia2-postedtothedailybusinessnewsmhpronewsmhlivingnews

Jason Halvorsen in front of his home. Credit: Wyoming Public Media.

Wheatland, Wyoming resident and manufactured home owner Jason Halvorsen had a busy Thursday last week.

He made the drive from his home to the Wyoming State Legislature in Cheyenne, with good reason. He wanted to be present when Governor Matt Mead signed a piece of legislation that he sparked, and that would change his life.

 

This is the end. The nervousness was 9 months ago when I got told no at the bank,” said Halvorsen.

The piece of legislation that was signed was Bill 56, which fixes an oversight in how manufactured homes are titled. Wyoming does not currently extend the same rights to manufactured home owners as it does for site built homeowners.

And, without an accurate title, Halvorsen could not get a loan or mortgage on his property, which started the process. Frustrated, he reached out to his representative, Tyler Lindholm.

BillCouldImproveEconomicMobilityforMHOwnerscreditWikipedia-postedtothedailybusinessnewsmhpronewsmhlivingnews

Rep. Tyler Lindholm. Credit: Wikipedia.

This causes a headache for financial institutions, and ultimately limits the economic mobility of mobile [sic] homeowners,” said Lindholm.

It affects a huge amount of people who have gone through this problem over the years, and it closes this loop hole in our law where people will actually be able to get loans on their property if they so choose.

According to Wyoming Public Media, when Lindholm presented the bill to the governor, he said it was by far the hardest piece of legislation he had ever worked on.

Title law is tough as it turns out. And I’m really really glad we’re closing up this hole for individuals like Jason.

Governor Mead thanked both men for their work on the issue, and then signed the bill into law. For Halvorsen, it was a relief. After getting a job offer, he needed to find a home, and his manufactured home was the only one that would work.

I made seven trips down here in two weeks to find homes. I looked at homes. Looked at homes. Looked at homes,” said Halvorsen.

This was the only one that would remotely fit what I needed. I knew it wasn’t perfect but the price was ok. And I could make it work.

ResiliencePaysOffaWinforMHOwnerscreditWyomingPublicMedia-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Wyoming Public Media.

After making a number of upgrades to the home, he wanted to refinance.

And then the issues began.

After going to see a banker, Halvorsen was told that they couldn’t help him, because he didn’t have the Manufacturer’s Statement of Origin for his manufactured home.

The Manufacturer’s Statement of Origin is kind of like a flimsy piece of paper. So people don’t realize it’s important and that it needs to be taken down to the courthouse,” said banker Georgann Martinez.

The former owner of Halvorsen’s house never did, and when he reached out to the man, he got word that he had passed away.

He went to the County Clerk to get a duplicate, and the clerk told him it was not possible.

After that, Halvorsen went to a co-worker who he thought might be able to help. Turns out that co-worker was Tyler Lindholm.

He brought me this situation one time during lunch break and said hey this is happening. Can we fix this? And that started all this,” said Lindholm.

And the rest is history.

The Daily Business News originally covered the story of Lindholm’s progress with Bill 56 in a story linked here. ##

 

(Image credits are as shown above.)

 

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.