Archive

Posts Tagged ‘mh’

Video Proves Manufactured Homes Tougher than Comparable Site-built Homes

April 28th, 2016 Comments off

hurricane_charley_kissimmee_florida_damage_to_service_stationIf you find yourself in the path of a major storm during the peak turbulent weather season, you might be better off in a manufactured home (MH) than in your bathtub or basement or stick-built home. While conventional wisdom has long held that “mobile homes” are dangerous during such storms, that applies to homes built before June 15, 1976, the date the Department of Housing and Urban Development began regulating their production, and called them manufactured homes.

As L. A. “Tony” Kovach, publisher of MHLivingNews and MHProNews, points out, according to prweb, the safety of manufactured homes during a storm has increased over the years to the point that MH produced after 1999, when tougher standards relating to tie-downs and installation were implemented, can resist higher winds than a comparable stick-built home.

With winds reaching 150 mph, in Aug. of 2004, Hurricane Charley tore through Florida. Many MH residents headed for shelters, only to find out their modern MH sustained the winds better in some cases than the shelters to which they had fled.

A video records their first hand accounts of what they found upon their return. As of 2:14 PM ET today, per statistics from PRWeb, 25,373 in the mainstream media have been exposed to this MHLivingNews featured video. ##

(Photo credit: wikipedia–service station damaged by Hurricane Charley, Kissimmee, Fla.)

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

City Unanimously Approves Manufactured Home Siting

April 28th, 2016 Comments off

mfg_house__san_benito_tx__trulia_creditThe Corsicana (TX) City Council unanimously approved a request from Thomas Douglas to site a manufactured home on property he owns on East Third Ave., as the corsicanadailysun informs MHProNews.

I have other property in town, but I cannot put a manufactured home on it,” said Douglas to the council. “I have been here for over 60 years and this is where I would like to put my home.”

The city council notified 13 property owners who are all within 200 feet of Douglas’ property, and received six written objections, mostly based on loss of property value, commonly called “nimby,” although no one spoke in opposition at the public hearing.

The city granted the zoning change from R-3 to R-4 and issued a specific use permit to move the MH onto his property. The city has four designated areas for MH and Douglas’ is in one of them.

Corsicana is just south of Dallas. ##

(Photo credit: trulia–manufactured home inn San Benito, TX)

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

Sun Communities To Announce Quarterly Results

April 22nd, 2016 Comments off

sun homes coming soon signSouthfield, Michigan-based Sun Communities, Inc. (NYSE:SUI) announces that it will release its first quarter financial results on Tue., April 26, 2016, before the market opens. That will be followed by a conference call at 11 A. M. eastern time to discuss the results, according to benchmarkmonitor. Sun closed down -1.68 percent at $67.21 in trading Thurs., April 21.

Sun owns a portfolio of 231 communities, of which 183 are manufactured home communities (MHC), comprised of 88,400 developed home sites. MHProNews reported March 22, 2016 that Sun acquired the 103 MHCs of Carefree Communities in a $1.68 billion transaction. That deal is set to close by July 9, 2016.

Subsequent to that announcement, Sun issued an underwritten public offering of 4,000,000 million shares of its common stock on March 23, 2016 to help pay for the acquisition.

If it goes through, it will make Sun the second largest REIT (real estate investment trust) in number of communities owned, right behind Equity LifeStyle Properties which owns 340 MH and RV communities. ##

(Image credit: Sun Communities, Inc.)

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

Local and State Regulations cover Tiny Homes, not HUD

April 8th, 2016 Comments off

tiny_house__jennifer_baxter__charlotte_observer__creditA proposed federal regulatory change could conceivably prevent tiny-home dwellers from living in their homes, which they say is an example of the government telling them how they can live, reports cleveland to MHProNews. As of last week, HUD had received 4,000 letters from angry supporters of the homes, which are usually around 200 square feet and mostly towable.

At issue is a regulation differentiating camping RVs from manufactured homes (MH).The construction of MH is under federal guidelines , while the regulations governing the building of RVs conforms to industry standards. Until now, anything smaller than 400 square feet could not be considered a home and therefore did not have to adhere to HUD standards, which MH does. Tiny homes have thus been exempt from HUD oversight.

The problem stems from some RVs being marketed as year-round homes, and travel trailers can open up with side walls and become larger than 400 sq. ft. If they are considered homes, should they be compliant with HUD Code regulations covering MH? The RV industry is not interested in being under HUD rules.

The proposed regulation would make the distinction between camping and a permanent residence, and require that stickers be placed on the unit identifying it as only for recreational use, not as a permanent residence.

While HUD will maintain its exemption of tiny homes because they are under 400 sq. ft., tiny homeowners are concerned a sticker on their home identifying it as a recreation vehicle could keep the home from being sited in a manufactured home community (MHC), or elsewhere, making them outcasts and lawbreakers, even on their own property.

However, Matt Wald, an executive with the Recreation Vehicle Industry Association (RVIA), said, “Use and what you can do with it is regulated at the state and local level, not by HUD.” It is about local zoning.

Dan Louche, founder of Florida’s Tiny Home Builders, agrees that the new rule will have little effect on those living in tiny homes. “There are thousands of people living in tiny houses, but the reality is that in the vast majority of cases in the United States, they are considered illegal,” he said. ##

(Photo credit: charlotteobserver/Jennifer Baxter–Tiny Home)

matthew-silver-daily-business-news-mhpronews-comDaily Business News-MHProNews.

California Offering Assistance for Low income Manufactured Home Buyers and Rehabbers

April 5th, 2016 Comments off

mh_wide_load__credit__moiFunded by CalHOME through the California Department of Housing and Community Development, the city of Garden Grove, California is offering First Time Homebuyer and Home Improvement programs for manufactured housing (MH) through Oct., 2017, or until the funds have been expended.

The First Time Homebuyer program is aimed at low-income applicants who are purchasing their first home. The applicant cannot have owned a home in the last three years, according to what oc-breeze tells MHProNews, must purchase an MH in the city, and must occupy the home for the life of the loan.

They also have to attend a Department of Housing and Urban Development (HUD) approved Homebuyer Education Program and qualify under the income requirements. The purchase price of the home cannot exceed $65,500. Garden Grove is offering free HUD approved, homebuyer workshops for anyone who wants to learn about the program.

Meanwhile, the Home Improvement program assists low-income MH owners in rehabbing their homes, provided the owner occupies the home throughout the lifetime of the loan and meets the income requirements. Additionally, all work must meet Garden Grove Municipal Code and Uniform Building Code standards. Minimally, health and safety standards must be eliminated. ##

(Photo credit:Matthew J. Silver–new manufactured home on the highway)

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

100th Manufactured Home Sited on Pine Ridge Reservation

March 30th, 2016 Comments off

south_dakora__pine_ridge_rez__oglala_sioux_mh__staging__kotatv__creditMHProNews last posted a story Oct. 14, 2015 regarding FEMA manufactured homes (MH) arriving at Ellsworth Air Force Base in South Dakota, as a staging area to distribute them to flood victims from May 2015 storms on the Pine Ridge Indian Reservation.

A major milestone has been reached with the siting of the 100th MH for an Oglala Sioux tribal household at Pine Ridge. Following the disaster, 300 households were identified as needing repairs or needing replacement with a new MH, each of which are furnished three bedroom units.

In addition to the 100 new homes, another 20 have been repaired, reports kotatv. Expected completion date for the project is mid summer. ##

(Photo credit: kotatv–Ellsworth Air Force Base staging area for MH distribution)

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

Investment Writer Touts Financial Performance of MHCs

March 22nd, 2016 Comments off

TriStar Estates mhcWriting in seekingalpha about investing in real estate investment trusts (REITs), Brad Thomas, noting the importance of housing to the overall economy, says following housing trends can lead to wise investing in the market. In particular, the manufactured housing market offers opportunity for REIT investors to outperform the overall market.

Since 2010 the price of new and existing homes have passed their pre-Recession levels which has resulted in the lack of affordable housing.

As the homeownership rate has fallen from just under 70 percent in 2004 to 63 percent in 2015, renter households have risen from under 34 million for the same time period to over 42 million as of 2015. Demand for apartments has pushed the cost of rentals up as well.

Thomas says that leaves only manufactured housing as affordable housing. He says, Today’s manufactured homes are indistinguishable from site-built homes and are fully compatible with any neighborhood architectural style.”

He compares the average cost of a manufactured home–$65,300–as roughly equivalent to one year of median income, while a single-family site-built home at a cost of $345,800 equals approximately six years median income.

Production of MH has not seen the growth like the multifamily sector has, but prices have risen because supply has not kept up with demand (including that the quality of MH has increased in the past 20 years), although in recent years the average price has not risen, which Thomas takes to mean that supply and demand have been in balance.

Manufactured housing is also playing into the aging of the overall population. A report by Marcus & Millichap last year states strong employment growth, rising home prices and the aging of baby boomers bodes well for MH, because the lack of affordable housing is becoming more urgent, and MH is an affordable option. MH prices rose one percent in Q1 2015.

Higher yields and low borrowing costs are attracting investors to MHCs which is also creating competition for the limited assets that are on the market. As MHProNews knows, new MHCs are not being developed in large numbers, which could drive the prices for the communities that are sold higher. Additionally, owners of MH in communities are less likely to up and move because of the expense, giving more stability to a REIT investment.

REITs own and operate MHCs, sometime owning only the land and renting home sites, other times owning the home and the land. He says, “MH is the most recession resistant sector of the housing and commercial real estate sectors and has consistently outperformed multifamily in same site NOI (net operating income) growth since 2000.”

(Photo credit: Tri-Star Estates MHC)

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

MHI’s Dick Jennison, CFPB’s Richard Cordray on Manufactured Home Loan Regulations

March 17th, 2016 Comments off

dodd_frank___bloombergbusinessweek___creditWhile governmental officials, industry leaders and financial executives agree that manufactured housing (MH) is a solution to the problem of affordable housing in the nation—Julian Castro, head of the U. S. Department of Housing and Urban Affairs (HUD) calls MH a “vital solution for folks of modest means”–regulations imposed by the CFPB have resulted in access to credit being denied those who would have qualified, prior to the establishment of CFPB.

Marty Lavin, an expert on MH lending, adds that reduces sales and resale values. “We’re taking away the free choice of people without good cause,” he said.

The snowball effect resulting from the implementation of Dodd-Frank leaves many would be buyers and sellers of less expensive MH unable to acquire financing, which in turn prevents those who want a more expensive MH unable to sell their older, but useable MH–except for cash–which reduces overall sales.

Says Dick Jennison, president and CEO of the Manufactured Housing Institute, “We need to remove the shackles that the Dodd-Frank Act and the CFPB rules have placed upon our industry.Barney Frank said the legislation that bears his name was never intended to have the deleterious effect on MH that it does.

Furthermore, as pressreleaserocket points out, the loss of new MH sales reduces industry employment in production, retail, moving, insurance, etc.

Noting that people who are shut out of buying a manufactured home because of lending restrictions often have to opt for rental living, Sen. Bob Corker (R-Tenn.), tells MHProNews, “They are ending up paying more for rental housing than they would end up paying by actually purchasing a lower-cost home.”

To which the CFPB’s Dir. Cordray might say, as he once did, “That doesn’t sound optimal from anybody’s standpoint… We should be thinking about whether the (lending) thresholds are exactly right.”

Lending restrictions on manufactured housing not only hurt the economy—they can endanger the health and safety of those of the most modest means by preventing them from purchasing a safe home to raise a family.

For a video of views from across the MH spectrum, click here. ##

(Image credit: bloombergbusinessweek)

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

 

Commissioners Reject Cement Fiberboard for MH Skirting

March 17th, 2016 Comments off

manuf home royal homes of raleigh nc creditThe Caswell County (North Carolina) Commissioners (NC) split evenly on a vote to consider using cement fiberboard as an alternative to brick for skirting on manufactured homes (MH), and asked Building Inspector Ray Pulliam to further investigate if it is suitable, as caswellmessenger informs MHProNews. Several said using brick is more aesthetically pleasing and lasts longer, while others said it should be up to the homeowner to decide what material they want to use.

County Planner Catesby Denison said, “The Planning Board recommends to the Caswell County Board of Commissioners to make the presented changes to add concrete or cement fiberboard as an alternative approved option for the underpinning of individually placed manufactured homes.”

While Pulliam said the cement fiberboard deteriorates very quickly, Roger McCarter, general manager of Clayton Homes in Roxboro, NC, said the fiberboard has been used for seven or eight years, and it has been approved for MH. He added that homes are made ready to accommodate the fiberboard skirting.

After Commissioner Kenneth Travis said the current ordinance requires a masonry foundation, McCarter said the fiberboard is a masonry product and it is used in surrounding counties.

A manufactured home resident, Amanda Lester approached the podium and said she lives on a fixed income and cannot afford a brick skirting, but cannot get into her new home until she can afford the underpinning. Her house burned, she said, and she had a brick underpinning. “It had a concrete slab under it. It had brick under it but it didn’t save it from burning. It still burned,” she said.

Lee Whitley from Blevins, Inc., a distributor of the cement fiberboard, said the product has been around for years and is also used as siding on stick-built homes. He estimated on a 14 X 80 foot manufactured home it would cost $5,500 to $6,500 for a brick foundation, and another $2,500 to $3,500 to tear it down.

By comparison, the cement fiberboard would cost $1,800 to $2,500, and you can take it with you.

Chairman of the Planning Board Thomas Johnston said, “We felt like the concrete fiberboard option was a good alternative to the brick. It lets the individual homeowner decide what kind of underpinning they want to have.  It is going to save them money. We also felt it is aesthetically pleasing as well.”

While the motion to allow the cement fiberboard failed, Chairman Carter asked the building inspector to review the matter further. ##

(Photo credit: Royal Homes of Raleigh)

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

 

Legacy Homes Assumes Production in Facility Abandoned by Horton Homes

March 11th, 2016 1 comment

Georgia___eatonton__wmaz__cedit__Legacy_Homes_akes_over_abandoned_MH_plantLegacy Homes has taken over production of manufactured homes (MH) in a facility in Eatonton, Georgia that had been occupied by Horton Homes, according to what wmaztv tells MHProNews.

Seventy employees have begun working there, and the CEO says they can handle up to 250 to 300 workers on one side, and could duplicate that on the other side if business picks up sufficiently to warrant more workers.

A manufactured home starts on its frame a quarter mile away at the back. Within a day-and-a-half, it arrives finished at the front. The production rate could increase to eight to ten homes a day when the plant is at full production. ##

(Photo credit: wmaztv–Legacy Homes plant in Eatonton, Georgia)

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