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Posts Tagged ‘Moves’

State Moves to Ease Restrictions on MH Sellers

May 5th, 2017 Comments off
StateMovestoEaseRestrictionsonMHSellerscreditCasaDelSolResortEast-postedtothedailybusinessnewsmhpronewsmhlivingnews

A manufactured home in Arizona. Credit: Casa Del Sol Resort East.

The state of Arizona has taken steps to ease restrictions on the transfer of manufactured homes to simplify the process for potential sellers.

According to the Arizona Business Daily, the decision is tied to an effort to better compete with surrounding states in the manufactured home sales sector. Until the move at the end of March, anyone who wanted to sell a manufactured home was required to obtain a separate broker or dealer license from the Arizona Department of Housing (ADH) Manufactured Housing Division.

The Arizona Association of Realtors says that there are very few ADH licensed dealers remaining in the state, and that many sellers found themselves on the wrong side of deeply discounted prices in other states, where sellers fared better.

The measure will permit a real estate broker or salesperson to perform sales duties on behalf of a licensed manufactured housing dealer for units located in a mobile home park if the dealer complies with required fees and paperwork,” the associate said in a statement.

Additionally, such a professional will be allowed to act on behalf of a private party as long as the person remains in compliance with the Arizona Department of Real Estate.”

The legislation for the action, HB 2072, was introduced by state representative Jeff Weninger (R-Chandler) and Arizona Governor Doug Ducey signed the bill into law in late March. It is slated to become effective later this year.

As Daily Business News readers are aware, manufactured housing continues to provide a cost effective and efficient solution to affordable housing with high quality.

The Manufactured Housing Association for Regulatory Reform (MHARR) tells MHProNews that, according to official statistics compiled on behalf of the U.S. Department of Housing and Urban Development (HUD), year-over-year manufactured housing industry production increased substantially again during March 2017.

These statistics indicate that HUD Code manufacturers produced 8,245 homes in March 2017, a nearly 16 percent increase over the 7,110 HUD Code homes produced during March 2016.

Cumulative industry production for 2017 now totals 23,384 homes, a 22.4 percent increase over the 19,101 HUD Code homes produced over the same period in 2016. The full report is linked here. ##

 

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RC Williams, MHProNews.

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

Major Moves at Tricon Capital Group

April 14th, 2017 Comments off
MajorMovesatTriconCapitalGroupcreditCBSLocal-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: CBS Local.

Big news for Tricon Capital Group Inc. (TCN), as they have announced their acquisition of Silver Bay Realty Trust Corp (NYSE:SBY), an owner and operator of single-family rental homes in the United States for $1.4B.

According to HousingWire, the all cash transaction valued Silver Bay at $21.50 per share, and the deal will create the country’s 4th largest publicly owned single-family rental operator with over 16,800 units nationwide.

The proposed acquisition of Silver Bay is an incredibly exciting and transformational event for Tricon. This acquisition will more than double the size of Tricon American Homes, establishing it as the fourth largest publicly-owned SFR company in the U.S. Silver Bay’s high-quality and well managed portfolio of SFR homes is a natural complement to our TAH assets, in particular given the geographic overlap in the Sun Belt,” said Tricon President and CEO Gary Berman.

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Gary Berman. Credit: Tricon Capital.

We believe that the transaction will result in significant operating and overhead synergies creating immediate value for our shareholders. In conjunction with the Acquisition, we also intend to exit our smaller non-core businesses and take a meaningful step toward simplifying our overall corporate business model by focusing on scale, industry leadership, enhanced disclosure and operational integration across our investment verticals.”

The newly combined company will operate in a total of 18 markets, including six markets with one thousand homes or more.

We have continually evaluated the most prudent way to drive sustainable, long-term capital appreciation and we believe this transaction is the best opportunity to return maximum value to our stockholders,” said Silver Bay CEO Thomas Brock.

Over the past year, we have been making excellent strides in driving efficiency across our operating platform. We closed out the year with the best quarter in our company’s history, which I credit to the dedication and focus of our Silver Bay team.

Our well-crafted portfolio of single family properties and the recent strong performance across our platform will serve as a great complement to Tricon Capital Group Inc.’s business as the single family rental industry continues to evolve and consolidate.”

The deal is expected to close by end of Q2 2017.

MajorMovesatTriconCapitalGroupcreditBLoomberg-postedtothedailybusinessnewsmhpronewsmhlivingnews

Tricon 1 year look. Credit: Bloomberg.

Insider Action

Tricon Capital Group Director Ira Gluskin purchased 50,000 shares of the company’s stock last month, at an average price of C$10.72 ($8.05 USD) per share for a total transaction of C$536,000.00 ($402,482 USD).

The company has received an overall “buy” rating consensus from analysts, including CIBC, BMO Capital Markets, TD Securities, and Royal Bank of Canada.

Tricon Capital Group is a principal investor and asset manager focused on the residential real estate industry in North America with approximately $3.1 billion USD of assets under management. Tricon owns, or manages on behalf of third party investors, a portfolio of investments in land and homebuilding assets, single-family rental homes, manufactured housing communities and multi-family development projects.

For the most recent closing numbers on Tricon Capital Group – and 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.

City Makes Moves to Preserve Affordable Housing

April 6th, 2017 Comments off
CityMakesMovestoPreserveAffordableHousingcreditDailyCamera-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Daily Camera.

In Colorado, city officials in Louisville are working to solve a growing affordable housing crisis.

According to the Daily Camera, the focus is on the sole manufactured home community in the city, the 94-unit Parco Dello Zingaro Mobile Home Park, which has served as a cost effective alternative for a number of decades.

The city is weighing city-funded incentives – tax breaks, loans or grants to promote maintenance of the community.

Affordable housing is certainly something that is critical,” said Councilman Chris Leh.

It’s something that everyone recognizes as increasingly difficult in Louisville, and it’s not going to get any easier.”

Also on the table is the potential for a resident-owned community, similar to nearby Boulder’s Mapleton Mobile Home Park. In this scenario, residents would purchase the community and form a co-op.

Community owners in the area and beyond face intense pressure to sell or redevelop their properties as the community around them grows and land values increase. The Daily Business News recently covered a similar scenario in Calgary, Canada, in a story linked here.

In the area over the last three years, the number of single-family homes for sale under $250,000 has dropped 72 percent, and the number of attached dwellings for less than $150,000 has declined by 87 percent.

And in these desperate times, city officials are looking to manufactured housing as a practical solution.

Generally we can say that in addition to the work we do all over Boulder County, the Boulder County Housing Authority is supportive of efforts that can help preserve existing affordable housing where and when possible,” said Jim Williams, a spokesman for Boulder County Housing and Human Services.

These are complicated issues,” said Councilman Jeff Lipton.

There’s lots of balances that need to be weighed. If there was a way to kind of have those interests come together and the area be designated somehow as an area where we want affordable housing, it could be better for us.”

CityMakesMovestoPreserveAffordableHousingcreditGoogle-postedtothedailybusinessnewsmhpronewsmhlivingnews

Louisville, shaded in red. Credit: Google.

In an affordability study done by Amy Aschenbrenner, CEO of the Longmont Association of Realtors, and Kyle Snyder, of Land Title Guarantee Company, the average single-family home price in Louisville last year was $627,938.

There are no entry level housing options left in Boulder County,” said Snyder.

And, as the dream of homeownership moves further out of reach, housing authority officials have shifted to preserving manufactured housing communities like Parco Dello Zingaro.

City officials recognizing a lack of affordable housing often leads to a chill on development,” said Parco Dello Zingaro owner Keith Cowan.

After dealing with several cities, there are times something is said about lack of affordable housing and the very first thing (the city says) is that you can’t build anymore.

Cowan says that there are fears of him opting to raze the community in favor of more costly townhomes. But as a proponent of affordable housing, he’s actually looking to double down.

My plans are exactly the opposite of redeveloping the park [sic],” said Cowan.

I want to build more, but council and city zoning will not allow that to happen. If you want to restrict it and not allow it to expand, then don’t stand and say we need more affordable housing.”

For more on similar situations, including a case in Melbourne, Australia, click here. ##

 

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RC Williams, for Daily Business News, MHProNews.

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

City Residents Make Unexpected Moves – Opportunity for MH?

March 31st, 2017 Comments off
CityResidentsMakeUnexpectedMovesOpportunityforMHcreditForbes-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Forbes.

New data shows an interesting trend – popular cities like New York, Los Angeles, and Washington D.C., normally destinations for living, are actually losing people in mass.

According to a study by Bloomberg, in the 100 most populous U.S. metros, the New York City area ranked 2nd, losing about a net 163,000 residents, Honolulu came in fourth, and Los Angeles came in at 14th.

These areas also have the distinction of having some of the highest inflows of people coming in from outside the country, which has a net result showing a steadily growing population, despite people leaving.

I have an idea of what’s going on here,” said Michael Stoll, a professor of public policy and urban planning at the University of California Los Angeles.

Soaring home prices are pushing local residents out and scaring away potential new ones from other parts of the country.

And, when those people leave, most often those who move in from abroad fill vacant low skilled jobs. How? Stoll has an idea about that as well.

They are able to do so by living in ‘creative housing arrangements,’” said Stoll.

They pack six to eight individuals, or two to four families, into one apartment or home. It’s an arrangement that most Americans just aren’t willing to pursue, and even many immigrants decide it’s not for them as time goes by.”

High skilled foreign workers coming into the country, specifically in the technology industry, they earn enough to live in high cost areas.

They are compensated appropriately and can afford to live in these high-cost areas, just like Americans who hold similar positions,” said Stoll.

One example is Washington, D.C., which had a lot of people from abroad arriving to soak up jobs in the growing tech-hub.

CityResidentsMakeUnexpectedMovesOpportunityforMHcreditBloomberg-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Bloomberg.

Rust belt cities like Cleveland, Dayton and Toledo, didn’t fare so well.

Even though the cost of living is low, the cities did not get the same influx of people that the other major cities did, which potentially shows that locals were leaving for lack of jobs.

This is part of a multiple-decade trend of the U.S. population moving away from these manufacturing hubs to areas in the Sun Belt and the Pacific Northwest,” said Stoll.

Retiring baby boomers are also leaving the Northeast and migrating to more affordable places with better climates.

 

Opportunity for Manufactured Housing?

Credit: Yahoo.

Many of those retirees have chosen a familiar location.

According to the Census Bureau, The Villages, Florida, was the nation’s fastest-growing metro area for the fourth year in a row, with a 4.3 percent population increase between 2015 and 2016.” The Villages includes a significant amount of manufactured home communities.

The Daily Business NewsMHProNews and MHLivingNews have covered the case for manufactured housing as a viable solution to hope for the American Dream of home ownership at a reasonable price extensively, including Bloomberg making a statement to the same effect.

The myths, and the facts surrounding manufactured housing abound. To learn more, including why manufactured housing is the solution hiding in plain sight for many to achieve the American Dream, click here. ##

 

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RC Williams, for Daily Business News, MHProNews.

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

Company Moves in for the Kill on CFPB

March 15th, 2017 Comments off
CompanyMovesinfortheKillonCFPBcreditFlickrPHHCFPB-postedtothedailybusinessnewsphonewsmhlivingnews

Credits: Flickr, CFPB, PHH.

In a story that the Daily Business News has followed closely, mortgage company PHH is taking its battle with the Consumer Financial Protection Bureau (CFPB) to a new level.

According to HousingWire, the company is asking the Court of Appeals for the District of Columbia Circuit to not simply declare the leadership structure of the CFPB unconstitutional.

 

It wants the Court of Appeals to completely kill it.

In a new legal filing in advance of a full court hearing in May, PHH declares its opposition to the continued existence of the CFPB in a new filing, where it says, in part, that “in light of the many constitutional problems that plague the CFPB’s structure, the appropriate remedy is to strike down the CFPB in its entirety.

While the CFPB had the support of the Obama Administration, the Trump Administration has had the organization in its crosshairs since the election.

GOPSenatorstoPresidentelectTrumpFireCFPBHeadRichardCordraycreditCNNMoney-postedtothedailybusinessnewsmhpronewsmhlivingnews

CFPB Director Richard Cordray. Credit: CNN Money.

Digging into the filing by PHH, it’s clear that the company views the CFPB as dangerous.

 

 

 

 

In creating the Consumer Financial Protection Bureau, Congress placed massive, unchecked federal power in the hands of a single, unaccountable Director,” said PHH.

The CFPB is structured so that the Director alone rules over large swaths of the field of consumer finance, subject to virtually no restraints from the representative branches: For example, Congress both strictly limited the President’s ability to remove the Director and surrendered its own power of the purse, allowing the Director to set his own budget and demand funds as he sees fit.

Thus, the Director runs a parallel government unto himself. He need not answer to Congress or the President. That structure cannot be reconciled with the Constitution’s dual promises of democratic government and separated powers.

PHH makes the argument that the very structure of the CFPB “is unlike any that the Supreme Court has ever condoned, in that the CFPB director serves a five-year term and cannot be removed by the president unless it is for cause.

PHH also cites that the term of CFPB Director Richard Cordray cannot be cut short if the President wants a replacement and that the term can “be extended indefinitely if the Senate does not confirm a replacement. The result hamstrings, and potentially eliminates altogether, the President’s influence over this powerful agency.

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Credit: Wikipedia, CFPB, HubPages.

With this argument, PHH states that the case for shutting down the agency is clear.

Severance of the CFPB Director’s removal restrictions is not an adequate or appropriate remedy because it would solve only one of the CFPB’s multiple structural problems while creating a new agency structure that Congress likely did not intend,” said PHH.

Moreover, unless this Court vacates the CFPB’s Order on some other ground without any remand, the separation-of-powers question cannot be avoided: There can be no remand to an unconstitutional agency.”

The CFPB and PHH are due back in court on May 24, 2017 for a full hearing.

The Manufactured Housing Industry Speaks

IDontThinkThereWasEverMuchHighCostLendingInTheManufacturedHousingMarket-stillcreditCSPAN2--RichardCordrayCFPBdirector-Posted-MHLivingNews-com-

Still from an Inside MH video, reflecting how Richard Cordray himself said that there was never much high cost lending in the manufactured housing industry market.

Daily Business News readers are no strangers to the ongoing saga of the CFPB and the Dodd-Frank Act, with extensive coverage of the impact on the manufactured housing industry.

This information also has indirect ramifications for the Manufactured Housing Institute (MHI), and others in the industry, as the Preserving Access bill is being floated, which would modify portions of Dodd-Frank.

For more on what the Preserving Access bill means for the industry, check out the latest article on The Masthead.

The full filing from PHH 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.

Killam Properties Makes Significant Moves

January 30th, 2017 Comments off
KillamReceivesRecommendationsFromRatingsFirmscreditRentalHousingBusiness-postedtothedailybusinessnewsmhpronewmhlivingnews

Credit: Rental Housing Business.

Canada based real estate investment trust Killam Properties Inc. (TSE:KMP.UN) tells MHProNews that the company has closed on two Canadian acquisitions worth $26.2 million, including 153 apartment units in London, Ontario, and 66 units in Calgary, Alberta.

On December 22, Killam acquired a five building portfolio in London for $13.4 million, or $87,500 per unit. Killam’s London portfolio now consists of 417 total rental units.

On January 16, Killam acquired Spruce Grove Lane Apartments, its second apartment property in the city of Calgary. The 3-acre site consists of 66 townhouse-style apartments, with a purchase price of $12.8 million, or $195,000 per unit.

KillamPropertiesMakesSignificantMovescreditRentboardCA-postedtothedailybusinessnewsmhpronewsmhlivingnews

Spruce Grove Lane. Credit: Rentboard CA.

philipfraser-presidentceokillamproperties-manufacturedhomecommunitiesdailybusinessnews-mhpronewsWe are pleased to grow our rental portfolios in both London and Calgary,” noted Philip Fraser, President and CEO.

We have been monitoring the Calgary rental market over the last year and Spruce Grove Lane Apartments, located in a sought-after residential neighborhood, has great upside. We have the opportunity to add value and grow net operating income at this property.

The acquisitions bring the company’s total for 2016 to $70 million, which exceeds management’s goal of $50 million in acquisitions for the year.

KillamPropertiesMakesSignificantMovescreditBloomberg-postedtothedailybusinessnewsmhpronewsmhlivingnews

Killam 1 year look. Credit: Bloomberg.

Killam also received recommendations from rating agencies recently, with an average recommendation of “buy,” from TD Securities and “sector perform” from Scotiabank. That story is linked here.

As Daily Business News readers are aware, in addition to multifamily apartments, Killam owns 35 manufactured home communities in Atlantic Canada and Ontario.

Killam is also one of the manufactured home industry stocks monitored each business day on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews. For the recent closing numbers yesterday 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.

UMH Properties Makes More Moves, Promotion Announced

December 22nd, 2016 Comments off
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Credit: UMH.

UMH Properties, Inc. (NYSE: UMH) has been busy in the week leading up to the Christmas holiday.

UMH announced on December 19th that it has closed on its $4.33 million acquisition of a community in Ohio. The all-age community contains 124 developed homesites situated on approximately 121 acres with and occupancy rate of approximately 82%.

The purchase represents the third acquisition in their five-community portfolio located in Ohio, which contains a total of 821 sites situated on approximately 337 acres.

The acquisition of the remaining two communities is expected to close before the end of the year or shortly thereafter.

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Sam Landy. Credit: Carisa Chappell.

UMH is pleased to continue to grow through acquisitions in areas where we believe there will be above average economic growth,” said Sam Landy, President and Chief Executive Officer.

We are beginning to see an increase in demand in the energy rich Marcellus and Utica shale regions. This community will fit nicely into our operating platform and should see occupancy and revenue growth in the near future. This community has substantial acreage for potential future expansion. UMH continues to seek acquisitions that fit our growth criteria.

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Credit: UMH Properties

Also on December 19th, UMH announced that Brett Taft, Vice President of Acquisitions and Integration, has been promoted to be Vice President and a corporate officer of UMH Properties.

BrettTaftUMHPropertiesAquisitionsManufacturedHousingIndustryDailyBusinessNewsMHProNews

Brett Taft. 

Brett Taft has been a major driving force in UMH’s growth in size and growth in income,” said Landy. “He is fully familiar with UMH’s business plan, our people and all of our properties. He has demonstrated an ability to put things in perspective, work with people, and achieve our goals.

For more about Sam Landy, see “A Cup of Coffee… interview with him, linked here.

According to Equities, UMH stock hit a new 52-week high on December 19th, hitting a peak of $14.59. Shares closed at $14.49, up from an opening price of $13.80, an increase of 5.23 percent.

The company now has a market cap of $415.42 million.

UMHPropertiesMakesMovescreditBloomberg-postedtothedailybusinessnewsmhpronewsmhlivingnews

UMH 1 year look. Credit: Bloomberg.

As Daily Business News readers already know, UMH is a real estate investment trust (REIT) that owns and operates 98 manufactured home communities (MHCs) in seven states east of the Mississippi, composed of 17,800 developed home sites.

UMH is also one of the various industry-connected stocks monitored each business day in the industry’s only daily market report, featured exclusively on the Daily Business News.

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.