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Posts Tagged ‘purchase agreement’

Hometown Trying to Preserve Manufactured Home Community in Washington

June 9th, 2016 Comments off

troy_new_york__auction_creditThe Kittitas County Commissioners approved a $1.45 million purchase agreement for the Shady Brook manufactured home community in April in order to expand the fairgrounds and event center, according to dailyrecordnews, reporting from central Washington state.

Although there was no entry on the agenda, several people spoke suggesting ways for the county or a non-profit to retain the community for the 30 families who live there.

Ishbel Dickens, former executive director of the National Manufactured Home Owners Association (NMHOA), suggested the Kittitas County Housing Authority buy the property, so residents could build equity in their homes and feel secure.

She said that King County works with Habitat for Humanity to help residents move into affordable, Energy Star-rated homes, as MHProNews understands.

Commissioner Paul Jewell said a consultant is on the case. “We’re getting suggestions from folks, chasing every lead, considering every possibility,” he noted. Two private property owners have also expressed an interest in affordable housing as well. ##

(Photo credit: auction.com–small manufactured home community)

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

Residents want to Buy their Community

February 27th, 2013 Comments off

Under Massachusetts law, MHC residents have the opportunity to match an offer by a third party to buy their community once it is offered for sale. Wheel Estates’ owner Morgan Management has a signed purchase agreement from Real Estate Seekers LLC for $2.73 million for the North Adams, MA community that the Wheel Estates Tenants Association is trying to match, utilizing a low-interest loan through ROC (resident-owned communities) USA. Iberkshires informs MHProNews the North Adams Rent Control Board is wrestling with ROC USA’s need for a guarantee that the rents will be sufficient to pay the interest on the note. The city ordinance does not allow for rent increases to cover “debt service.” While Mass. law encourages resident ownership, the ordinance basically opposes loans that make this possible. Of the 185 occupied homes, 101 have each paid a $100 membership share to be part of the cooperative. While members of the board generally support the residents desire for community ownership, they are reluctant to commit to a hypothetical rent increase, but have agreed to meet again March 13 to further explore the issue. Meanwhile, the residents group has until March 27 to line up financing.

(Photo credit: ROC USA)