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Legacy Housing Announces New Bulk Leasing Program for Manufactured Home Communities and Mobile Home Parks

February 15th, 2019 Comments off

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Legacy Housing Corporation (NASDAQ: LEGH) has announced a new program for manufactured home park and community owners across America. 

 

The new Legacy bulk leasing program allows for parks and community owners to lease brand new singlewide and doublewide homes from our Eatonton, Georgia factory at an 8-year lease term.  With no payments for the first 60 days and a 4-home minimum purchase, this program is the perfect way for parks to fill spaces at affordable amounts and to get brand new 2019 models for their lots and communities.

Legacy’s bulk leasing program offers free shipping for the first 200 miles of transport and has a $1,000 refundable deposit per home, returnable upon the installation and skirting of home or the denial of credit/leasing qualification.  With the right to terminate a lease with proper notice with a minimum penalty, and the right to move homes within a park if appropriate notice is provided to Legacy, this program is currently helping to make new product accessible to small business owners and entrepreneurs in the park home market.

This upcoming Wednesday and Thursday, February 20 and 21, Legacy will be having our Semi-Annual Sale at our factory in Eatonton, Georgia.  Featuring over 140 brand new homes, including 100+ park-ready singlewides ranging from 12×34 to 16×64 and over 2 dozen Tiny Houses, this sale has something for every park owner.  With a mix of 1,2, and 3 bedroom units, wind zone 1 and wind zone 2 compliant houses, these homes are pre-built and ready to roll.

Legacy Home Sale Feb 20-21

With monthly bulk leasing prices starting at $243 / month for a 12-wide, this is a can’t miss opportunity to get the most bang-for-your-buck.  For more info on Legacy’s bulk leasing program or to join us at our upcoming Georgia Home Sale, email caseymack@legacyhousingcorp.com or call our Georgia sales team direct at (770) 502-6228.

That’s part of this Friday’s manufactured home “Industry News, Tips, and Views Pros Can Use,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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Drama, Take Three – MHC Infighting Over Potential Sale

April 20th, 2017 Comments off
MHCWeighsAcquisitionOfferUnderStrangeCircumstancescreditZillowBriarcrestEstates-postedtothedailybusinessnewsmhpronewsmhlivingnews

A home in Briarcrest Estates. Credit: Zillow.

In the ongoing saga of Laconia, New Hampshire – based Briarcrest Estates, both the tempers, and stakes, are higher than ever.

According to the Laconia Daily Sun, Briarcrest co-op board members Joe McCarthy, Don Vachon and John Drouin have resigned from the six-member board, after they came under fire over a proposal to sell the community to Hometown America Corporation.

A special meeting has been called for April 24 to fill the vacancies, and another meeting has been set for May 20 to consider selling the community.

As the Daily Business News covered here, the Briarcrest story dates back to July 2013, when community owners Mark and Ruth Mooney tentatively agreed to sell the Briarcrest Estates to Hometown America for $10 million. In compliance with state law, the terms of the transaction were disclosed to the tenants, who had 60 days to make a counteroffer by presenting a purchase-and-sales agreement. The law requires the community owner to bargain in good faith with the residents or their organization.

Residents of Briarcrest Estates then formed The Lakemont Cooperative Inc. and, with assistance from ROC-USA and the New Hampshire Community Loan Fund, matched the offer from Hometown America Corporation.

After initial resistance, Mark and Ruth Mooney agreed to sell the 183 acre, 241 home site community to the cooperative, which has owned and managed it since April 2014.

EditorialResidentOpposesSaletoHometownAmericacreditGoogle-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Google.

Fast forward to January 2017, when things changed. That change came in the form of a offer to buy Briarcrest Estates.

It was from Hometown America.

It’s an unsolicited offer, period. A fire-from-the hip” proposal, said Vachon at the time.

The Hometown America deal reportedly included retiring the outstanding balances on a $8 million loan from TD Bank and $2 million loan from the New Hampshire Community Loan Fund as well as covering the prepayment penalty of $873,000 on the bank loan, closing costs and real estate transfer taxes associated with the transaction.

For some residents, the timing was “convenient.”

Although the board has claimed the offer was not solicited, the letter from Hometown America Corporation outlining its terms begins ‘per our discussions,’ indicating that board members have been communicating with Hometown America for some time,” said Katherine Carlson, who also was among the first officers of the cooperative.

MHCWeighsAcquisitionOfferUnderStrangeCircumstancescreditBriarcrestEstates-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Briarcrest Estates.

Residents in the community say that it has become a neighbor-versus-neighbor battle, with one faction wanting to sell the community, and the other wanting it to remain a cooperative.

It’s just been ridiculous,” said McCarthy’s wife, Carrie, who said her husband and the other board members were unfairly targeted for suggesting cooperative members consider an unsolicited purchase offer.

There are a small number of people in this park [sic] who are so toxic,” said McCarthy.

All they are trying to do is stop the vote. It’s not all wonderful here in the co-op. People fight and argue. It’s like something you’d see on TV.”

Resident Louise Rosand, who is in favor of remaining a co-op, says that the ability to avoid rent hikes and keep control of the community are both critical. She also feels that the three board members who resigned were not completely honest about the situation with Hometown America.

They went behind our backs,” Rosand said. “There is no financial reason to sell. We are in good standing. We have extra money to put away. The bank loves us. The park has been running smoothly.

It’s kind of like a group against group. Your neighbor could be for or against. I live in a little section where there are four of us who are not for the sale, but if you go down the street you may find somebody who is for the sale. But you don’t go in your backyard and yell. You wave at everybody who goes by.”

 

ROC USA Commentary

An unrelated ROC USA community. Credit: ROC USA.

The ROC-NH program of the New Hampshire Community Loan Fund has helped convert nearly all of that state’s resident-owned communities, now numbering over a hundred. ROC-NH Director Tara Reardon told MHProNews it often takes time for a new cooperative to develop leaders and grow into what will become that community’s personality.

We’re confident that, if the process is transparent, the residents at Briarcrest will make the right decision for their neighbors’ and their own futures,” said Reardon.

Mike_Bullard_Marketing_and_Communications_Mgr_at_ROC_USA

Mike Bullard. Credit: Linkedin.

ROC Members are empowered to make decisions for themselves and their communities. Democracy, as they say, isn’t always pretty, I think we can agree in the wake of last year’s elections, that’s a fact,” said Mike Bullard, ROC USA Communications and Marketing Manager, in an email to MHProNews.

But making a tough decision, or even a bad decision is better than having no choice at all.” ##

 

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

 

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RC Williams, for Daily Business News, MHProNews.

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

Editorial: Resident Opposes Sale to Hometown America

March 23rd, 2017 Comments off
MHCWeighsAcquisitionOfferUnderStrangeCircumstancescreditBriarcrestEstates2-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Briarcrest Estates.

In a contentious story that the Daily Business News covered here, the alleged on and off discussions to sell Laconia, New Hampshire- based Briarcrest Estates to Hometown America has one resident choosing to utilize the power of the media to make their point.

According to the Laconia Daily Sun, the story dates back to July 2013, when community owners Mark and Ruth Mooney tentatively agreed to sell the Briarcrest Estates to Hometown America for $10 million.

In compliance with state law, the terms of the transaction were disclosed to the tenants, who had 60 days to make a counteroffer by presenting a purchase-and-sales agreement. The law requires the community owner to bargain in good faith with the residents or their organization.

Residents of Briarcrest Estates then formed The Lakemont Cooperative Inc. and, with assistance from the New Hampshire Community Loan Fund, matched the offer from Hometown America Corporation.

After initial resistance, Mark and Ruth Mooney agreed to sell the 183 acre, 241 home site community to the cooperative, which has owned and managed it since April 2014.

MHCWeighsAcquisitionOfferUnderStrangeCircumstancescreditBriarcrestEstates-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Briarcrest Estates.

Fast forward to January 17th of this year.

Doug Minahan of Hometown America Corporation wrote a letter to cooperative President Don Vachon.

Doug Minahan. Credit: LinkedIn.

It was an offer to buy Briarcrest Estates.

It’s an unsolicited offer, period. A fire-from-the hip” proposal, said Vachon at the time.

The Hometown America deal reportedly included retiring the outstanding balances on a $8 million loan from TD Bank and $2 million loan from the New Hampshire Community Loan Fund as well as covering the prepayment penalty of $873,000 on the bank loan, closing costs and real estate transfer taxes associated with the transaction.

But for some residents, they claim that the timing was “convenient.

Although the board has claimed the offer was not solicited, the letter from Hometown America Corporation outlining its terms begins ‘per our discussions,’ indicating that board members have been communicating with Hometown America for some time,” said Katherine Carlson, who also was among the first officers of the cooperative.

 

A Letter to the Editor

MHCWeighsAcquisitionOfferUnderStrangeCircumstancescreditZillowBriarcrestEstates-postedtothedailybusinessnewsmhpronewsmhlivingnews

A home in Briarcrest Estates. Credit: Zillow.

Earlier this week, resident Barbara Patterson decided to take matters into her own hands, with a letter to the editor.

Everyone has heard of Briarcrest. It’s a manufactured housing park [sic] consisting of 240 very well maintained homes on the side of Prescott Hill, within a hop, skip and jump of Laconia and Winnisquam, Paugus, Opechee and Lake Winnipesaukee,” said Patterson, in her letter to the Laconia Daily Sun.

We are very proud of our community and three and a half years ago, Mark and Ruth Mooney put it up for sale for $10 million.

Patterson then spoke to the process that residents went through.

During our formation, our very hardworking resident investment banker, our resident Merrrimack County administrator and many, many other hardworking, talented individuals — joined eventually by our resident paralegal — worked closely with ROC and formed a co-op to govern ourselves. ROC USA is a New Hampshire social venture working to make quality ownership viable for homeowners in manufactured home parks [sic],” said Patterson, who then provided her view on Hometown America.

Now our co-op is threatened by the same buyer from Chicago who originally made an offer to buy Briarcrest: Hometown America. Our second board of directors has been negotiating with Hometown since November, unbeknownst to the majority of the 230 resident owners not on the board. Originally, we were assured that we would never be sold again and I, for one, believed it,” said Patterson.

But the current board of directors has been in direct contact and providing financial information to Hometown America without our knowledge or the membership’s authorization to do so. We believe this is a breach of trust. The board is attempting to limit our discussions and have made a date for Hometown America to make a presentation to the membership and a date for a special membership meeting, although they have yet to tell us what we will be voting for.

EditorialResidentOpposesSaletoHometownAmericacreditGoogle-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Google.

Patterson also points to her opinion that some new owners, or seasonal residents, may not completely understand the impact of a vote for new ownership.

Some of our new owners are not aware of the serious consequences of a vote for a private owner such as Hometown America and their ability to raise our rents hundreds of dollars to help pay its own considerable debt, or to sell us to another buyer. We lose all control over our rents, rules and management,” said Patterson.

Hometown America’s reputation is less than stellar and squeaky clean. Numerous lawsuits have been filed against Hometown in states in which they own parks [sic]. We, as a co-op, want to maintain our low rents, our own governorship, and our beautiful community.”

The Daily Business News will continue to watch this story closely and provide updates. ##

 

(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.