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City Prevents Senior MHCs from Converting to All Age Communities

January 27th, 2016 Comments off

Calif__sierra_mobile_home_park_santa_clarita__mhphoa__creditIn an attempt to maintain affordable housing for seniors, the Santa Clarita (Calif.) City Council voted to prevent senior-only manufactured home communities (MHCs) from converting to all-age communities. Council members unanimously approved an “urgency ordinance” that establishes a 45-day moratorium on such conversions, according to signalscv, while city officials continue to study the matter.

We have never had enough senior housing in this valley, and of course it’s important to preserve what we have because it’s a very finite amount,” said Councilwoman Laurene Weste. Of the city’s 16 MHCs, four are dedicated to seniors, comprising 524 home sites, about a quarter of all home sites in Santa Clarita.

Jarryd Gonzales, of the Western Manufactured Housing Communities Association (WMHCA), said the association was opposed to the ordinance.

We believe a mobile home community owner has a right to determine whether they will operate a 55-and-older community or an all-ages community,” Gonzales said. “Both types of communities provide affordable housing opportunities for scores of current and prospective homeowners and should not be officially favored one way or another,” he added.

A resident of Sierra Mobile Home Park in Canyon Country, just north of Santa Clarita, Carol Fish said ownership of her community has sent word that it intends to convert Sierra from senior-only to all age.

It’s giving us a glimmer of hope that someone is listening to us and taking us seriously,” she said of the council’s vote. “It’s not about the money, it’s about the people, so I appreciate that.”

The “urgency ordinance” takes effect immediately. Santa Clarita is just north of Los Angeles.

MHProNews last reported on Santa Clarita June 22, 2015 that the city council is considering revisions to the ordinance that governs rent increases in MHCs. ##

(Photo credit: MHPHOA/googleearth–Sierra Mobile Home Park)

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

Capital One Provides Loan for Purchase of Calif. Manufactured Home Community

January 6th, 2016 Comments off

Calif__sierra_mobile_home_park_santa_clarita__mhphoa__creditA press release from Capital One reveals it has arranged a $3.27 million Fannie Mae adjustable-rate loan for the purchase of Sierra Mobile Home Park in Santa Clarita, California. The seniors-only community has 74 home sites and features a clubhouse, pool and laundry room.

Senior Vice President Chad Thomas Hagwood, the head of Capital One Multifamily’s Southeast office in Birmingham, Ala. originated the transaction. The seven-year loan has a three-year interest only period with amortization on a 30-year schedule.

Sierra Mobile Home Park was built in 1956 and has been in the hands of the same owner for 50 years. The borrower intends to increase occupancy and adjust rates to market levels as it aims to increase its net operating income (NOI).

Separately, MHProNews has learned from MHPHOA that Kort & Scott Financial Group (KSFG) purchased Sierra in Oct. 2015, managed by Sierra Corporate Management, and that site rents are $650/mth. In a phone call, Capital One would neither confirm nor deny that KSFG is the current owner.

MHPHOA (Mobile Home Park Home Owners Allegiance) is a grass roots organization that advocates on behalf of residents of manufactured home communities. ##

(Photo credit: Google Earth/MHPHOA–Sierra Mobile Home Park)

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