What happened to all the affordable housing?

Let's talk zoning, government and the economy

Author

Christopher Ebert
June 26, 2022

MHP Zoning is the key to preserving affordable housing; the U.S. Treasury awarded over $300 million for the development of affordable housing; Northmarq released their Q1 MHP Market Insights; a lot of renters are late; and what’s going to happen to the economy?

Cheers!

What We Are Reading

Preserving Affordability Through Manufactured Home Park Zones

Affordable housing is a difficult and challenging issue, and local governments need to consider employing a number of different strategies to effectively address it. MHPs typically contains housing that is affordable to lower income households. As a result, helping to preserve existing MHPs by creating a new MHP-only zone is an example of a direct action that a municipality can take retain one source of its affordable housing stock.

U.S. Treasury Announces $336.4 Million in Capital Magnet Fund Awards to Support Affordable Housing

The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) awarded 59 organizations $336.4 million today for the development of affordable housing and community facilities serving low-income individuals, families, and communities. These awards were made through the fiscal year (FY) 2021 round of the Capital Magnet Fund, and will support financing for the preservation, rehabilitation, development or purchase of affordable housing as well as related economic development and community service facilities such as day care centers, workforce development centers and health care clinics.

Rising Shipment Totals and Surging Prices Highlight Strong Demand

The national manufactured housing market continued to strengthen at the start of 2022. The occupancy rate rose again, topping 94 percent, and rents got off to a stronger start than in recent years. With costs for all forms of housing trending higher at rapid rates, manufactured homes represent one of the best values left for households that are being priced out of other segments of the residential market.

'Rapid Repricing': Higher Interest Rates Slow CRE Deals, But Many Investors Won't Be Deterred

Real estate debt investors have been enjoying favorable economic conditions for the last few years.

Despite the pandemic-fueled economic upheaval, money has been cheap and lately, conditions have been looking up — especially for investors placing bets on high-demand asset classes like multifamily and industrial.

More Than 8 Million Americans Are Late on Rent as Prices Increase

About 15% of US renters aren’t caught up with their payments, according to Census Bureau data, and it’s about to get worse this summer as many leases come due and landlords boost prices.

Why We Should Cancel Zoning

Until recently, zoning was a sleepy backwater in the policy world. The mere thought of a weeknight hearing or a 700-page ordinance was once enough to make even the most eager wonk’s eyes glaze over. If a layperson knew anything about zoning, chances are she didn’t have an opinion about it. The rules dictating where and how Americans lived and worked attracted curiously little attention.

‘We Are Still Headed for a Pretty Hard Landing,’ Ex-Treasury Secretary Larry Summers Says

Economist Lawrence H. Summers never joined Team Transitory, or the economists, investment strategists, and members of the Federal Reserve who thought inflation would be a temporary phenomenon. Instead, he warned early and often that massive fiscal and monetary stimulus unleashed in response to the impact of the Covid pandemic would result in the economy overheating. He was right: Consumer prices rose 8.6% year over year in May, the fastest pace in 40 years.

Public Markets Corner

Iconic Emerald Isle RV park changes hands; Ronnie Watson sells to international firm

Legendary Emerald Isle businessman and politician Ronnie Watson has sold his 46-year-old resort, the Holiday Trav-L Park off Coast Guard Road, to an international company.

Recent Acquisitions

Marcus & Millichap Arranges The Sale Of A 64-Space Manufactured Home Community

Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Quiet One RV Park, a 64-space manufactured homes community located in Rockport, Texas, according to Ford Noe, Regional Manager of the firm’s Houston office.

Tampa Manufactured Housing Community Changes Hands for $12M

HARRI5 has brokered the sale of Country Villa Estates, a 130-site manufactured housing community in Riverview, Fla. Public records show Legacy Communities acquired the over 55 property for $12.1 million from a local private investor. The entire acquisition was financed through a loan originated by BDS Capital.

Deals We’re Reviewing

Property Size: / 10 Acres / 133 Sites

Property Size: 39 lots

What Else Are We Reading?

Bailard Targets Affordable Housing With New Fund

The firm is launching a development-focused fund for affordable workforce housing...

Trailer Park Residents Take on Venture Capitalists—and Win

As gentrification sweeps the West, investors are buying up mobile home parks. Residents of this Colorado park got together and bought it themselves.

Diverse Loan Options: The Best Bet to Beat the Affordable Housing Crisis

Freddie Mac is committed to infusing liquidity across the spectrum of affordable housing products.

Collins: Building equity with modern-day mobile homes

Several months ago, I heard a presentation about mobile homes from Franco Perez, a Santa Clara County Association of Realtors member.

Governor’s office looking into dire situation at Newport News mobile home park after closure forces tenants to move

“It’s nothing we can do,” said Del Valle. He, along with many other families living in Patrick Henry Mobile Home Park are being forced out.

Atlanta’s Real Estate Boom Forces Locals to Live in Extended-Stay Hotels

The tech boom led investors to buy thousands of homes, pricing out home buyers and now the city has one the highest density of extended-stay hotel rooms in the country.

Amazon to invest $23 million to increase Seattle’s affordable housing

Amazon said Thursday that it’s giving minority-led organizations $23 million to build and preserve more than 568 affordable homes in Seattle, a step to ease the local housing crisis.

Oasis Mobile Home Park families struggle to relocate despite millions in funding

Oasis Mobile Home Park sits on the Torres Martinez reservation. It has been cited for high levels of arsenic in the water by the U.S. EPA numerous times.

Huntington Beach mobile home residents ask for relief as conglomerates buy up parks

Kim DeSante and her son Rory protest with the Huntington Beach Mobile Home Resident Coalition before the city council meeting in Huntington Beach, CA.

Little progress made to protect San Jose mobile homes

Mobile homeowners at the Colonial Mobile Manor in San Jose wrote to the City Council asking officials to fund a zoning change that would protect them from redevelopment.

Developers transforming old mobile home park to go-kart track in Opelika

Backhoes and Excavators are busy turning an old mobile home park into a place for family entertainment in Lee County. This six-acre tract of land is located along Highway 280, just along inside the Opelika city limits.

COVE Communities poised for market growth

Cove Communities ('Cove') is pleased to announce and welcome Michael Hawkins as Chief Investment Officer. He will oversee acquisitions, capital transactions, sourcing of debt capital, and equity partner relations.

Supervisors approve $7 million for first phase of plan to relocate Oasis Mobile Home Park residents

The Riverside County Board of Supervisors approved funding for the first phase of a plan for affordable housing for residents of the hazard-plagued Oasis Mobile Home Park near Thermal.

White House Hopes New Funding Will Deter Clearing Homeless Encampments

The Department of Housing and Urban Development is aiming assistance specifically at people sleeping on the streets.

Lakeview Mobile Home Park Residents Say They Still Face Issues

Over the past few months, 9&10 News has been following water and sewage issues that residents have had in the trailer park – that they say have still not been fixed.

Video Gallery

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