Havenpark has plans to add 276 lots to an existing MHC that they own in Billings, MT. On April 24, the Billings City Council unanimously approved the proposal. Guess who has an issue with it…the existing MHC residents. The stellar reporting in the article here doesn’t make it entirely clear why the residents oppose it. From what I can gather, it’s because they are “looking out for” the future residents. So nice of them. Or could it be a case of NIMBYISM from our very own MHC residents?

Enjoy!

What We Are Reading

Residents raise concerns as Utah-based mobile home park plans Billings expansion — Billings, MT

A major mobile home park gets a green light from Billings City Council, but this new addition to affordable housing raises red flags for residents already living in Havenpark properties.

‘It’s hell’: life under the American mobile home king who calls himself a ‘grave dancer’ — Tampa, FL

Billionaire Sam Zell is the largest mobile home landlord in the US, but his tenants say they reckon with disrepair, neglect, flooding and rising rents. Some have had enough.

The vulture fund that picked American newspapers apart has a new target — Christiansburg, VA

It’s late November, and nighttime temperatures have dropped below freezing in Christiansburg, Virginia, a town tucked in a valley between Blacksburg and the Blue Ridge Mountains. Sarah Rupp, an aide at Belview Elementary School, learned from a kindergartner’s grandparent that eviction notices were being posted at Massie’s Mobile Home Park, the only low-income housing in town.

Oak Ridge Grand Opening Event to Showcase All Ages Manufactured Home Community — Phoenix, OR

Investment Property Group (IPG) is excited to announce the grand opening of Oak Ridge, an all ages manufactured home community located in Phoenix, Oregon. The event is scheduled for Thursday, May 18, from 1 PM to 3 PM at 300 Luman Road, Phoenix, OR 97535.

Warren officials work to improve mobile home parks — Warren, MI

Drive through Warren’s Landmark Estates mobile home park on Dequindre Road and you will notice several empty lots and many of the existing homes marked for nuisance abatement.

A Chugiak trailer park under eviction notice lacks clean water and sits on contaminated land. Many residents are fighting to stay — Chugiak, AK

Tenants in the Forest Park trailer court say they have few, if any, affordable options. Some officials see a warning sign of a worsening housing crisis to come.

Emergency manager explains why there are no tornado shelters offered in Bismarck — Bismarck, ND

We explained last week how the warm weather can lead to severe weather events. But where do people go when disasters strike?

No Coverage for Delinquent Payments: Mobile Home Park Operator Cannot Recover for “Expected or Intended” Injuries — Longview, WA

On May 1, 2023, in West American Insurance Co. v. Del Ray Properties Inc., the U.S. District Court for the Western District of Washington held that general liability insurers owed no coverage obligations to a mobile home park operator in connection with delinquent payments of utility bills that jeopardized its residents’ water and garbage services because the underlying claims were for “expected or intended” injuries.

Inside couple's stunning $495,000 bargain home built in a factory and trucked to a ritzy Malibu trailer park where their neighbors paid more than $5 million to live — Malibu, CA

A couple scored a bargain home for less than $500,000 in Malibu where their neighbors are spending up to an eyewatering $5million for the same views of the Pacific.

• Once an Evangelist for Airbnbs, She Now Crusades for Affordable Housing. (Link)

• Construction begins on low-income housing project in Big Sky. (Link)

• Senators Smith, Shaheen Reintroduce Legislation to Protect Access to Affordable Housing for Families in Rural Areas. (Link)

• Biden Administration Allocates $830 Million in Energy-Efficient Low-Income Housing. (Link)

Public Markets Corner

UMH Properties, Inc. Reports Results For The First Quarter Ended March 31, 2023

UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) reported Total Income for the quarter ended March 31, 2023 of $52.6 million as compared to $45.9 million for the quarter ended March 31, 2022, representing an increase of 15%. Net Loss Attributable to Common Shareholders amounted to $5.3 million or $0.09 per diluted share for the quarter ended March 31, 2023 as compared to a Net Loss of $4.3 million or $0.09 per diluted share for the quarter ended March 31, 2022.

UMH Properties, Inc. (UMH) Q1 2023 Earnings Call Transcript

UMH Properties, Inc. Enters Into New Term Loan And Revolving Line Of Credit

UMH Properties, Inc. (NYSE: UMH) (TASE: UMH), announced that on May 11, 2023, it entered into a $25 million term loan with FirstBank. The term loan has a 5-year term with a competitive fixed interest rate. The previous line of credit had a balance of $15.1 million which has been rolled into the new term loan. The term loan is secured by rental homes, and their leases, in various communities throughout our portfolio. Additionally, we entered into a new $25 million line of credit secured by rental homes and their leases. This new line of credit also has a 5-year term and has a variable rate tied to Prime.

Recent Acquisitions

Raleigh investor bets millions on another mobile home community

Video Gallery

Mobile Home Park in Cheney at risk

Residents forced to move as North Las Vegas senior mobile home park closes

Westwood mobile home park residents raising $11.5 million to create community co-op

No mailboxes for a year? Valley residents frustrated by lack of access

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Elevation Capital Group, and its affiliates, (“Elevation”) focuses exclusively on two niche property types: Mobile Home Communities and Self Storage Facilities. Elevation, through its affiliates, has acquired properties worth more than $600 million and has owned more than 200 properties across more than 30 states. To learn more about Elevation and their current investment offering, click here.

Contact us at [email protected] for sponsorship inquiries.