3 Manufactured Homes REITs With Yields Up to 5.6% and Track Records of Dividend Growth Yahoo Finance
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3 Manufactured Homes REITs With Yields Up to 5.6% and Track Records of Dividend Growth - Yahoo Finance
3 Manufactured Homes REITs With Yields Up to 5.6% and Track Records of Dividend Growth Yahoo Finance
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3 Manufactured Homes REITs With Yields Up to 5.6% and Track Records of Dividend Growth - Yahoo Finance
Attorney General, State of Delaware
Delaware Attorney General Kathy Jennings has obtained a preliminary victory for residents of the Pine Haven manufactured home community after the community owner, Blue Beach Bungalows DE LLC, was found to have violated statutory protections afforded to the residents.
An administrative hearing officer issued an opinion Thursday, April 4, finding that Blue Beach has willfully violated Delawares Consumer Fraud Act, among other laws, and ordered the company to pay more than $800,000 in penalties, along with rebates of excess rent paid by residents. Blue Beach has 30 days to appeal the order.
Owners of manufactured home communities should consider themselves on notice, said Jennings. Exploiting vulnerable Delawareans with threats and lies is not something manufactured home community owners can expect to get away with.
In April 2023, after receiving numerous complaints from residents, the AGs Consumer Protection Unit (CPU) issued a summary cease-and-desist order requiring Blue Beach to refrain from making false statements to residents and evicting residents in violation of the law, among other things. The cease-and-desist order was accompanied by a complaint detailing how residents were subjected to illegal rent increases, illegally threatened with eviction and arrest, and, in some cases, forced out of their homes prematurely. An administrative proceeding followed, culminating in an administrative hearing in September 2023.
The harm caused by [Blue Beach]s actions cannot be undone, the hearing officer wrote in a 90-page opinion issued on April 4. Despite being operated as a manufactured home community with numerous year-round residents, the park owner was found to have repeatedly made false and misleading claims as to the nature of the park as justification for taking action against residents.
The hearing officer ordered the park owner to rebate all tenants and former tenants any excess rental payments, and awarded an administrative penalty of $737,000 for willful violations of the Consumer Fraud Act, as well as a penalty of $94,000 for violations of the cease-and-desist order. The park owner has the option to appeal, and the order is not final until the window for appeal is closed.
A number of Pine Haven residents targeted for eviction by the park owner were protected due to a recent amendment to Delawares Manufactured Housing Code. 2022s House Bill 374, proposed by Jennings and sponsored by state Rep. Madinah Wilson-Anton, that expanded the definition of a manufactured home to include certain camper trailers, recreational vehicles, and motor homes.
Manufactured housing complaints can be made to the Office of the Manufactured Housing Ombudsperson on the Delaware Department of Justices website or by calling the hotline at 1-800-220-5424.
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AG obtains victory for manufactured housing residents | State | coastalpoint.com - Coastal Point
83 ANNA ROBERT CIRCLE, Wells $336,900 2 beds, 2 baths, 1,244 SF
Built in 2017 and situated in the Sun-N-Sea Village, this year-round home comes with a generator, shed, a deck and a little patio space. The listing says many upgrades have been made since 2022, including new lighting, plumbing fixtures and carpets. In the kitchen, you can see the new tile backsplash alongside white cabinets and a stainless-steel refrigerator. The water heater was added this year. Monthly association fees are $425. Represented by Patricia Berry, Better Homes and Gardens Real Estate The Masiello Group. See the full listing.
9 COLONY WAY, Kittery $389,900 3 beds, 2 baths, 1,387 SF
This home with a two-car garage was erected last year as part of the most recent expansion of the Yankee Mobile Home Community, with nearly 200 residences in mixed and 55+ neighborhoods. No interior photos have been shared, but the listing claims stainless steel kitchen appliances and blueprints show a mudroom, kitchen with breakfast nook, open concept living space, and a primary bed and bath placed is on the opposite end of the other two bedrooms and bath. Monthly association fees are $650. Represented by Carrie Alex, Keller Williams Coastal Realty. Off market.
69 COUNTRY WAY, North Berwick $495,000 3 beds, 2 baths, 1,746 SF
In addition to a whole house generator, two-car garage and landscaped yard, this circa 2020 house shows attention to detail in its design: recessed lighting, French and sliding barn doors, maximized closet space and a tiled shower. In the kitchen, find stainless steel appliances, a farmhouse sink and granite island, which the chef can look over to an open dining and living area. Located in the 39-lot development of Country Estates. Pets are welcome. Represented by Marie Burbank, Better Homes and Gardens Real Estate, The Masiello Group. See the full listing.
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Manufactured homes for 55+ buyers in York County - Press Herald
LINCOLN, DE - Delaware Attorney General Kathy Jennings has announced hefty penalties for the owner of the Pine Haven manufactured home community near Lincoln for alleged violations of Delawares Consumer Fraud Act and other state laws.
According to the Attorney Generals office, Blue Beach Bungalows DE, LLC, violated Pine Haven residents statutory protections through illegal rent increases, eviction and arrest threats, and forcing some residents from their homes.
An administrative hearing officer issued an opinion on April 4th, Jennings office says, that found Blue Beach willfully conducted these violations and ordered the company to pay over $800,000 in penalties as well as rebates of excess rent paid by Pine Hill residents.
The Delaware Department of Justice says Blue Beach has 30 days to appeal and the order is not final until the window for an appeal has closed.
Owners of manufactured home communities should consider themselves on notice, said Attorney General Kathy Jennings. Exploiting vulnerable Delawareans with threats and lies is not something manufactured home community owners can expect to get away with.
Jennings Consumer Protection Unit issued a cease and desist order against Blue Beach in April of 2023 after receiving numerous complaints from residents.
A recent amendment to Delawares Manufactured Housing Code which expanded the definition of a manufactured home to include certain camper trailers, recreational vehicles, and motor homes protected some Pine Haven residents targeted for eviction according to the DOJ.
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Over $800k in Penalties for Lincoln Manufactured Home Community Owner - WBOC TV 16
At its meeting on Feb. 13, 2024, the North Liberty City Council unanimously pass a resolution in support ofmanufactured home residents organizing, calling for fixes to state law, fairness in lot rents and increases, and to allow local entities to peruse local solutions.
Resolution in Support of Manufactured Housing Park Residents
WHEREAS, residents of manufactured housing parks in our community have alerted City of North Liberty staff and elected officials to alarming increases in their lot rent, coupled with reductions and deficiencies in park maintenance, and
WHEREAS, residents of manufactured housing parks in our community have protested the relative lack of protections available to them under state law, including eviction without cause; and
WHEREAS, the City Council of North Liberty recognizes that our communitys housing costs have outpaced local incomes, and that manufactured homes have traditionally been of vital importance as one of the most affordable sources of safe, decent housing; and
WHEREAS, the City Council of North Liberty recognizes that residents of manufactured housing parks support our economy and community, provide many of the services and work that our local economy needs to thrive; and
WHEREAS, the City Council of North Liberty recognizes that to ensure fairness across our City and our state, leaders at all levels of government and throughout the community need to work together to guarantee residents of manufactured home parks stability, safety, and security.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NORTH LIBERTY, IOWA, AS FOLLOWS:
We see and hear manufactured housing park residents as they speak out on the unfairness that has become a part of their lives and threatens their homes; and
We offer gratitude to manufactured housing park residents for the work they do to organize and speak out, often despite concerns about how such action might also threaten their ability to stay in their homes; and
We add the voice of the City of North Liberty to the calls for the owners of manufactured housing parks in and around our community to reduce the amount and frequency of rent increases, restore park maintenance and other services to park residents that they previously relied upon; and
We add the voice of the City of North Liberty to the calls for State elected officials to fix state laws to address the unfairness that makes so many of our residents vulnerable to unscrupulous practices; and
We call upon state lawmakers to restore the ability of local communities to exercise home rule and remove barriers to the enactment of local ordinances that would accomplish the above list of goals; and
We support ongoing efforts by local governments to pursue ways to improve the safety and stability of residents in manufactured housing parks.
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City Council Offers Resolution in Support of Manufactured Housing Residents - City of North Liberty
An innovative new project will happen later this year on a vacant site close to Michigan Central. The Gilbert Family Foundation is working with the North Corktown Neighborhood Association (NCNA) on Tomorrows Housing InnovationShowcase (THIS), bringing nine factory-built homes to the neighborhood.
The site is at 16th Street and Perry, near the I-75 Service Drive. It's in a part of North Corktown that hasn't seen development in years and has many vacant sites nearby.
The NCNA is working with its community and different manufacturers on the sustainable, energy-efficient homes. The NCNA will have a community land trust with the goal of having these homes accessible to first-time homebuyers and renters.
For years, weve heard from our residents that North Corktown needs diverse housing options, and this project is one solution to address the housing gaps, said Tricia Talley, NCNA Executive Director. We appreciate the support of residents who are proud to call North Corktown home and want to collaborate on bringing the project to life.
The groups plan to unveil the new homes in late summer. The community will be engaged with design and how the land trust will work. Tribe Development, who's also working on the Deco on East Warren, will be helping with the community meetings.
While Corktown has been booming with development over the last 10 years, North Corktown hasn't seen the same level of investment. Some single-family and townhomes have been built in recent years, but there's still a lot of land sitting empty in a prime location in the city.
At one time in our history, Detroit built more housing than any city in the world, but today, Detroit lacks quality, affordable housing solutions, said Laura Grannemann, ExecutiveDirector of the Gilbert Family Foundation. This investment will showcase the nextgeneration of housing solutions, putting Detroit at the center of housing innovation andattracting future jobs and investment to our city. We are grateful for this opportunity to laythe groundwork for a more stable housing ecosystem alongside our partners at NorthCorktown Neighborhood Association.
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With Gilbert Foundation funding, 9 manufactured homes coming to North Corktown - Urbanize LA
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Back to Business is a sponsored feature. If you want your business to sponsor a future Back to Business, contact Diane Daniell at 803-644-2369 or ddaniell@aikenstandard.com.
Affordable living is made easy with Aiken Housing Center, a local dealership for modular and manufactured housing since 1984.
Scott Brinson, owner of the business since 1999, stresses his teams ability to facilitate the entire construction process from A to Z.
We do the whole thing, Brinson said. You pay us one time, we take care of everything. We turn the key.
Aiken Housing Center coordinates and oversees all aspects of home construction, including financing, utility connections and land preparation to provide a streamlined experience for customers. The company sells over 200 houses a year, with features like finished sheetrock, 9-foot ceilings, hardwood cabinets and plywood floors.
Its not your grandpas single wide anymore, Brinson said.
In 2024, Aiken Housing Center is celebrating 40 years of reliable community service.
We have been here for 40 years, and were locally owned, said Jeremy Jones, Aiken Housing Center's marketing director. People need to know that these [houses] are available by a trusted business.
Modular and manufactured homes are constructed differently than wooden, stick-built homes, which are constructed primarily on-site. Instead, modular and manufactured homes are constructed off-site in a factory and are then transported to their final location.
Theres a stigma about manufactured and mobile homes, Jones said. But all these homes are built with the same materials as a home thats built on-site.
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Back to Business: Aiken Housing Center offers affordable housing options - The Post and Courier
Piney Woods, a new manufactured housing community in Crosby, aims to put a dent in Houstons affordable housing shortage when it opens its doors this summer.
A collaboration between Affinal Homes and K8H Ventures, the development will offer nearly 400 homes with prices starting at $90,000 for comparison, the average home in Crosby costs $261,804.
We are excited for the opening of Piney Woods, Harry Winslow, chief operating officer of K8H Ventures, said in a press release. Crosby is a beautiful upcoming area, and we are excited to be a part of the community there.
In addition to affordable housing, Piney Woods will offer a number of community amenities, including a community center, parks, sports fields, a swimming pool and walking trails.
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Affordable manufactured housing community coming to Crosby - Houston Agent Magazine
Every May, thousands of horse-racing fans head to Churchill Downs for the Kentucky Derby. In January, thousands of builders and bankers head to a massive venue across the street from the racetrack the Kentucky Exposition Center to talk houses rather than horses at the Louisville Manufactured Housing Show.
This years iteration of the marquee U.S. event for companies that build homes in factories, then assemble them on site was a coming-out party for ECN Capital Corp., which lends to home buyers. The Toronto-based company spent the past year repositioning itself as a champion of affordable housing by striking a partnership in September with Skyline Champion Corp. that saw the Troy, Mich.-based home builder, invest $185-million in ECN in return for a 19.8-per-cent ownership stake.
Manufactured homes can be part of the solution to housing crisis, said Steven Hudson, ECN chief executive officer, in an interview from the Louisville show. He said recent changes to Canadian and U.S. regulations, including President Joe Bidens 2022 housing supply action plan, are making it easier for customers to borrow money for manufactured homes.
The Louisville show, which drew representatives of over 1,000 companies, showcased an industry that has gone from making down-market trailers to building multi-floor houses that would blend into any suburban neighbourhood. There are 22 million Americans living in manufactured homes, according to Skylines data.
Asset managers Blackstone Inc. and Carlyle Group Inc. are backing ECNs expansion plans by acquiring the bulk of the loans made by the Canadian company, which earns a fee for originating and servicing the debt. In August, Blackstone committed $1.14-billion to buying manufactured housing loans from ECNs Triad Financial Services division.
Institutions are investing in this corner of the credit market in part because default rates remain low despite interest-rate hikes over the past year, Mr. Hudson said: Our customers buy homes that they can afford.
Editorial Board: In praise of cookie-cutter housing design
Triad has been lending to home buyers since 1959. ECN acquired the company in 2017 for $125-million. As part of the parent companys strategic shift, Toronto Stock Exchange-listed ECN is changing its name to Triad Financial Services Corp.
ECNs new partner, Skyline, is North Americas second-largest manufactured home producer, behind Berkshire Hathaway Inc.-owned Clayton Homes. In a recent press release, Skyline CEO Mark Yost said the company invested in ECN to help streamline the homebuying experience for customers.
Rising real estate prices mean 60 per cent of the population can no longer afford a traditional home, according to Skylines research. The company sells roughly half its homes to millennials, and 25 per cent to baby boomers.
Skyline homes cost an average of US$98,000, and buying or leasing a lot will add to that price. The company sold 26,000 homes last year, built at five factories in Western Canada and 42 U.S. plants, and its revenues rose 17 per cent annually over the past five years. It offers homes in Canada under two brands: Moduline and SRI Homes.
Skyline agreed to keep its investment in ECN at the current 19.8-per-cent level for the next two years. In a recent report, analyst Geoffrey Kwan at RBC Capital Markets said bigger picture, we cant help but wonder whether ECN is positioning itself for a potential sale to Skyline.
Along with Triad, ECN owns a division that lends to boat and recreational vehicle buyers. Last September, the company said it plans to exit this business after a strategic review that concluded with the Skyline investment. Mr. Kwan said ECN is expected to sell or spin off the boat and RV lender in the first quarter of this year.
ECNs focus on manufactured home loans comes after the company sold two lending business in the past three years Service Finance Holdings and Kessler Group for a total of US$2.2-billion. ECN used half the proceeds to pay its shareholders a $1-billion special dividend.
Mr. Hudson spun out ECN from Element Fleet Management Corp. in 2016 now one of the worlds largest vehicle finance companies. Mr. Hudson also launched Newcourt Credit Group in 1984, and sold the company 15 years later to CIT Group for $2.4-billion.
Editors note: A previous version of this article incorrectly referred to Steven Hudson as Elements founder. He was the companys CEO. Element was founded by Stephen Sands. This version has been updated.
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ECN Capital finds new backer for manufactured homes business - The Globe and Mail
Image credit: stanzi11onistock.com
Its actually the fact that we sort of stuck the poor away in these places that makes them vulnerable, Andrew Rumbach, a senior fellow at theUrban Institute, told Fast Company about mobile home parks.
A record number of about 20 million Americans currently live in mobile homes, according to NPR. The prefabricated structures have become popular living spaces in recent years due largely to their relative affordability during the ongoing housing crisis. Such homes can help solve both the housing and climate crisis, according to the Fast Company story.
But as Rumbach said, mobile home residents face risks that have less to do with their actual housing and more to do with where they are parked: many mobile home parks are located squarely in flood plains or other areas susceptible to extreme weather events, places where wealthier residents refuse to build homes. And though the name might suggest that residents can easily pick up and move, these manufactured homes are actually not very mobile at all.
Despite their locations, mobile home parks are primed to be a force for change in the face of the climate crisis. For mobile homes to endure the impacts of climate changeand in order for owners to do their part to combat itthey need to organize.
Modular home construction has existed in some form for over a century. A hundred years ago, a potential homeowner could have ordered a house kit from the Sears Roebuck catalog. Over the years, the mobile home has acquired a less desirable reputation, a stigma that the homes are cheaply made or associated with poverty. One current mobile home resident said on TikTok, as reported by Apartment Therapy: I feel like trailers are slept on, and they are judged.
That reputation is shifting. Home affordability faces its worst level since at least 1989, according to CNBC, due to high mortgage rates, slim housing inventory, and incomes that have failed to keep pace with skyrocketing home prices. In 2023, the median family was already $9,000 short in August of the income needed to buy the median existing home, CNBC reported, and the recent surge in rates since has moved another five million U.S. families below the qualification standard for a $400,000 loan. When mortgage rates were at 3 percent, 50 million households could get a loan that size. Now, less than half that number of households can.
For some families, the mobile home is a viable solution. Manufactured housing is the Ugly Duckling of affordable housing, according to the Niskanen Center, which describes the mobile home as a grievously underutilized, deeply affordable housing resource. As the Niskanen Center wrote, Todays manufactured homes are not your grandmas vacation trailer or 1970s-era mobile home.
Tobe truly responsive to the changing climate, mobile home owners need the power to own their land.
Instead, contemporary manufactured homes are regulated under a strict code from the US Department of Housing and Urban Development (HUD). Indoor construction means the materials of the home are not exposed to outdoor elements until completion, allowing builders to work more efficiently. And the average construction cost of a manufactured home is just $90,000.
Those savings are passed onto the consumer, expanding the potential for home ownership. In November 2022, theUS Census Bureau reported that the average sale price of a new manufactured home in the United States was $125,200. Meanwhile, the average price of a traditional family home that same year was nearly three times as expensive at $348,000.
More than traditional homes, newer mobile homes also have the potential to be built with more sustainable materials and, because their locations can be flexible, to incorporate environmental considerations in their site designs. But to fulfill this potential and be truly responsive to the changing climate, mobile home owners need the power to own their land.
Mobile home parks have their own infrastructure, from water and sewer lines to electricity and gas to tree removal (or planting). The owner of the park controls the infrastructure. As Fast Company wrote, In other types of housing, such as apartments or single family homes, a municipality is usually in charge of providing electricity, water, sewage, and tree maintenance. But in mobile home parks, residents are reliant on owners to provide those services.
In worst-case scenarios, this can lead to delays in services or disputes. Residents of one mobile home park outside of Dayton, OH, dealt with intermittent water service for years. Research has shown that residents of mobile home parks nationally are more than three times as likely to experience water outages than residents of traditional houses.
More and more, mobile home owners are taking their infrastructure into their own hands. They are working with their neighbors to buy the land their homes are positioned on, to form resident-owned cooperatives, or ROCS.
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NPQ reported in 2017 about the emergence of these co-ops, which at the time were relatively modest in number: about 11 in the state of Vermont, for example, which contained 214 parks that year. You may own your own home, but a good third of the nine million households that own manufactured homes do not own the land underneath, NPQ wrote.
In the years since ROCs have surged. Nonprofits likeROC USAprovide mobile home communities with the tools to organize, including loans, grants, and other help as needed. The Washington, DC-based nonprofit has worked with more than 300 mobile home co-ops nationwideand none have defaulted or closed. The members of one ROC near Seattle, WA, worked together to secure a loan and buy the park their homes were located in once they learned the owner planned to sell.
And when mobile home residents own land, they have the power to not only make sure the water stays on, but to improve the infrastructure of their communities. Everybody thought, You know what?.Im going to make this place the best that I can, GadielGalvez, who is 22 and a co-op board member of the park outside Seattle, told the AP. Some people painted their homes, some people remodeled their interiors and exteriors, and some are working on their roofs.
ROCs are also adding renewables like solar power. Mobile homes can use heat pumps instead of the propane or natural gas that older, larger homes require. New mobile homes can also be built with sustainable materials. Such changes improve the energy efficiency of mobile homes and can help keep them safe in a changing world.
During the height of the pandemic, the top filer of evictions in Cincinnati, OH, was the owner of a mobile home park.
At present, manufactured homes are more likely to be a climate change issue than a solution. This is particularly true for mobile home parks that are not ROCS. Parks that are not owned by their occupants face increased eviction risk, putting their residents in danger in times of emergencies, from floods to severe cold.
During the height of the pandemic, the top filer of evictions in Cincinnati, OH, was the owner of a mobile home park. As the Ohio Capital Journal reported, land for mobile homes is increasingly in demand for other projects. Park owners may also abruptly alter leases or raise rents. When it comes to evictions, residents have few protections under a patchwork of state laws.
If residents own the land of their mobile home park, they have theopportunity to improve it.
Another group helping mobile home residents organize is Mobile Home Action (MHAction). In Tallahassee, FLan area at high risk from climate change impacts, including hurricanes and floodsMHAction brought mobile home owners and renters together to generate specific action steps in the face of eviction threats, rent increases, and unsafe conditions. I think its important to have [residents] all at the meeting because that way they can all listen to each others stories, build relationships and build power in numbers to fight back, MHActions Florida Community Organizer Nicole Soza told local news channel WCTV.
Mobile home parks, in general, are more likely to be located in climate-risky zonesflood plains, for example. You see a disproportionate amount of mobile homes located in hazardous areas, Rumbach toldFast Company.The demand is being driven by a segment of the housing market thats looking for lower costs. And as a result, you see a lot of manufactured housing being placed into relatively climate-vulnerable places, because that land tends to be a little bit less valuable.
In the severe cold of early January 2024, at least one death occurred in a mobile home when a tree uprooted by the storms fell. Last year, Vermont announced a state program to help the residents of mobile homes whose housing had been destroyed by floods. Meanwhile, as of 2023, mobile home residents in Colorado were still struggling to recover after the floods of a decade earlier.
If residents own the land of their mobile home park, they have the opportunity to improve it: to include sump pumps or graded yards in case of floods to clear dead trees that could fall in a storm or ignite in a wildfire, to guard against poor living conditions, and to take care of each other.
Were hoping to get all these people together, said Caroline Hardy, a Washington State mobile home resident who helped start a new tenants association, so that we can fight.