Manufactured Housing Community Owner Information
SELLING YOUR OREGON MANUFACTURED HOME PARK?
Resident Ownership Could Be the Answer
When it comes time to sell, manufactured home park owners across the country are turning to a creative and unconventional option - selling to the residents of their community. And although at first glance a resident purchase may seem complicated, with the right assistance and support, it doesn’t have to be.
Who is CASA of Oregon?
The Community And Shelter Assistance Corporation (CASA of Oregon) was established in 1988, in response to the housing needs of Oregon families. A statewide organization, CASA of Oregon is a private, 501(c)3 non-profit community development corporation. The organization’s primary mission is to develop housing, programs and facilities that improve the quality of life and self-sufficiency of low-income populations.
What is CASA of Oregon’s Manufactured Housing Preservation Program?
In 2006, CASA of Oregon expanded its programs to include the preservation of manufactured housing parks through the creation of resident-owned communities. Using a multi-faceted approach, CASA of Oregon’s program focuses on policy issues, as well as on-the-ground technical assistance, in order to make resident ownership a viable option.
In May 2008, CASA of Oregon became one of nine Certified Technical Assistance Providers (CTAPs) under the national ROC USA™ network. ROC USA and its affiliate, the New Hampshire Community Loan Fund, are non-profits with over 25 years of experience combining expert technical assistance with specialized purchase financing for resident corporations. As a member of the ROC USA network, CASA of Oregon delivers pre- and post-purchase technical assistance and helps manufactured homeowners secure the financing needed to buy their communities and shape their economic futures through resident ownership. Participation in this network gives CASA of Oregon access to financial products, technical assistance trainings, and resources developed by experts from ROC USA and the New Hampshire Community Loan Fund.
To-date, CASA of Oregon has converted two manufactured housing parks to resident ownership:
- Victor Manor Mobile Home Park - McMinnville, OR: 30-space MHP converted in October 2008. Major infrastructure improvements completed in October 2009.
- Green Pastures Mobile Home Park - Redmond, OR: 51-space MHP converted in October 2009.
How Does it Work?
The first step in the process consists of a quick feasibility analysis. In cooperation with the seller, CASA of Oregon gathers information about the park, including size, number of vacancies, infrastructure needs and operating income and expenses, in order to determine whether or not a sale to residents is both affordable and viable. All information provided is kept confidential and, when requested, CASA of Oregon will not contact residents until a decision has been made to proceed.
If resident ownership appears to be a feasible option, CASA of Oregon will present the opportunity to homeowners as just that, “an opportunity”. If they are interested (and most are), then we proceed. If not, we inform you.
Drawing upon 20 years of housing and facilities development experience, CASA of Oregon carries out all of the steps necessary to make this a simple and easy process, including:
- Organizing residents and preparing them to purchase the community cooperatively.
- Negotiating the terms of the sale on behalf of the cooperative.
- Conducting the required due diligence.
- Securing the financing for purchase.
Most importantly, as a non-profit cooperative supported by CASA of Oregon’s technical expertise, residents will have access to a reliable financing source that isn’t available to other potential buyers.
How Long Will It Take?
CASA of Oregon is committed to ensuring a timely and professional transaction. Our targeted approach is vitally important to our success with sellers and homeowners alike. Moreover, we have a real estate broker on staff that is available to assist with the deal. With a willing seller and a willing buyer, we are able to move efficiently through financing, lender due diligence, and closing. For routine transactions, we aim to go from start to closing in 100 to 150 days.
What’s in it for CASA of Oregon?
CASA of Oregon seeks to preserve affordable housing and create programs and facilities that improve the lives of those in need. While our manufactured housing program was established through start-up funds secured from private and public grants, the sustainability of our program depends on the collection of a nominal developer’s fee and payment for post-purchase technical assistance provided to each resident cooperative. These fees are factored into the resident cooperative’s budget for purchasing and operating their community. As a non-profit organization, CASA of Oregon only seeks to recover the costs of providing the services necessary to facilitate resident ownership of manufactured home communities.
To learn more about the program, please contact Chelsea Catto at 503.537.0319 ext. 300 or by email at chelseac@casaoforegon.org