LEVITICUS FUND - Faith Capital for Building Communities A community development fund for socially-responsive investors
Ways to Borrow>Manufactured Housing Parks

Promoting Resident Ownership of Manufactured Home Parks

The financing Leviticus provides for manufactured housing communities (MHCs) is part of our broader affordable housing lending program that seeks to support creation of safe, decent housing affordable to low-income household of all ages.

Leviticus is a Lead Organization in the I'M HOME Network of the Corporation for Enterprise Development (CFED), a diverse array of partners that serve as a learning and advocacy community promoting a model of resident-ownership in manufactured housing communities nationwide.

To date Leviticus has provided over $4 million in financing to preserve 950 units of affordable housing in communities now controlled and governed by the actual homeowners. Our lending for this program extends beyond our primary market of New York, New Jersey and Connecticut to include Massachusetts, Delaware, Pennsylvania, Vermont and Rhode Island.

Leviticus’ financing works to safeguard a crucial source of unsubsidized, affordable housing in our area. Residents in manufactured housing communities typically own their individual homes, but rent the land beneath. If a community is sold, or redeveloped for a different land use, residents can lose not only their homes, but also the equity they invested in their homes.

The MHCs program works to provide another option – a resident purchase opportunity – that has benefits not only for the park residents, but also for park owners.

For park residents, resident ownership offers:

  • Greater control of rents
  • Democratic management of the park
  • Long term security because the park cannot be sold or closed
  • Stronger sense of community

For park owners, resident ownership offers:

  • A viable option for selling their parks at a competitive price
  • Timely real estate transactions, from purchase offer to closing
  • A vested interest in the continuation of the park by the residents

For more information on Leviticus’ work in MHCs, please contact Maryann Sorese at 914-606-9003 ext. 201 or msorese@leviticusfund.org

A crucial part of Leviticus’ loan offerings for MHCs includes a revolving, predevelopment loan pool for financing the initial, higher-risk phase of resident-ownership. This predevelopment loan capital was made possible by grants from JPMorgan Chase, Corporation for Enterprise Development’s I'M HOME (Innovations in Manufactured Homes), and the Raskob Foundation for Catholic Activities, Inc.

Dispelling the myths about manufactured housing is part of the work of the broader I’M HOME network. Click to learn more about Manufactured Housing’s Top 10 Truths. ( PDF)

                                           

 

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Leviticus 25:23 Alternative Fund, Inc.
33 West Main Street, Suite 205, Elmsford, NY 10523
Tel. 914.909.4381    Fax. 914.606.9006
A member of the Opportunity Finance Network