When you live in a manufactured home community, your piece of the American Dream might sit on someone else’s land.
NPR recently reported on the growing trend of large national investment firms buying up mobile home parks, dramatically raising fees, and evicting people who can’t pay the lot rent – even though they own their homes.
When this happened in Halifax, MA (about 30 miles southeast of Boston), residents banded together and worked with ROC (Resident Owned Communities) USA to purchase their neighborhood and preserve 430 units of affordable senior housing.
In 2017, the $3.1 million commitment exceeded Leviticus’ internal lending limit at the time of $2.5 million. However, based on our positive experience with 7 previous loans to Manufactured Home Communities, and the significant social impact of the conversion, Leviticus was willing to make the loan.
At the time, this resident purchase was the largest manufactured home park conversion in the history of ROC USA, one of our lending partners in the transaction.
After fighting off two attempts by the previous owner to sell the property to another investment group, members of the Halifax Mobile Home Estates Association no longer have to worry about the land being sold out from under them.
Leviticus continues to advance the mission of our founders by providing access to decent homes, schools, jobs, and health and social services for lower-income people across five states.