Modular home owners will get the first right of refusal when park owners want to sell residential parks.
New York Governor Kathy Hochul signed a law that offers additional protection to mobile home park residents, who often face eviction or sharp increases in land lease costs when mobile home parks change hands.
As Lacey Leonardi explains for Spectrum Local News, “Landowners cannot be prevented from selling. The new law means homeowners in the parks – most of them own their trailers and rent their spaces – now have the first right of refusal to purchase the land.” Manufactured housing provides a significant pool of affordable housing in the United States, but residents often lack protections when park owners decide to sell or hike prices.
According to a press release from the governor’s office, the legislation also authorizes mortgages and mortgage pool insurance for manufactured homes. “This legislation will help homeowners in manufactured home parks safeguard their affordable communities, without unduly hindering unopposed investments in manufactured home parks,” the press release states.
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