There's also a growing industry, featuring how-to books, webinars and even a mobile home university, that offers tips to attract small investors.
Jeremy Ward poses for a portrait in front of his home in the Ridgeview Homes mobile home community in Lockport, N.Y., June 23, 2022. Ward is one of the residents at Ridgeview participating in a rent strike after new owners of the park announced they were raising rents by six percent."I moved here because it's basically the most affordable living," said Ward, who is disabled and living off of a fixed income.
When that didn't happen and a new lease with a 6% increase was imposed this year, they formed an association. About half the residents launched a rent strike in May, prompting Cook Properties to send out about 30 eviction notices. “You’re putting people in a snare and a trap, where they have no ability to defend themselves," he added.
McCarthy singled out Fannie Mae and Freddie Mac for guaranteeing the loans as part of a what the lending giants bill as expanding affordable housing. Since 2014, the Lincoln Institute estimates Freddie Mac alone provided $9.6 billion in financing for the purchase of more than 950 communities across 44 states.A spokesman for Freddie Mac countered that it had purchased loans for less than 3% of the mobile home communities nationwide, and about 60% of those were refinances.
“Many of the folks living in the park were on fixed incomes, disability, Social Security, and simply were not going to be able to keep pace,” said Kornya, who met with about 300 angry mobile home owners at a mega-church. “It led almost to a political awakening.”
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