In recent years, nonprofits, media outlets, and public officials have referred to RHP Properties and other land-lease manufactured home community consolidators as “predatory.” The concerns surrounding these companies have gone beyond partisan lines, with both Democrats and Republicans recognizing the serious issues within the affordable housing market.
To fully comprehend the meaning behind these statements, it is important to examine the troubling trends and explore potential solutions based on existing laws. This article will provide a comprehensive analysis of RHP Properties, starting with their latest formal statements.
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According to RHP Properties’ own press releases, they acquired 29 manufactured home communities in Illinois, Indiana, and Michigan, totaling over 4,200 sites, for a purchase price of $184 million. This acquisition adds to RHP’s existing portfolio of 297 manufactured home communities nationwide. The company has positioned itself as the largest privately held owner and operator of manufactured home communities, providing affordable housing since 1988.
However, to counter allegations of being “predatory,” RHP Properties has made efforts to present a more positive image. For example, they announced a $10,000 donation to support an Illinois school through AdoptAClassroom.org. While charitable gestures are commendable, it is worth noting that the amount donated represents a fraction of their overall acquisitions.
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A closer look at the numbers reveals that RHP Properties invested $336 million in acquisitions compared to $10,000 in charitable donations. This raises questions about their priorities and the true motivation behind preserving affordable housing.
Similar claims of “preserving” affordable housing have been made by other companies, such as Havenpark Capital. However, reports have surfaced regarding significant rent increases and additional charges imposed on residents following acquisitions by these companies. This contradicts their supposed commitment to keeping housing affordable.
It is noteworthy that RHP Properties, Havenpark Capital, and other firms involved in these practices are members of the Manufactured Housing Institute (MHI). The fact that multiple companies with similar allegations are affiliated with MHI raises concerns about the institute’s ability to regulate its members and advocate for the best interests of manufactured home residents.
The allegations of predatory behavior and monopolization are not new in the manufactured housing industry. In fact, a viral video by HBO’s Last Week Tonight with John Oliver exposed numerous firms linked to MHI for engaging in questionable practices. These firms included Berkshire Hathaway-owned Clayton Homes and their associated lenders, who have faced accusations of predatory behavior.
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The allegations made by Oliver’s video and subsequent investigations highlighted the close ties between MHI-affiliated companies and the alleged mistreatment of residents. The video revealed a common pattern of behavior among these companies, leading to concerns about their impact on the affordable housing market.
Another issue that has contributed to the consolidation within the industry is the high cost of moving manufactured homes. While these homes are technically mobile, the expenses involved in relocating them can be substantial. Costs for transportation, unhooking utilities, preparing the home for transportation, and reinstalling it at the new location can range from $5,000 to $10,000. This financial burden discourages homeowners from seeking alternative options and contributes to the monopolization of land-lease communities.
The lack of accurate and reliable information about manufactured home communities has further facilitated the consolidation process. The absence of a national repository of data and indexes related to manufactured housing communities hinders transparency and prevents potential buyers from making informed decisions.
To address these issues and protect the interests of manufactured home residents, it is essential to enforce existing laws. Antitrust, RICO, and other legal measures can be utilized to combat market manipulation and predatory practices. Additionally, developing new sites and financing options that adhere to the Manufactured Housing Improvement Act of 2000 and the Duty to Serve Manufactured Housing (DTS) can help increase affordable housing options.
It is crucial for public officials, industry professionals, and consumers to fully understand these complex dynamics and work together to promote transparency and fair practices within the manufactured housing industry. By sharing accurate information, advocating for law enforcement, and supporting ethical businesses, positive changes can be made to ensure affordable housing for all.
Source: https://t-tees.com
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