Tenants at Cascade Acres Manufactured Home Park in the town of North Elba in Essex County purchased the 165-unit park from their landlord through a partnership with a local affordable housing developer, ensuring the long-term affordability of the community. The residents successfully exercised a provision under New York state’s Right of First Refusal law to prevent the community from being sold to a private equity firm. The successful sale of Cascade Acres marks the first time the Right of First Refusal, signed into law in October 2023, has been exercised in the state.
“The Cascade Acres cooperative group shows what can be accomplished through strong will and determination,” said New York State Homes and Community Renewal (HCR) Commissioner RuthAnne Visnauskas. “This purchase will help keep 165 units affordable in a community where it is sorely needed and creates an opportunity for the tenants to own their homes. We congratulate the new homeowners on their achievement and thank our partners for their commitment to preserving housing affordability.”
In March 2025, the Cascade Acres Homeowners Association was notified about the proposed sale to an out-of-state private equity firm that has a history of challenging Right of First Refusal efforts in other states. With the assistance of HCR, Office of New York State Attorney General Letitia James and Town of North Elba Councilmember Emily Kilburn Politi, the residents of Cascade Acres quickly organized to take advantage of their right to match the purchase offer as authorized under the Right of First Refusal law. Brandon Montag, a Lake Placid resident and owner of another manufactured home park in the area, provided financial resources as the purchasing partner.
The purchase is supported by a $4.7 million loan from HCR’s Manufactured Home Advantage Program, a $420,000 loan from the Village of Lake Placid, a $1.6 million loan from Champlain National Bank and an equity investment from Mr. Montag.
The Right of First Refusal was signed into law in October 2023 by Gov. Hochul as a tool of preserving affordability in manufactured home parks—a critical source of affordable homeownership, particularly in rural communities upstate. At Cascade Acres, the tenant-led partnership with a local affordable housing developer will ensure the park remains affordable to low-and-moderate income homeowners, and that the community remains in excellent physical condition.
“New Yorkers throughout our state depend on manufactured home parks for an affordable and secure home,” said Attorney Gen. James. “New York’s Right of First Refusal law gives manufactured home park residents the power to decide the future of their communities and puts them on a path to homeownership. I was proud to have helped Cascade Acres residents become the first tenants in our state to use this law to ensure their community remains an affordable place to live under their control.”