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Cascade Acres is seen here on Monday, Aug. 4.
\n(Enterprise photo \u2014 Parker O\u2019Brien)<\/p>\n
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\tLAKE PLACID \u2014 For the first time in New York, the residents of a mobile home park have stopped the sale of their rented land to a private equity firm, by forming and assigning a homeowners association to purchase the park themselves and assigned the purchase to a local housing developer and operator.<\/p>\n
\tAfter the owner of the 118-unit Cascade Acres park announced its intention to sell the property and business to an out-of-state private equity firm last spring, tenants moved fast, fearing they could lose their homes under new management due to increasing rents or poor upkeep of the park.<\/p>\n
\tThey were the first community in the state to exercise their right of first refusal to purchase the land, under a law the state passed in 2023.<\/p>\n
\tNew York State Homes and Community Renewal announced the finalization of the sale on Wednesday. Brandon Montag \u2014 the new property manager and financier for the park \u2014 said he finished signing documents on Jan. 2 and started work at the park the next day.<\/p>\n
\t\u201cWe\u2019re the example,\u201d he said.<\/p>\n
\tThe state is excited about the historic successful purchase, he said. It showed it was possible.<\/p>\n
\tMontag said he\u2019s gotten requests from other communities to do similar rights of first refusal but he\u2019s busy with Cascade Acres now. He also owns the Birch Park Community mobile home park in Lake Clear.<\/p>\n
\tAt Cascade Acres, he said there\u2019s lots of cleaning up to do and it is taking a lot of work.<\/p>\n
\tOn Friday, he was in a front-end loader, scraping down several inches of packed snow and ice off the streets while he spoke with the Enterprise.<\/p>\n
\tCascade Acres resident and homeowners association co-founder Ryan Preston said that on Jan. 3, Montag was helping residents who had frozen water lines.<\/p>\n
\t\u201cOn his very first day he was knocking on doors helping solve problems,\u201d Preston said. \u201cHaving somebody that\u2019s at work every day that is the owner, that\u2019s taking your rent check, that\u2019s fixing your problems, that\u2019s speaking to you at the post office or waving to you when they drive around the park, that\u2019s 1,000% better than I\u2019ve ever seen the owner.\u201d<\/p>\n
\tThey\u2019re in the \u201choneymoon phase,\u201d he said, but he feels encouraged having a local owner.<\/p>\n
\tMontag said his goals are to keep Cascade Acres affordable, make it a nicer place to live, foster a sense of community and be an available landlord.<\/p>\n
\tThe state said this purchase ensures the park remains affordable to low-and-moderate income homeowners, and that the community \u201cremains in excellent physical condition.\u201d<\/p>\n
\tState law says manufactured home park owners cannot raise lot rents more than 3% a year, unless they can prove they have valid and required operating expense increases \u2014 mostly related to tax increases or infrastructure improvements. The maximum cap is at 6%.<\/p>\n
\tHCR Commissioner RuthAnne Visnauskas said this right of first refusal execution \u201cshows what can be accomplished through strong will and determination.\u201d<\/p>\n
\tShe said affordable housing is \u201csorely needed\u201d and that this effort created an opportunity for the tenants to own their homes.<\/p>\n
\tThe HOA could buy Montag out in the future, if they choose to do so, and he said he\u2019d be happy to work with them on that.<\/p>\n
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How it happened<\/p>\n
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\tThe former Cascade Acres owners, M.H. Communities Ltd., told residents last March it was preparing to sell the park to Crown Communities LLC. Crown is buying a number of M.H. Communities\u2019 parks around the northeast in a package deal totaling $87.5 million.<\/p>\n
\tCascade Acres residents were nervous. They didn\u2019t like what they were hearing about Crown\u2019s record with other parks.<\/p>\n
\tA rumor had sprung up that Crown planned to replace the 124 manufactured homes with condos. This was not substantiated, though, and owners of the company said they had no such plans. The contract would have required them to keep the land as a modular home park for five years. Preston said the park might have been fine under Crown, but they didn\u2019t want to risk it.<\/p>\n
\tPreston estimates the Cascade Acres neighborhood is home to around 200 employees, 30 seniors and veterans and 5% to 7% of the school district\u2019s students. If rents go up, if quality of life goes down or if the property were eventually turned into condos, he said they would not have anywhere to go. If they lose that community, the Lake Placid community would suffer, he said.<\/p>\n
\tHCR said Crown has a history of challenging right of first refusal efforts in other states.<\/p>\n
\tPreston resigned from HOA board in early December. He said there was conflict with the park management at the time and he left because it would be better for his family.<\/p>\n
\tNow, with new management, he might throw his hat back in the ring to be on the board when elections come up again.<\/p>\n
\tPreston said, overall, the right of first refusal process has been a positive experience. It was confusing at first, since they were the guinea pigs for the state. Now, he said he hopes more communities can use this law.<\/p>\n
\tHe did not think this could be possible when they got notice of the proposed sale last March.<\/p>\n
\t\u201cYou don\u2019t ever expect that you\u2019re going to be able to take on somebody that\u2019s a multi-state corporation that wheels and deals in millions of dollars,\u201d Preston said.<\/p>\n
\tResidents formed an HOA and exercised their right of first refusal, but they needed financial backing.<\/p>\n
\tThe state gave them a $4.7 million loan from HCR\u2019s Manufactured Home Advantage Program, the village of Lake Placid gave them a $420,000 loan, Champlain National Bank gave them a $1.6 million loan and Montag put in his own equity investment to make the purchase.<\/p>\n
\tThe state\u2019s loan is a 20-year loan and the village\u2019s is a 15-year loan.<\/p>\n
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Plans for the future<\/p>\n
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\tWhen Montag finalized the purchase, one of the conditions what that M.H. Communities needed to be paid for anyone who was behind on their rent, to make the company whole. Montag said he\u2019s now working with around 10 residents to get their back due rent \u2014 which he\u2019s taken on \u2014 paid off and setting up plans for them to come current. It\u2019s working with most people, he said. A few moved out when he sent out notices that they would need to come current or be evicted, he said.<\/p>\n
\tMontag said he\u2019s not charging late fees this month.<\/p>\n
\t\u201cNobody\u2019s getting evicted,\u201d he said.<\/p>\n
\tHe\u2019s also trying to clean the place up and is sending out notices to people to make repairs or clean up yards.<\/p>\n
\t\u201cI only have three rules,\u201d Montag previously said. \u201cPay rent on time or communicate, live clean, no cops.\u201d<\/p>\n
\tPreston said Cascade Acres is one of the only properties with the ability to increase affordable housing in the village. Montag estimates there are 20 to 30 more lots that can be added.<\/p>\n
\tMontag said he plans to set new units in the spring as soon as the snow melts. The park is permitted for 165 unit and has 118 now, he said. He thinks they\u2019ll be able to set six to 10 new units in the first year. Montag said there\u2019s already a wait list to get into the park.<\/p>\n
\tHe also plans to help residents get grants for home improvements.<\/p>\n
\tHe\u2019s got plans for a gazebo and picnic area with a dog run.<\/p>\n
\tPreston said Montag plans to fix street lights that have been out for years and pave roads.<\/p>\n
\tMontag wants to tap into village sewer lines to convert from a septic waste system. The sewer line runs right through the middle of the park and is better than having leach fields and septic tanks all over.<\/p>\n
\tCurrently, he said there is only one water meter for the whole community.<\/p>\n
\tSome people use a normal amount of water. Others use more than their fair share, he said, especially during the winter when some run water to keep water pipes from freezing instead of wrapping them in heat tape. This over-taxes the septic systems, too, he said. He said by individually metering water for each unit, he\u2019ll be able to reduce lot rents for people who use an average amount of water.<\/p>\n
\tHe said office hours will be starting next week. He\u2019s currently looking to hire people to work at the park, and said he\u2019ll hire more part-time in the summer.<\/p>\n
\tThe HOA got assistance from the Homestead Development Corporation for administrative work required for the purchase, from the Legal Aid Society of Northeastern New York for legal services and representation, from North Elba Councilmember Emily Kilburn Politi and from Office of New York State Attorney General Letitia James.<\/p>\n
\t\u201cI 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,\u201d James said in a statement.<\/p>\n
\t\u201cThis represents a tremendous victory for residents who were facing displacement when a private equity firm sought to purchase their community,\u201d Legal Aid Society of Northeastern New York Executive Director Nic Rangel said in a statement. \u201cWhile we\u2019re seeing a troubling decline in mobile home park availability across our region, this sale shows what\u2019s possible when we work together to protect these vital resources.\u201d<\/p>\n
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\tSARANAC LAKE \u2014 The town of Harrietstown is preparing to reassess the value of all of its properties.
<\/p>\n \tOn …<\/p>\n
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Cascade Acres is seen here on Monday, Aug. 4. (Enterprise photo \u2014 Parker O\u2019Brien)
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