"The Manufactured Home Park Protection Act"; expands opportunity to purchase for resident homeowners in certain manufactured home parks; modifies certain requirements for disposition of private residential leasehold communities.
Impact
The legislation significantly alters the landscape of private residential leasehold communities (PRLCs) by allowing resident homeowners to act collectively in their interests. Instead of requiring two-thirds consent from homeowners to purchase, as stipulated by previous legislation, A4973 lowers this threshold to 51%. This change is expected to make it easier for resident groups to take ownership of their communities, thus improving their financial and housing security. Furthermore, effective communication from landowners regarding sale offers is mandated, thus ensuring transparency in dealings.
Summary
Assembly Bill A4973, known as 'The Manufactured Home Park Protection Act', aims to enhance protections for resident homeowners living in manufactured home parks by expanding their opportunities to purchase the community land upon which they reside. The bill modifies existing laws to facilitate the purchasing process for resident homeowners by allowing them the right of first refusal in case the landowner intends to sell the property. It stipulates that landowners must provide adequate notice and detailed information about any offers received, thereby empowering residents to make informed decisions about their future.
Contention
One of the notable points of contention surrounding A4973 arises from its potential to create friction between landowners and resident homeowners. Landowners may perceive the bill as an infringement on their property rights and a reduction of their ability to sell land at market value. On the other hand, proponents argue that the bill is essential for preventing displacement of homeowners when parks change ownership or purpose, thus safeguarding their investments and promoting community stability. The requirement for landowners to negotiate in good faith with resident groups has also raised questions regarding how the implementation will be monitored and enforced in practice.
Same As
"The Manufactured Home Park Protection Act"; expands opportunity to purchase for resident homeowners in certain manufactured home parks; modifies certain requirements for disposition of private residential leasehold communities.
"The Manufactured Home Park Protection Act"; expands opportunity to purchase for resident homeowners in certain manufactured home parks; modifies certain requirements for disposition of private residential leasehold communities.
"The Manufactured Home Park Protection Act"; expands opportunity to purchase for resident homeowners in certain manufactured home parks; modifies certain requirements for disposition of private residential leasehold communities.
Relating to the sale by the Brazos River Authority of certain residential and commercial leased lots and other real property in the immediate vicinity of Possum Kingdom Lake.
Relating to the sale by the Brazos River Authority and regulation of certain residential and commercial real property in the immediate vicinity of Possum Kingdom Lake.