New legislation signed by Gov. Kathy Hochul on Wednesday provides homeowners in manufactured home parks with the right of first refusal on any potential sale of the property. Under the new law, when property owners decide to sell, they are obligated to provide homeowners or their affiliated homeowners association with detailed sale proposals. Residents then have a 60-day window to express interest in matching the offer, followed by a 140-day timeframe to complete the purchase.
State Sen. James Skoufis (D-Cornwall), the bill’s sponsor, emphasized the legislation’s intention to offer residents a more equitable chance at preserving their communities from potential buyers who might not align with the park’s vision. However, Jeff Cook, CEO of Cook Properties, the largest owner of manufactured housing communities in the state, expressed concerns. According to Cook, this new provision may deter potential investors due to the extended sale process, which exposes owners to market variability and rate changes. He added that this hesitation might extend beyond buying existing parks, impacting the establishment of new communities, crucial for addressing the affordable housing crisis.
The law modifies previous provisions, where the right of first refusal was only granted if the new buyer planned a different land use. Supporters believe the revision will protect affordable housing communities without obstructing genuine investment interests. Alongside this law, Hochul endorsed two other bills concerning manufactured home parks, focusing on mortgage facilitation and aligning state laws with federal standards on civil penalties in manufactured housing.
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