As I'm working out the details of a contract for a park in Massachusetts, I'm learning a lot about the local and state laws.
According to the Attorney General's Guide to Manufactured Housing Community Law (I didn't even read the whole guide yet!),
All owners names/addresses need to be given to all tenants of the park, even if you're a corporation.
Owners must provide a 5 year lease option to all tenants, whether new or existing (upon renewal).
Owners must submit changes to Rules in the Park to the AGO and Dept. of Housing and Comm. Development.
Owners can ONLY bill back for individually sub-metered utilities.
The town I'm looking into buying in also has RENT CONTROL!
Looking into the laws specific to this town, I found these strange things:
Owners need to request any rent raises to the AGO and the local rent control board for approval.
Approval is based on several factors, one being CPI in some fashion (unclear about actual application or which portion of CPI they look at).
GET THIS - Tenants can also petition to lower the rents by going through the same process. The local rent control team will look at the income/expenses of the park and determine whether or not you need to lower the rents based on the NOI of the park. During this process they will scrutinize the spending of the owners as well.
Is anyone operating a park successfully in Massachusetts?