Posted by Dan (NC) on June 22, 1999 at 06:23:06:
I finally connected with the NC HUD person with 207(m) responsibility. He told me the first thing they require is documentation of need for new/rehabb’ed MH parks, to satisfy their economist. They need letters from many park managers detailing their vacancy rates. Doesn’t sound like a big deal, except he said they had not approved a single loan in NC in the past 20 years because of the inability of the many applicants to document need! Hoping to creatively demonstrate need, I offered to sell their economist a used MH for $1 if he could find a park in our county that would accept it. Thank God I don’t work for HUD.