new owners mobile home park

[Claire Burnside]

What is the name of your state (only U.S. law)? Florida
Our mobile home park was recently bought by about a third of the residents who formed a non-profit Co-Op. They contend that the old prospectus that was issued by the developer about 30 years ago is now invalid and they will issue a new prospectus. The original prospectus contained a list of 23 items that could be used to justify rent increases. Can the new owners write their own prospectus with a new list of items to be used to justify rent increases? Additionally, can the new owners raise rents based on projected expenses such as planned park repairs or must they make those repairs and then raise rents to recoup their expenses?What is the name of your state (only U.S. law)?

 

[FarmerJ]

If this is going to be a non profit I dont see any reason they cannot plan for a project then , create a budget for it and collect a increased amount or percentage of the total rents to pay for it. It would not make sense to take on debt to do work , with park only being 30 something years old the biggest things that may come up will be road repair/ replacements, lighting safety issues and repairs to its water and sewer lines if those are not city owned as well as repair , and water testing cost if the park is on its own private well and last but not least if the park is on private septic treatment some day it could face connection to city sewer if current system failed or at least what ever the cost is of replacing system if there is no city sewer available or connection to city water should private well fail and city mandates connection to it. most any thing else is little stuff , after this long I imagine they might not be doing a lot of tree , bush plantings since theres probably a reasonable amount of established foliage , but if theres a hurricane/ tornado then you got removal cost. ( well planned budget might already address many of those things) go to meetings to learn all you can and take notes , ask questions as well as see if your state atty general offices have useful tips on where you can learn more about what has been done with the change in ownership.