WAUKEE — Rep. Cindy Axne (IA-03) wrote a letter March 31 to Havenpark Capital, the owner of multiple manufactured housing communities in Iowa, to request a delay in scheduled rent increase due to take effect April 1.
Citing the current public health emergency, Rep. Axne expressed concern that additional financial burden on the residents of MHCs, including Midwest Country Estates in Waukee, would be unaffordable during the unprecedented economic difficulties due to the ongoing coronavirus outbreak. Midwest Country Estates is due to see a 25% rent increase April 1.
“In these challenging times, we should be doing everything we can to keep families in their homes and additional burdens off their checkbooks,” said Rep. Axne. “Iowans are already struggling with lost jobs and lower wages – the residents of Havenpark’s properties in my district cannot afford another rent spike.”
The letter also highlights the provision of recently enacted CARES Act that mandates a moratorium on evictions at federally backed properties. Havenpark Capital received funding from Fannie Mae for several of its MHCs, and is subject to the mandate at those MHCs.
The CARES Act also allows multifamily borrowers from Fannie Mae or Freddie Mac to request forbearance for up to 90 days on their loans. The letter asks Havenpark Capital to clarify if it intends to seek forbearance on any MHC in Iowa.