Issue link: https://read.dmtmag.com/i/140471
Given the ambiguous or potentially misleading input that GAO may have received in recent meetings outside of Washington, D.C. -- conducted without the necessary prior groundwork as exemplified by MHARR's April 11, 2013 GAO package (copies of which have been disseminated to industry members) - as well as misinformation already accessed by GAO from non-credible sources including industry competitors and detractors, this meeting was a positive step forward and potentially a "game-changer" in returning the GAO investigation to the specific issues identified by Congress in its original referral, i.e., HUD's implementation of the 2000 reform law and the proper role, operation and authority of the MHCC. This issue – countering the possible misdirection of the GAO investigation into areas that have long been settled among all federal program stakeholders – will require constant vigilance and appropriate action when and where necessary by Congress, the industry, consumers, the states and other program stakeholders as the GAO investigation progresses. The Manufactured Housing Association for Regulatory Reform is a Washington, D.C.-based national trade association representing the views and interests of independent producers of federally-regulated manufactured housing. Monroe & Giordano Close Ohio Community Loan of $6,000,000 Monroe & Giordano, located in Tampa, Florida, the nation's oldest, independently owned and operated mortgage banking firm specializing in Manufactured Housing Community financing, recently arranged financing on Leaders Manufactured Home Community in Chardon, Ohio. The borrower received long term fixed rate financing in the amount of $6,000,000 with a term of 10 years—amortized over 25 years. Leaders Manufactured Home Community is located in an upscale suburb of Cleveland, Ohio. The 90%+ occupied community was built in 1960's and expanded through the years. It contains 253 developed sites. It has a low density of 3.75 units per acre on its 67.68 acres. Twenty percent of the homes are doublewide and the community has its own water and sewer plant. Amenities include a clubhouse, and a beautiful county jogging path-nature trail running along the back of the community. J. Cary Monroe, Michael B. Giordano, Matt Gentile and Glenda Rice with over 60 years experience in commercial real estate lending, have established the commercial mortgage banking firm of Monroe & Giordano which is active primarily in the Southeastern United States. The firm represents numerous lenders that are extremely active for properties of these types. Monroe & Giordano have proven they have the ability to provide their borrowers creative solutions based on each borrower's unique needs. Monroe & Giordano have offices in Tampa, Florida and may be reached at 813-229-5055. JULY 2013 11 THE JOURNAL