In 2007, the state of Minnesota established the Manufactured Home Relocation Trust Fund to provide manufactured (mobile) home owners with reasonable relocation compensation in the event that all or part of their park closes. This central state fund is administered by the Minnesota Housing Finance Agency. The state of Minnesota bills park owners up front and then allow them to collect the $12 afterwards either as a single annual amount or $1 along with monthly lot rent.
The Trust Fund was established by the Minnesota Legislature in response to the risk of park closings. Prior to its adoption, park residents were not guaranteed compensation for relocation costs unless their city passed a local ordinance. Since only 22 cities had passed such ordinances, over 100,000 residents in 400 cities remained unprotected. Now every manufactured home owner in the state is eligible for compensation.
In the event of a park closure, the local municipality will appoint a neutral third party approved by the home owners and the park owner. To file a compensation claim, the home owner submits a copy of the closure statement and proof that the property taxes are paid. If the home can be moved, the homeowner also provides a contract for moving costs. If the home cannot be moved the home owner provides a certificate of title with releases on all liens. Upon approval by the neutral party, the Mn Housing Finance Agency issues payment to the home movers or the home owner as appropriate.
Manufactured home owners are guaranteed reasonable compensation for relocation costs. If you live in one of the 22 cities that have ordinances, you may be entitled to receive a higher level of compensation. Otherwise, if the home can be moved, the compensation is moving costs up to $4,000 for a single section home and up to $8,000 for a multi-section home. If the home cannot be moved within a 25-mile radius, the compensation is the value of the home up to $5,000 for a single section home and up to $9,000 for a multi-section home.
Yes. If a manufactured home owner resides in a community that, prior to August 1, 2007, adopted a local ordinance covering relocation or buyout payments, the home owner can receive the higher of the local ordinance compensation amount or the state law compensation amount. However, the home owner is still required to pay the annual fee.
Pay the interest, less reasonable transaction costs, computed in accordance with the financial institution's standard accounting practice, at least quarterly, to the commissioner of management and budget and send a statement to the commissioner of management and budget showing the name of the broker for whom the payment is made, the rate of interest applied, the amount of service charges deducted, and the account balance for the period in which the report is made.
There isn’t a standard form for the statement. It can be done in any format as long as it meets the requirements stated above.
The payment and statement can be send to:
Housing Trust Fund Lockbox
PO BOX 64052
Saint Paul, MN 55164-0052