"The Manufactured Home Park Protection Act"; expands opportunity to purchase for resident homeowners in certain manufactured home parks; modifies certain requirements for disposition of private residential leasehold communities.

The Manufactured Home Park Protection Act (A4973) gives resident homeowners in manufactured home parks the right to purchase the land their homes sit on if the landowner plans to sell. The bill requires landowners to notify resident homeowners, the Department of Community Affairs, and relevant municipal officials when selling land or considering a bona fide offer, with notice required to include price and terms. Resident homeowners can form a group with 51% consent to negotiate and purchase the land within 120 days, with a reasonable financing contingency of at least 90 days. The bill also allows resident homeowners to assign their purchase rights to a municipality, housing authority, or nonprofit organization to preserve the community as affordable housing.