For those community owners who are thinking about using the FHA 207m loan guarantee program for re-financing their communities, to take advantage of today's low interest rates, and longer term (up to 40 year amortization) non-recourse financing from a private lender.
Most of these are in my book: "FHA Financing for Manufactured Housing Communities".
First, make sure the community needs some rehabilitation. Rehab may consist of capital improvements which improve the community for the residents in terms of services, utilities, safety, convenience, security, etc. They may also consist of improvements which allow the community to be more marketable. Although some deferred maintenance may be included in the rehab, it is not suggested they be the primary items, unless the community is in a severely degraded condition so as to be dangerous or unsafe for the residents.