New Proposal For Old Manufactured Homes In Milo, Maine

If this revolutionary proposal goes through in Milo, Maine, there will soon be brand new manufactured homes instead of the very old mobile homes that exist now. Most of these have really no value as they stand right now and the living conditions in these lots are pretty bad. This is all set to change if the Penquis proposal for upgrading these sees the light of day.

What Penquis has proposed is to set aside a part of the village area and sell the lots and new manufactured homes on them to the owners of the old homes at a very low mortgage rate. They aim to work with those interested to help them prepare the loan applications and through the Rural Development program, the homeowners would pay as little as $2.94 a month on every $1,000 that they borrow. Once they get feedback as to how many would like to participate in this endeavor, it could be determined how much of a market there could be for this new scheme.

This could augur well for the community as a whole by bettering the standard of living for the people in the old substandard homes. Also under consideration is whether these homes could have a lock-in value so the owners don’t have to grapple with increasing taxes. This would of course, require a town meeting vote so this area could be declared a Tax Increment Financing District. Considering most of the mobile homeowners are paying little or no taxes right now, there will be some property taxes coming in once the scheme is through. Looks like a win-win situation for all concerned.

Entry Filed under: Manufactured Homes

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