Senator launches investigation of Alden Global Capital, other corporate owners of manufactured housing

Last week, Senator Maggie Hassan, ranking member of the Joint Economic Committee, launched a probe of six corporate owners of manufactured housing communities, including Alden Global Capital’s Homes of America, for alleged mistreatment of residents. In letters to the corporate owners, Senator Hassan requested information on the companies’ business practices and management of manufactured housing communities in their portfolios. 

Over the past two decades, manufactured home communities increasingly have gone from small local enterprises to ownership by private equity firms, hedge funds, and large, multi-state corporations that seek to capitalize on manufactured-home owners’ unique situation. Due to manufactured home owners’ limited mobility, investors can increase site rent prices and fees with little effect on demand. As a result, residents are trapped and can be squeezed for every dollar. In addition, evicting residents who are unable to keep up with rising site rents can be lucrative, as residents who are forced to leave may abandon their homes or sell to the investor at a steep discount. With such devastating consequences for evictions, manufactured home residents are often reluctant to raise concerns or challenge wealthy investors.

Since 2020, Homes of America, an affiliate of Alden Global, has spent over $275 million to acquire over 10,000 manufactured housing lots in 138 parks across 17 states. Many news stories have reported on Alden Global’s dramatic lot rent increases, with one park’s lot rent increasing by almost 100% after Alden took it over and many others increasing by around 50% over just a few years. News stories have also covered the company’s aggressive evictions and persistent neglect of habitability issues. According to residents whose stories appeared in PESP and MHAction’s 2024 report on Alden and Homes of America, parks taken over by Homes of America have seen an uptick in legal and financial abuse, resident displacement, and structural quality complaints. Another report by Health in Partnership and MHAction found serious public health issues in Homes of America parks. 

In March 2025, an Alden-owned park in mid-Michigan was criminally convicted for operating without a license since at least November of 2023, violating Michigan’s Mobile Home Commission Act. An agent for the company pleaded guilty to the charges, resulting in a one year misdemeanor and a $25,000 fine. As a result of the conviction, Homes of America was also ordered to sell the property.

In her letter to Alden, Senator Hassan letter directed the corporate landlord to provide the committee with a wide range of information, including:

• Documentation of Homes of America’s ownership structure;
• Internal documentation of strategy related to rent increases, resident fees; operating cost management; resident turnover and organizing; the use of public financing; and the use of tax incentives, including Opportunity Zones
• Number of manufactured homes rented by Homes of America
• Documentation of recapitalization or other refinancing of Homes of America communities
• Standard lease agreements, arbitration clauses, and community rules

According to the Senator’s letter, Alden and the other corporate landlords at the center of the probe were asked to provide the requested information by January 5, 2026. 

The Senator’s investigation was welcomed by the housing team at the Private Equity Stakeholder Project (PESP), which has tracked the private equity industry’s impact on manufactured housing residents for years. 

“Residents of Homes of America communities have been bearing the brunt of Alden Global Capital’s profits-first playbook for far too long,” said Sam Garin, a spokesperson for PESP. “Wealthy investors have been squeezing manufactured housing residents for every last cent, with devastating consequences for them. We welcome Senator Hassan’s investigation and hope it sheds light on Alden’s Homes of America operation.”