Clock is Ticking on Fate of MHC

Following up on a story from July 22, 2011, has learned from the Journal-Topics of northwest Chicago, Glenview’s Sunset Village land lease community may be sold at auction following the Federal court’s denial of bankruptcy protection for the owners. Owned by Sunset Village Limited Partnership (SVLP), of which Richard Klarchek is the primary investor, the community has been ordered to repair its antiquated water and sewer systems by the Illinois Environmental Protection Agency because of numerous instances of contaminated water. The village of Glenview has sought contempt of court findings several times for the same violations because Klarchek, who is CEO of Capital First Realty, missed many deadlines to update the systems. These legal maneuverings were put on hold following the bankruptcy petition. The Sunset Village Residents Association has been meeting with local church groups in an attempt to become the first community-owned MHC in Illinois. A court-appointed trustee currently oversees operations; but if the bankruptcy is not settled by March, when residents can renew leases for two years, a new owner could force the residents to vacate within 12 months.

(Photo credit: GlenviewPatch)

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