The nonprofit Enterprise Community Partners is selling its entire stake in Bellwether Enterprise, a for-profit commercial mortgage lender that has provided financing for manufactured home parks tied to rent hikes and evictions. This move follows years of scrutiny over the lender’s role in expanding communities managed by operators accused of exploitative practices, including Havenpark Communities, which has faced claims of excessive rent increases, poor maintenance, and resident harassment.
Enterprise, which promotes its mission of creating homes and communities as “places of pride, power, and belonging,” has long positioned itself as an affordable housing leader. However, its for-profit subsidiary, Bellwether Enterprise (BWE), has helped fund the expansion of manufactured home parks where residents report displacement pressures. The sale, announced in July, will transfer control to Bayview Asset Management—a $44.7 billion investment firm specializing in mortgage debt—and Springmont Capital, the private investment arm of Morgan Properties, the nation’s second-largest apartment owner.
Enterprise’s decision comes after 16 months of reporting by Shelterforce, which documented the nonprofit’s influence over BWE’s lending choices. Initially, Enterprise insisted it lacked control over the lender, but after further investigation, it acknowledged using its ownership stake to review and strengthen BWE’s underwriting standards, though it never confirmed whether those adjustments applied to loans for operators like Havenpark.
For years, manufactured home residents and advocates had urged Enterprise to restrict BWE’s lending to companies like Havenpark. In 2019, MHAction, a national resident-led group, warned Enterprise about BWE’s financing of Havenpark’s acquisitions. After nearly a year of delays, the organization met with Enterprise’s leadership, only to be told that BWE operated independently and would continue lending to Havenpark. The nonprofit denied directing the lender but did not contradict the activists’ account of the discussion.
Financial records show Enterprise controlled 57.72% of BWE’s voting shares as of late 2025, despite holding only 43.25% of the company. That voting power allowed it to shape BWE’s lending policies, yet it never blocked loans to Havenpark. Between 2016 and 2022, BWE arranged 108 Fannie Mae-backed loans for entities linked to Havenpark, according to the report investigation. Havenpark has denied predatory practices, citing $250 million in capital improvements made in acquired communities since 2020.
Nonprofit exits lender despite mission contradiction
With the sale completing this fall, Enterprise will exit BWE entirely, retaining no ownership or voting rights. The proceeds will establish its first permanent endowment, which CEO Shaun Donovan says will enhance the nonprofit’s financial independence. Jordan Ash, housing director at the Private Equity Stakeholder Project, called the transaction a contradiction. “He says Enterprise’s announcement means it plans to fund its mission by selling its interest in a company ‘whose practices were directly counter to that stated mission.’ Ash wants Enterprise to use so” the proceeds to support resident ownership programs and tenant protections in manufactured housing communities.
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Candi Evans, a resident of Golfview Mobile Home Park in Iowa, has owned her home for over 20 years. After Havenpark sold the park in 2024, the new owner introduced one-year leases, eviction protections, and limited rent increases. Evans, who had pressed Enterprise to address BWE’s lending, said the nonprofit’s sale leaves residents without influence over their communities’ financing.
“At the very least it would be great if some of the lost equity in our homes could be compensated,” she says. Neither Enterprise nor BWE contacted her about the sale or its potential impact on residents.
New owners pledge affordability without proof
BWE’s new owners claim the transition aligns with its affordable housing commitment. The lender has pledged to allocate 45% of profits to increasing affordable homes, but without transparent underwriting standards, residents cannot verify whether this extends beyond marketing claims.
Enterprise’s departure from BWE also removes a potential ally for residents seeking leverage over park operators. Between 2014 and 2025, the nonprofit recorded $186.5 million in gains from BWE’s mortgage activities alone, up from $141 million the prior year. With Enterprise exiting, advocates fear BWE’s new owners will prioritize financial gains over tenant stability.
Residents left powerless as risks remain
However, residents like Evans argue those investments came too late and failed to offset the financial strain of rent hikes and neglected maintenance. The company’s refusal to address its relationship with BWE or Enterprise’s sale further isolates residents from accountability. Meanwhile, BWE’s incoming owners have not indicated plans to adopt stricter lending terms that could prevent future displacement. Without public underwriting standards or resident input in loan decisions, the risk of recurring issues, steep rent hikes, evictions, and abandoned maintenance, persists.
