This report accompanies the quarterly distribution to the Limited Partners of Uniprop Manufactured Housing Communities Income Fund ("UMHCIF" or the "Partnership") for the period ending June 30, 1998.
A NOTE FROM THE GENERAL PARTNER
Dear Limited Partners:
We are happy to report that the Partnership's operations during the second quarter of 1998 have enabled us to maintain our distribution target of $60,000, or $2.00 per Unit held. Please find attached your quarterly distribution check. Fo r custodial accounts, a credit was posted to your account and a confirmation notice is enclosed
Positive news continues regarding the manufactured home industry. As reported by the Manufactured Housing Institute (MHI), preliminary figures from the U.S. Census Bureau indicate that manufactured home shipments represented 24% of all new single-fami ly housing starts in 1997 and 31% of all single-family homes sold. As of April 1998, manufactured homes represented 22.1% of all single-family housing starts and 28.9% of all single-family homes sold. The industry’s strong growth has positvely affected the Partnership’s four communities, as the Partnership is experiencing the best over-all occupancy in several years. New home shipments to Florida, Michigan and Minnesota comprise nearly 10% of all new manufactured homes shipped in the U.S.
The MHI further reports that favorable manufactured housing industry trends, such as substantial costs savings of 20-50% over site-built homes, greater availability of financing and improved construction quality and appearance, should help the industry continue its growth as we approach the 21st century.
To keep up to date with industry trends, home shipments and various statistics, the Manufactured Housing Institute has an extensive website available on the INTERNET. The website address is http://www.mfghome.org.
As always, please feel free to write us or give us a call at 1-800-541-7767, if there is anything we can do to help you with your investment in UMHCIF.
Sincerely,
P.I. Associates Limited Partnership
The General Partner
Paul M. Zlotoff
its general partner