On February 26, the Federal Housing Finance Agency (FHFA) released the proposed affordable housing goals for Fannie Mae and Freddie Mac for 2010-2011. These goals are separate from the pending proposed rule of the “duty to serve” the manufactured housing industry. However, in its formal comment letter to FHFA on the affordable housing goals, MHI noted that the FHFA has failed to implement or publish a proposed rule on the “duty to serve” the manufactured housing industry, and that such a rule must be immediately expedited as directed by Congress. MHI urged the development of a program for personal property loans, and that the manufactured home loans secured as mortgages have been unfairly penalized and placed in competitive disadvantage since 2003. On the commercial lending side, MHI encouraged FHFA and the GSEs to develop guidance on how incomes of manufactured housing community residents can be estimated so as to include the financing of land-lease communities in the GSEs special affordable housing subgoals. While last year FHFA did not take any action on MHI comments claiming they “were beyond the scope of the rulemaking,” MHI will not give up and will continue to push for these issues. Click here to view the comment letter.
MHI members can contact Thayer Long at firstname.lastname@example.org with any questions.