Following a post MHProNews.com published March 13, 2014 regarding the new housing reform bill introduced by Senators Tim Johnson (D-SD) and Mike Crapo (R-ID) for the Senate Banking Committee, the Manufactured Housing Institute (MHI) informs us the replacement for Fannie Mae and Freddie Mac would provide manufactured home (MH) loans secured by private property. The committee draft for the new Federal Mortgage Insurance Company (FMIC) includes “personal property loan secured solely by the home itself” and “hybrid-land home loan for a manufactured home,” and includes a mechanism for a new secondary market. The GSE’s affordable housing goals and duty to serve would both be eliminated, according to the head of MHI’s Government Affairs, Jason Boehlert, and replaced with incentive funds targeted to the affordable housing market.
In addition the bill establishes an Office of Consumer and Market Access that will also support pilot programs dealing with the development of sustainable homeownership and affordable rental housing, which includes MH. The committee bill is considered a working draft and will be changed before it is proposed as legislation. MHI is working with committee members to ensure the sections regarding MH remain. To access the news release and a summary of the measure, click this. ##
(Photo credit: archerland2005/flickr.com–manufactured home)