A companion measure to the bipartisan H.R. 3849, the Preserving Access to Manufactured Housing Act, introduced in the House of Representatives Feb. 2012 by Reps. Stephen Fincher (R-TN), Joe Donnelly (D-IN), and Gary Miller (R-CA), all members of the House Financial Services Committee, has been introduced in the Senate by Sen. Sherrod Brown (D-OH), Chairman of the Senate Banking, Housing, Urban Affairs’ Subcommittee on Financial Institutions and Consumer Protection as S. 3484. The Senate bill, similar to HR 3849, also focuses on lowering the threshold by which small balance MH personal property loans are considered high-cost mortgage loans, and specifying that those selling manufactured homes are not to be considered loan originators under the SAFE Act. As MHProNews has learned, MHI Chairman and Cavco Industries Chairman and CEO Joe Stegmayer says, “The legislation is an essential step in preserving the affordability advantage of manufactured housing and protecting the equity millions of manufactured home residents have built in their homes.” For more information, please click here.
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