In an appeal from the Manufactured Housing Institute, MHI Chairman Nathan Smith says unless the Preserving Access to Manufactured Housing Act (H.R. 1779) becomes law, low-to-moderate income prospective buyers will face a tougher time trying to purchase a manufactured home, due to Dodd-Frank Act provisions. The bill will alter the definition of “high-cost” loans as they pertain to small-sized manufactured home loans, and re-define loan originators so as to exclude manufactured home salespeople. Noting the broad support needed from both parties, Smith says, “It is absolutely critical that the members of the manufactured housing industry and its allies clearly demonstrate that this corrective legislation is needed and transcends any partisan politics.” MHProNews has learned similar legislation will be introduced in the Senate shortly, so MHI members and associates need to re-double their efforts in contacting their representatives. Click here for full story.
(Photo credit: mycn2–Nathan Smith, Chairman of MHI))