Recalling a story MHProNews posted Sept. 5, 2014 regarding Mel Watt, then the new FHFA head, who said the “duty to serve” (DTS) rule as it impacts manufactured housing will be “revisited,” now says, “In 2016, we also plan to finalize a Duty to Serve rule, which will encourage Fannie Mae and Freddie Mac to innovate responsibly in the areas of affordable housing preservation, housing in rural areas, and manufactured housing.”

“The sector has seen an upward trend in occupancy and improvement in rent growth since 2012. The trend is likely to continue in the near to mid-term as demand for affordable housing is expected to increase,” according to Watt.

MHPronews reported Oct. 16, 2015 that Freddie Mac multifamily has financed $1 billion in MHC loans in 18 months, representing over 25,000 home sites. During those 18 months, according to costar, “The average sale price per manufactured home site has jumped from $19,144 to $32,092 per pad site,” according to CoStar COMPs data.

Kelly Brady, Freddie Mac’s multifamily vice president, stated “MHC loans are an example of how we are serving new geographic markets where added liquidity is critical and where manufactured housing provides an important source of affordable rental housing, especially in rural and non-metro areas.”

Freddie Mac’s research indicates occupancy in MHCs has increased in the last six years. In last month’s multi-family outlook, Freddie noted MH offers a less expensive alternative to most conventional multifamily and single-family rental units. ##

(Image credit: Federal Housing Finance Agency)

Article submitted by Matthew J. Silver to Daily Business News-MHProNews.