Section 108 of the bill includes provisions that expand access to affordable mortgage loans for manufactured home buyers, mirroring The Preserving Access to Manufactured Housing Act (S.682/H.R.650) that was passed by the House in April. The measure eases restrictions on lenders who make smaller manufactured home loans, and allows manufactured home retailers to provide information about potential lenders to their customers. Section 108 also preserves protections for the consumer such as the QM Ability to Repay and transparency of the transaction.
MHI reminds industry personnel of the importance of preserving Section 108, and the need to garner support for S.682 from senators who are not on board in the face of what is expected to be massive misinformation coming from the mainstream media and consumer groups to defeat the bill. Manufactured housing remains the largest source of unsubsidized affordable housing in the U. S. Unintended federal regulations have pushed lenders away from the market, harming consumers by making it more difficult for them to finance the purchase of MH.
Additionally, not only are consumers of manufactured homes stifled by the suffocating federal regulations. The workforce that builds and markets MH could create thousands of added jobs to the employment rolls, which in turn would provide millions in additional taxes to local, state and federal coffers.
The sense of urgency in contacting your senator cannot be overstated. Send an email to your senators by clicking this button, which will send a pre-drafted email to both of your senators. Or call the capital switchboard at (202) 224 3121 to obtain the phone number of both of your senators.
Many senators will be in their state offices during the Memorial Day work period which will allow you to visit them in person. ##
(Image credit:us.gov.senate)
