Sponsors: Donnelly, Frank, Feeney, Tiberi
Introduced by Donnelly on 3 May 2007
Summary: This bill would modernize the manufactured housing loan insurance program under title I of the National Housing Act. The bill will provide adequate funding for FHA-insured manufactured housing loans for low- and moderate-income homebuyers; modernize the FHA title I insurance program for manufactured housing loans to enhance participation by Ginnie Mae and the private lending markets; and adjust the loan limits for title I to reflect the increase in costs, which has not been done since 1992, and to index the limits to inflation. HUD will develop a method of indexing in order to annually adjust the loan limits; the index will be based on the manufactured housing price data collected by the U.S. Census Bureau.
Latest Major Action: 6/26/2007 Referred to Senate committee.
Status: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.