President Bush Signs Housing Recovery Act of 2008: How the New Housing Recovery Act Affects Manufactured and Modular Home Builders

摘要

The Manufactured Housing Institute (MHI) is pleased it was able to secure provisions for manufactured housing into H.R. 3221, the Housing and Economic Recovery Act of 2008 (the Act), in addition to helping secure provisions for the benefit of the overall housing industry, which President Bush signed into law earlier this year. The Act did not come a moment too soon and will help alleviate some of the issues the housing industry is currently facing in this turbulent economy. MHI ensured the manufactured housing industry's concerns were addressed in the Act. FHA Title I (chattel), FHA Title II (real estate), Regulation of Fannie Mae and Freddie Mac, including a 'Duty to Serve' our industry and other tax provisions which affect the housing industry were all included in the legislation. The major problem with the FHA Title I program over recent years is that loan limits have not increased since 1992 and thus have not kept pace with production costs of the industry. In addition the program provides limited insurance coverage which has served as a disincentive to participation by both lenders and by Ginnie Mae.