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Home > Analysis and Commentary, Business, Finance, Legislation, Manufactured Housing Industry, News Item, People, regulation, Trends > Senator Tim Scott, Rep. Erik Paulsen – Overlooked Part of Tax Reform, Plus New Credit Plan for ALL Housing, Including Manufactured Homes

Senator Tim Scott, Rep. Erik Paulsen – Overlooked Part of Tax Reform, Plus New Credit Plan for ALL Housing, Including Manufactured Homes

May 18th, 2018

SenatorTimScottTaxReformRepErikPaulsenOpportunityActCreditReformManufacturedHousingIndustryDailyBusinessNwsMHProNews

In a series of video media releases to the Daily Business News, Senator Tim Scott (R-SC) touts recent accomplishments, explains how he hopes to narrow the gap for minorities, and boost all Americans’ earnings.

 

In one of these video releases, Senator Scott also spotlights an effort to get more credit – especially for housing purchases – which includes manufactured homes.

Senator Scott’s plan was amplified by Representative Erik Paulsen (R-MN).

Congressman Paulsen’s recent Op-Ed to the Washington Examiner said, “In January 2017, prior to tax reform and regulatory reforms, the Congressional Budget Office projected only 1.9 percent growth for 2018. CBO now projects 3.3 percent growth for 2018, the highest annual growth rate since 2005.”

The Minnesota Congressman explained that “While all Americans will benefit from this growth, some still need even more help. In the average state, 15 percent of the population lives in a distressed community.”

USSenatorTimScott-R-SC-InvestinginOpportunitiesActPartTaxReformDailyBusinessNewsMHProNwes600

Paulsen explained that, “As a component of the Tax Cuts and Jobs Act, Opportunity Zones are intended to incentivize long-term private investment into low-income areas, based on the Census. This approach allows state governors, and not Washington central planners, to select 25 percent of the state’s low-income census tracts as Opportunity Zones. If the state has fewer than 100 low-income census tracts, governors can designate 25 of them.”

ErikPaulsenUSRepMN-R-WikiManufacturedHousingIndustryDailyBusinessNewsMHProNews

Juxtapose those points with the Senator Scott videos posted on this report, and MHProNews business professionals and investors will realize why the best may yet be to come from the Tax Cuts and Jobs Act.

There has already been a new production center announced since the tax plan was passed into law (see the report, linked below).

According to the CFPB’s white paper, South Carolina has the highest percentage of manufactured homes per capita.  About one in five in that state live in a pre-HUD Code mobile home, or a post HUD Code manufactured home.

Senator Scott and the Trump Administration worked closely to make the incentives for investment a reality, as Daily Business News readers may recall during the presidential signing ceremony.


Credit Plan Changes, Aimed at Boosting Minority Wages, Enhanced Opportunities for All

CNBC contributor Jennifer Streaks points out in a new column that “Black families have 10 times less wealth than whites and the gap is widening—but there’s hope.”

Streaks said, “Black families now have 10 times less wealth than whites.”

Readers may recall last year that during a speaking tour by HUD Secretary Ben Carson, that he emphasized that renters have an average net worth of $5,000, while the average home owner has an average net worth of $200,000.

Citing research that points to credit access inequalities that harm minorities, Streaks article said that “There needs to be an alternative scoring model to judge credit-worthiness,” according to Senator Scott. “That’s why he has introduced the Credit Score Competition Act, which would create an alternative model for credit-worthiness that would include consistent payments for rent, utilities and cell phones.”

Executives with the Government Sponsored Enterprises (GSEs) have said they welcome this initiative.

MHProNews readers are reminded of the research by Florida Atlantic University (FAU) professor, Ken Johnson, who told MHLivingNews how purchasing a manufactured home can be a favorable vehicle for increasing personal wealth.

Researchers Shake Up American Dream? Rent vs. Buy, Ken Johnson, Florida Atlantic University, Exclusive to ManufacturedHomeLivingNews

That’s echoed by research by Prosperity Now.  It is yet more evidence that manufactured housing and affordable home ownership are bi-partisan in nature, not a left-right issue.

MHProNews will provide an exclusive on a related efforted by the White House, which may accelerate the Scott plan through executive action.

Notice: For those not yet on the MHProNews emailed updates, click the link below to join in second the thousands of professionals who will get that upcoming report, along with all other timely headline news from the industry’s leading trade media news source.  See the sign up, after related report links, further below. ## (News, analysis and commentary.)

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Related Reports:

US Manufacturers Roar, Hiring More, Paying More, Thanks to Tax Reform – Plus Manufactured Housing Connected Stocks, Investment Updates

After Tax Cut$, U.S. Records Largest Budget Surplus, Plus Manufactured Home Market Updates

Manufactured Housing Supporting VP Mike Pence in Elkhart, Indiana – Highlights

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SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.
Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

 


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