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Posts Tagged ‘financing options’

H.R. 650 Passes out of House Financial Services Committee

March 27th, 2015 Comments off

house_financial_services_committee__facebook creditThe House Financial Services Committee passed H.R. 650, the Preserving Access to Manufactured Housing Act of 2015 that will help millions of Americans have better access to financing options for manufactured housing. The vote was 43 in favor and 15 opposed.

In addition to the Manufactured Housing Institute (MHI), H.R. 650 is supported by the National Association of Realtors, Mortgage Bankers Association and the National Association of Credit Unions. The bill is cosponsored by 41 members of the House. A companion bipartisan bill, S. 682, is under consideration in the Senate.

As tennessee.realestaterame tells MHProNews, Rep. Stephen Fincher (R-TN), one of the original sponsors of the bill (last year as well as this year) that garnered bipartisan support, says, “Today’s vote puts us one step closer to providing financing options and regulatory relief to the families and individuals in the industry who rely on manufactured housing. I look forward to the full House passing this important bill as soon as possible.

Last year’s Preserving Access to Manufactured Housing bill, #1779, was also passed by the House Financial Services Committee but never made it to the House floor for a vote.  ##

(Image credit: House Financial Services Committee)

matthew-silver-daily-business-news-mhpronews-com   Article submitted by Matthew J. Silver to Daily Business News-MHProNews.

Fannie Mae: Manufactured Housing has Challenges to Overcome

June 27th, 2013 Comments off

In its latest Housing Insights report, Fannie Mae notes that while overall home construction fell by 70 percent between 2006 and 2011, manufactured housing (MH) began declining in 1998, falling nearly 90 percent. In 2012 MH accounted for 7.4 percent of total home construction, a substantial drop from 20.2 percent in 1998. The report says, “Given manufactured housing’s modest share of the total housing stock, the decline in manufactured home production might not seem important. However, manufactured homes account for an outsized share of low-cost housing, particularly among owner-occupants. Whereas manufactured homes account for approximately 7 percent of all owner-occupied homes, they represent 16 percent of owner-occupied units with monthly housing costs of less than $500.” As inman.com informs MHProNews, the average price per square foot for a manufactured home in 2012 was $42, less than half the square foot cost of a new site-built, single-family home. The report cites several barriers the industry must overcome, including limited conventional financing options due to titling of most manufactured homes as personal property, an underdeveloped secondary market for manufactured home loans, and pending financial regulations that could further curtail manufactured home lending.

(Photo credit: Jonathan Ernst/Reuters–Fannie Mae headquarters)

Portfolio of Manufactured Housing Communities Obtains Refinancing

June 18th, 2013 Comments off

Birmingham, Mich. based Q10 l Lutz Financial Services has arranged $108 million for the refinancing of a portfolio including 47 manufactured housing properties and three apartments. Lutz, a commercial real estate financial services firm, says the unnamed, Midwest-based private investor realized $99 million for the manufactured housing communities and $9 million for the multifamily properties. As nreionline tells MHProNews, the holdings are in Wisconsin, Michigan, Ohio, Minnesota, and Maryland. As managing principal at Q10, Adam Lutz said, “As the overall economy and housing market continue to improve, more financing options are available for tenants who want to reside in manufactured housing communities. As occupancy rates have increased nationwide, the cap rates have continued to decline.”

(Photo credit: Triangle manufactured housing community, Battle Creek, Mich.)

MHI & MHARR Begin Joint Project

March 15th, 2013 Comments off

The Manufactured Housing Institute (MHI)  informs MHProNews at their  Board Meeting Feb. 25, president and CEO Richard Jennison presented the three issues which MHI is newly collaborating on with the Manufactured Housing Association for Regulatory Reform (MHARR): 1) have a non-career head of the MH program at HUD; 2) have two non-lobbyist representatives on the Manufactured Housing Consensus Committee (MHCC); 3) and reform GSEs so there are more financing options for MH. And from their newsletter: “The Federated States Division recommended that MHI consider protection of retail sales centers from the CFPB definition of a loan originator through commercial speech laws. It was noted that the Finance Lawyers Committee is exploring options at this time. The Dodd-Frank/CFPB Task Force recommended that MHI’s financial services policy priorities be focused on reforming three key areas of CFPB regulation that would, both individually and collectively, significantly limit the availability of credit in the manufactured housing market. They are: 1) HOEPA High Cost Mortgage Triggers; 2) HPML Appraisal Requirements; and 3) Loan Originator Compensation Exclusion for Manufactured Home Retailers.”

(Photo credit: Chris Butler/idahostatesman–Delores Loredo working on MH)

GSHS, QuikTrip Center, Tulsa, OK March 1-4

February 28th, 2012 Comments off

The Great Southwest Home Show, billed as the World’s Largest Indoor Manufactured Home Show, is packing a wallop of seminars, forums, and workshops in addition to all the vendors and homes from the nation’s foremost manufacturers. March 1 and 2 will be Industry Days with workshops ranging from new financing options to attorney Kurt Kelly’s presentation on MHC management, billed tongue-in-cheek, as “Here’s How Me, Daryl, and My Other Brother Daryl Ran Our Park and Why We Got Sued So Many Times,” and his Top Ten dumb management ideas. MHProNews publisher L.A. Tony Kovach will disclose proven strategies to attract more customers to retail and to communities, and Dick Ernst will moderate a panel of the top seven MH lenders, each of whom will give their best shot. The government will get in on the act with a Small Business Administration (SBA) official presenting a revised floorplan lending program, and Sherrie Clevenger will give tips and insights on getting the most out of your appraisal. March 3 and 4 will be Public Days. For more information go to www.mhao.org