Posts Tagged ‘moderate income’

Rent Control Set to Expire Dec. 31

October 28th, 2013 Comments off

A Superior Court judge’s ruling that rent controls established in 1984 for the Tricia Meadows land lease community of Mount Laurel, New Jersey will expire Dec. 31 has led to a lawsuit opposing the action. The mostly senior low and moderate-income residents believed their $224.50 monthly rent would continue because it was supported by the state supreme court’s affordable housing ruling, according to Forty-six residents of the 400 manufactured homes in the community filed a class-action suit in Superior Court in Burlington County alleging expiration was not included in their leases, and a rent increase would violate consumer-protection laws. MHProNews has learned the landlord, Davis Enterprise, notified them in March their new rent would rise to the market rate of $447 a month.

(Photo credit: Denise Civiletti/riverheadlocal–Foxwood Village, Calverton, Long Island, NY)

Threat to Industry Needs to be Addressed

June 11th, 2013 Comments off

In an appeal from the Manufactured Housing Institute, MHI Chairman Nathan Smith says unless the Preserving Access to Manufactured Housing Act (H.R. 1779) becomes law, low-to-moderate income prospective buyers will face a tougher time trying to purchase a manufactured home, due to Dodd-Frank Act provisions. The bill will alter the definition of “high-cost” loans as they pertain to small-sized manufactured home loans, and re-define loan originators so as to exclude manufactured home salespeople. Noting the broad support needed from both parties, Smith says, “It is absolutely critical that the members of the manufactured housing industry and its allies clearly demonstrate that this corrective legislation is needed and transcends any partisan politics.” MHProNews has learned similar legislation will be introduced in the Senate shortly, so MHI members and associates need to re-double their efforts in contacting their representatives. Click here for full story.

(Photo credit: mycn2–Nathan Smith, Chairman of MHI))

Rep. Fincher’s Remarks Regarding HR 1779 in the Congressional Record

May 3rd, 2013 Comments off

Rep. Stephen Fincher (R-Tenn.), Rep. Bennie Thompson (D-Miss.), and Rep. Gary Miller (R-Calif.) sponsored The Preserving Access to Manufactured Housing Act, HR 1779, which will amend the provisions in Dodd-Frank that curtail the availability of manufactured housing loans. In remarks in the Congressional Record of April 26, 2013, Rep. Fincher, while noting the importance of manufactured homes as affordable housing that many families rely on, states the housing turndown resulted in an 80 percent reduction in the production of MH, the closing of 160 plants, and the loss of 200,000 jobs. He says the Consumer Financial Protection Bureau (CFPB) issued guidelines as required under the Dodd-Frank Act that will classify many manufactured home loans as predatory and high-cost under the Home Ownership Equity and Protection Act (HOEPA). He says, “ Simply put the cost of originating and servicing a $250,000 loan and a $25,000 loan are the same in terms of real dollars, but the cost as a percentage of each loan’s size is significantly different. This difference causes the smaller-sized manufactured home loan to potentially exceed the new HOEPA thresholds set by Dodd-Frank and be categorized as a high-cost mortgage and stigmatized as predatory, even though there is nothing predatory about the features of the loan. The liabilities associated with making and obtaining a HOEPA high-cost mortgage will likely prevent lenders from offering loans to low and moderate-income homebuyers, denying families access to necessary credit for new and existing manufactured homes.” Noting the business model for buying manufactured homes differs from a traditional mortgage, he adds the measure would also remove manufactured home retailers and salespersons from being classified as loan originators, providing they do not receive compensation from a lender. As MHProNews reported April 27, the Senate will be considering a similar bill. For the entire entry into the Congressional Record, please click here.

(Photo credit: Champion Homes)

The Big Apple Bites into Mini Modulars

January 22nd, 2013 Comments off

The Observer reports NYC’s Bloomberg Administration’s My Micro NY competition to create a miniature housing model for the city was won by Monandock Development in collaboration with the Actors Fund for Housing Development and modular home builder Capsys, which is based in the Brooklyn Navy Yard. Although it is illegal to build a new apartment smaller than 450 square feet, the new program will see modular apartments of 250-375 square feet built on city-owned property in Murray Hill at 335 E. 27th St. As MHProNews has learned, 40 percent of the units will be set aside for low-to-moderate income renters. Says Mayor Bloomberg, “We’ve chosen Manhattan because more than three-quarters of its homes are one or two person households. We already have the population seeking housing for a small number of people, we just don’t have the apartments to house them.”

(Illustration credit: Observer)

MHARR to HUD: You’re Not Hitting the Nail on the Head

July 13th, 2012 Comments off

In its Washington Update, the Manufactured Housing Association for Regulatory Reform (MHARR) is seeking federal support for public and private chattel lending to expand capital, liquidity, and number of lenders for the low to moderate income manufactured home buying market. Noting it is not likely for any major policy change to happen before the November elections, MHARR paints several scenarios of post election power with Dodd-Frank on the cutting board, ranging from a Republican president and Congress, repeal of the law may be possible, to a Democratic White House and Congress wherein no major reforms would happen, perhaps just a few tweaks to the law. The report also states Congress has voted to cut the HUD program funding from $6.5 million authorized in the 2012 FY to $4 million for 2013. MHARR has long advocated for MH program funding to correspond to industry production, and has called on Congress to closely examine HUD’s MH budget. The association says for the third straight month the Manufactured Housing Consensus Committee (MHCC) has been rendered inactive by HUD’s alleged “glitch” in not paying the administering organization, the National Fire Protection Association (NFPA), for invoices dating back to 2009. MHARR suspects the “glitch,” which they were told was remedied several weeks ago, “could be yet another intentional effort to undermine a key element of the 2000 law.” For the full report, please click here.

(Photo credit: Chris Butler/IdahoStatesman)

Co-ops Descend on White House

May 3rd, 2012 Comments off

Sys-ConMedia reports 29,000 cooperative businesses nationwide will be represented when 150 leaders of the National Cooperative Business Association (NCBA) gather at the White House May 4 with top policy makers to discuss their roles in job creation and business development in their communities. Liz Bailey, CEO of NCBA says cooperatives generate two million jobs each year. Cooperative success stories will be a highlight of the gathering. One of the presenters will be ROC (Resident-owned Communities) USA LLC, which helps homeowners in MHCs cooperatively purchase the land beneath their homes. ROC’s goal is to ensure affordable housing for low to moderate-income people and enable them to build wealth. ROC has helped take 110 communities to self-ownership. U.S. cooperatives account for more than $3 trillion in assets, over $500 billion in total revenue and $25 billion in wages and benefits. Paul Bradley, president of ROC USA, is a contributor to

FHA Insurance to Increase

February 29th, 2012 Comments off

HousingWire tells the Federal Housing Administration (FHA) will raise the mortgage insurance from one percent to 1.75 percent to make up for the drop in the Mutual Mortgage Insurance (MMI) Fund below the Congressionally mandated two percent, to 0.2 percent. The FHA said the increase will add $1 billion to the MMI Fund, and combined with the nearly $1 billion coming from settlements with mortgage servicers, should allay fears professed by some analysts that FHA will need a government bailout much like Fannie Mae and Freddie Mac. For loans under the $625,000 limit the annual insurance mortgage premium will increase by ten basis points in April; for loans above that amount the premium will increase by 35 basis points beginning in June. FHA Commissioner Carol Galante, addressing the Mortgage Bankers Association (MBA), said, “These modest increases are one of several measures we are taking towards meeting the Congressionally mandated 2% reserve threshold, while allowing FHA to remain a valuable option for low- to moderate-income borrowers.”

(Photo credit: moneycontrol)