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FHA Incentives For Property Owners Investing in One of Over 8000 Opportunity Zones

May 9th, 2019 Comments off

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In the wake of encouraging commentary last week and this week by HUD Secretary Ben Carson regarding manufactured housing – which included his tying that in with Opportunity Zones – comes this news today from HUD.

 

To set the stage for this release, ICYMI or need a refresher, see the report at the link here that contains the official statement by Secretary Carson on manufactured housing, which included his thoughts on Opportunity Zones.

 

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FHA OFFERS INCENTIVES FOR PROPERTY OWNERS WHO INVEST IN OPPORTUNITY ZONES
Lower costs and dedicated underwriters to stimulate housing investment in distressed neighborhoods

 

WASHINGTON – The Federal Housing Administration (FHA) today announced a package of incentives to encourage multi-family property owners to invest in thousands of neighborhoods located in Opportunity Zones across the nation. Read today’s Housing Notice

FHA is introducing reduced application fees paid by property owners applying for certain multifamily mortgage insurance programs for the development or rehabilitation of apartment units located, or proposed to be located, in Opportunity Zones. In addition, FHA is designating teams of senior underwriters to review these applications to ensure the most attentive and timely processing.

When more investors can apply for benefits in Opportunity Zones, more investors can supply benefits in Opportunity Zones.  And that’s exactly the intention of today’s Notice,” said Secretary Carson. “These FHA incentives, combined with the preference points HUD already offers grantees for activities in Opportunity Zones, show how this Administration is maximizing the power of public-private partnerships to never forget – and always lift up – our nation’s “the forgotten men and women.”

 

Reduced Application Fees

Applicants to FHA’s New Construction and Substantial Rehabilitation (Section 221(d)(4))Urban Renewal and Concentrated Development (Section 220), and Purchase or Refinance of Existing Multifamily Property (Section 223(f)) multifamily mortgage insurance programs will be eligible for significantly lower application fees provided the property is located within qualified Opportunity Zones.  For transactions that are defined as ‘broadly affordable,’ FHA’s application fee will be reduced from the current $3 per thousand dollars of the requested mortgage amount to $1 per thousand dollars of the requested mortgage amount, resulting in an average cost saving to applicants of approximately $28,000. ‘Broadly affordable’ is defined as developments in which at least 90 percent of the units are Section 8-eligible or deemed affordable under the Low-Income Housing Tax Credit (LIHTC)

program.

“When more investors can apply for benefits in Opportunity Zones, more investors can supply benefits in Opportunity Zones.  And that’s exactly the intention of today’s Notice,” said Secretary Ben Carson. “These FHA incentives, combined with the preference points HUD already offers grantees for activities in Opportunity Zones, show how this Administration is maximizing the power of public-private partnerships to never forget – and always lift up – our nation’s “forgotten men and women.”

For ‘market rate’ and ‘affordable’ transactions, FHA will reduce application fees from $3 to $2 per thousand dollars of the requested mortgage amount, resulting in an estimated average cost savings of $14,000.  Read more about the definitions of broadly affordable and affordable in the Federal Register.  

 

Designated Senior Underwriters

            FHA will designate seasoned underwriters to process applications located in Opportunity Zones to ensure expert and expedient reviews. Applications must meet the following criteria to qualify for reduced fees and designated underwriting:

  • The application is submitted under FHA’s Section 221(d)(4), Section 220, or Section 223(f) program for a property located in, or proposed to be located in, a qualified Opportunity Zone, and/or:
  • The application involves an investment from a Qualified Opportunity Fund (QOF).

The new incentives offered by FHA are available immediately for applicants of market-rate properties that have not yet submitted a pre-application, and for applicants for affordable properties that have not yet applied.

 

Opportunity Zones

Created under the 2017 Tax Cuts and Jobs Act, Opportunity Zones are intended to stimulate economic development and job creation in distressed low-income communities by incentivizing long-term capital investment.  The program offers capital gains tax relief to those who invest in these targeted distressed areas. This program is anticipated to spur approximately $100 billion of private capital investment in Opportunity Zones. There are more than 8,700 census tracts designated as Opportunity Zones in all 50 States and in the U.S. territories. Read more about the Opportunity Zones program.

 

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HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all.

That’s this afternoon’s chapter of “News through the lens of manufactured homes, and factory-built housing” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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Declining Manufactured Home Shipments More Serious Than Retailers, Communities Being Told

 

 

 

 

 

 

 

HUD Secretary Carson on National TV, Touting Manufactured Housing, More Jobs & Investment Opportunities

May 3rd, 2019 Comments off

 

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For over a year, the Daily Business News on MHProNews has been virtually alone in the industry’s trade media in periodically spotlighting the Opportunity Zones that were part of the Trump Administration tax and economic stimulus plans. Given the nation’s complex ‘carrots and sticks’ federal tax system, the Opportunity Zones are a plan that provides significant incentives to invest in thousands of locations in the states and Puerto Rico to create new private-sector investments that would generate those coveted ‘higher paying jobs.’

 

 

Last week, HUD Secretary Carson made an appearance on Steve Hilton’s “The Next Revolution” on Fox News, to discuss details to those Opportunity Zones.  Carson chairs a team on that initiative, but what made this interesting that in the context of that discussion, he raised the issue of manufactured homes. The secretary’s comments were positive, useful for the industry, and occurred in the back half of this under 7-minute video interview.

Taken in conjunction with Secretary Carson’s positive comments to the Manufactured Housing Consensus Committee reported first exclusively here on MHProNews, they are an obvious part of the case to be made to promote the manufactured housing industry’s long-overdue recovery.

Those positive comments by Secretary Carson to the MHCC are now found on the Manufactured Housing Association for Regulatory Reform (MHARR) website, at this link here, as part of their new and more detailed Washington Updates report.

Since the Manufactured Housing Institute (MHI) was also at that same event, why are Secretary Carson’s comments missing from their website?

 

SecretaryCarsonMHCCThomTillisSteveHiltonVideosManufacturedHousingInstituteLogoMHIlogo2019-05-03_1931MHProNews

 

There are 4 articles on MHI’s website that mention Secretary Carson, but none of them are recent or mention Manufactured Housing, the MHCC comments, or the opportunity zone topic.  They put it out to their members via email.  So why not post it on their website, where the world will see it?

What about MHI’s social media?

There was nothing on Twitter from MHI on this topic.  On April dates before or since the date of the broadcast on Fox News of Secretary Carson, there were lots of pretty photos.

Here below are two examples.

PalmHarborNationwideMHIFBLogopage2019-05-03_1915DailyBusinessNewsManufacturedHOusingMHProNews

But once more, no actual, substantive comments from MHI about the Steve Hilton interview with Carson. Why not?  Why does MHI tout the Carson comments only in their email to their own members?

Singing to the choir is fine.  But isn’t it the broader national audience that needs to be converted to the notion that manufactured homes are a solution?

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The numbers for March 2019 manufactured home shipments are in.  They are down once more, for the 7th month, as recent signals from MHProNews reflected.  We’ll have our report on Monday.

Factory backlogs from a Clayton plant and others are reportedly down significantly from this time last year. That may signal that this down-trend will linger.

 

MHILogoPleasantValleyHomesWrapAroundPorchMHIFBpage2019-05-03_1919DailyBusinessNewsManufacturedHOmeIndustryMHProNews

 

Regardless of what the powers-that-be may wish to posture or claim, the downturn can’t be pawned off on FEMA, inventory adjustments, or any other excuse. Yes, the John Oliver “Mobile Homes” video is recent.  The impact on the market is not yet known, but are we expecting it to boost sales?

The reality is that manufactured housing has had more problematic news for years than positive news.  MHI’s prior chairman admitted that there is a case to be made to respond to every bad news report.  Why is it that MHI has failed to do so?

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If retail demand and wholesale orders for more rental homes were there, orders and production from factories would obviously be rising.

Back to Secretary Carson.

Per Steve Hilton’s interview YouTube page, the interview focused on “Ben Carson on Trump administration efforts to boost economic development in distressed areas. Carson also discusses the Department of Housing and Urban Development’s new ‘opportunity zones’ program.” But as noted, Dr. Carson ties those zones directly in with the home ownership and the role that manufactured homes should play.  That ought to be celebrated and spotlighted by industry professionals, not just here on MHProNews, but throughout the industry – and to the public at large.

Our platforms have and will publish this for the professional and the public.  Will others follow suit?

The HUD code home industry has perhaps the friendliest voice in Secretary Carson since the Manufactured Housing Improvement Act of 2000 (MHIA) was passed. Yet, both Democratic and Republican administrations have failed to fully and properly implement the MHIA 2000, and MHARR recently noted in a document to Secretary Carson, linked here.

MHI and their apologists need to carefully digest what the MHARR said in the 3 reports, linked below.

That’s this evening’s edition of “Industry News, Tips and Views Pros Can Use,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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“Lead, Follow … Or Get Out of The Way”

 

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Newly Published Regional State Data Reflects Gainers, Losers in New Manufactured Homes Shipped

 

 

 

 

 

 

 

 

 

HUD Secretary Ben Carson Sounds Off on Housing Market, Opportunity Zones, More

March 14th, 2019 Comments off

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There is discussion of the 2020 Housing and Urban Development (HUD) Budget, and its impact on housing.

 

There talk about opportunity zones, something that could prove useful for manufactured home producers, among others.

Then there is discussion by Secretary Carson on homelessness and more.

This week, Secretary Ben Carson appeared on CNBC to discuss how HUD is promoting economic opportunity through the Opportunity Zones initiative, among other tools for revitalizing distressed communities around the country and creating more affordable housing for American families.

 

With Opportunity Zones – which MHProNews spotlighted earlier this week – Carson said, “you are taking dollars that are going to be invested in something somewhere, and you are directing them to the areas that have been most neglected economically, historically,” Secretary Carson said. We have “a chance to revitalize those areas and to provide jobs and opportunities for the people there so they can climb the ladders [of opportunity] and become part of the American dream.”

 

 

Secretary Carson serves as Chair of the White House Opportunity and Revitalization Council. The Council’s 13 Federal member agencies will engage with governments at all levels to identify ways to effectively use taxpayer dollars to revitalize low-income communities.  The video also discussed the 2020 HUD Budget, some facts about the manufactured housing component of that topic are in the report linked below the byline, email headline news sign-up, and notices.

That’s this tonight’s “News through the lens of manufactured homes, and factory built housing” © where “We Provide, You Decide” © ## (News, analysis, commentary.)

 

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SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted 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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Joint HUD, White House Announcements Aim to Advance the American Dream

December 14th, 2018 Comments off

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Press releases from both the Department of Housing and Urban Development (HUD) and the White House pressroom to the Daily Business News on MHProNews could be summed up with this goal in mind.

 

There is a need to revive, expand, and protect the American Dream for all.

President Donald J. Trump signed a new EO – Executive Order – based upon authority from the 2017 Tax Cut and Jobs Act of 2017. It is meant to foster development of the opportunity zones that MHProNews has previously reported on, for example, in the two articles linked below.

 

Factory-Built Housing Pros, Opportunity Zones Roll-Out Approaches, Insider Look

 

Each article can be accessed by clicking on the linked box, later, for more details.  Because there are already – per reports – some in factory-built housing that are preparing to act on these opportunities.

 

Opportunity Zones Law in Place, Poised to Benefit Some 50,000,000 Americans

 

Given a pending fuller implementation of the Manufactured Housing Improvement Act (MHIA) of 2000 and/or under Affirmatively Furthering Fair Housing (AFFH), these Opportunity Zones could be welcome news for HUD Code manufactured home and other factory- builders.

 

Affirmatively Furthering Fair Housing, a Novel Yet Proven Solution to the Affordable Housing Crisis That Will Create Opportunities, Based Upon Existing Laws

 

The creation of more jobs, and less government dependency clearly are good for people, budgets, and those who want to serve the millions who have been trapped in programs and economic conditions that arguably keeps millions poorer.

The HUD press release will be first, followed by a complementary but broader media statement from the White House afterwards.

Please note that by providing these federal releases in toto, it gives industry readers an opportunity to see the take – in this case – from the White House and HUD, unfiltered by other media.  MHProNews tees up the factory-built home industry context, you get to see for yourself what these branches of your government have to say.

 

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SECRETARY CARSON TO LEAD WHITE HOUSE

OPPORTUNITY AND REVITALIZATION COUNCIL

 

WASHINGTON – Today, President Donald Trump signed an Executive Order establishing the White House Opportunity and Revitalization Council and named U.S. Housing and Urban Development (HUD) Secretary Ben Carson as its chairperson.

 

The Council’s 13 Federal member agencies will engage with governments at all levels on ways to more effectively use taxpayer dollars to revitalize low-income communities. The Council will improve revitalization efforts by streamlining, coordinating, and targeting existing Federal programs to Opportunity Zones, economically distressed communities where new investments may be eligible for preferential tax treatment.

 

Additionally, the Council will consider legislative proposals and undertake regulatory reform to remove barriers to revitalization efforts and present the President with options to encourage capital investment in economically distressed communities.

 

“These are still early days for the work of the Council and Opportunity Zones, but the groundwork has been laid,” Secretary Carson said. “The seeds the President has planted are growing and the promise they hold will improve places long forgotten, and the lives of those who call those places home.”

 

President Trump signed the 2017 Tax Cuts and Jobs Act, creating Opportunity Zones to stimulate long-term investments in low-income communities. The program offers capital gains tax relief to those who invest in these distressed areas. This program is anticipated to spur $100 billion in private capital investment in Opportunity Zones. Incentivizing investment in low-income communities fosters economic revitalization, job creation, and promotes sustainable economic growth across the nation, especially in communities HUD serves. Read more about the Opportunity Zones program.

 

Opportunity Zones are a powerful vehicle for bringing economic growth and job creation to the American communities that need it the most.  On average, the median family income in an Opportunity Zone is 37 percent below the state median. To date, 8,761 communities in all 50 States, Washington D.C., and five Territories have been designated as Opportunity Zones. Nearly 35 million Americans live in communities designated as Opportunity Zones.

Currently, there are approximately 380,000 Public Housing units and approximately 340,000 Project-Based Rental Assistance units within Opportunity Zones. Nearly a third of the more than 100,000 rental units preserved through HUD’s Rental Assistance Demonstration (RAD) are located in Opportunity Zones. Read more about the RAD program.

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Opportunity Zones are a key part of the tax cuts signed into law by President Donald J. Trump last December. Today, they got another huge boost.

“For decades, job growth and investment have been concentrated in a few major metropolitan areas,” the President said after signing an executive order to create the White House Opportunity and Revitalization Council. “Some cities have thrived, while others have suffered chronic economic and social hardship. With Opportunity Zones, we are drawing investment into neglected and underserved communities of America.”

The purpose of Opportunity Zones is to lift up communities that have been neglected by Washington and left behind for far too long. The typical family income in these areas is 37 percent below their state’s median level. The average poverty rate is 32 percent—almost double the national average. Nearly 35 million Americans live in these communities. Now, help is on the way.

Here’s how it works: Tax relief is offered in exchange for long-term investments in the low-income communities that need it most. These poorer areas begin to see more job creation and lasting growth. This private investment fuels human potential in these communities, whereas government spending programs too often extinguish it.

The upshot: All Americans, regardless of zip code, should have access to the American Dream. With Opportunity Zones, we get closer to that reality.

President Trump is lifting up the communities that Washington forgot.

Watch: The President signs today’s executive order

  ——————————-

‘We need to know who is coming in and going out’


Yesterday’s tragic terror attack at a Christmas market in Strasbourg, France, reminds us that national security is nothing without border security.

Secretary of State Mike Pompeo explained the stakes. “This is an enormous challenge. We have this problem in the United States as well,” he said. “Lots of folks that we’re watching, we think are at risk, we try to monitor. But the numbers are so big. It’s why, frankly, border security matters.”

“We need to know who is coming in and out of our country.”

Controlling the border is a matter of public safety—one that includes many threats beyond terrorism. From October 2017 through this July, U.S. Border Patrol seized 6,423 pounds of cocaine, 532 pounds of heroin, 439,531 pounds of marijuana, 10,382 pounds of methamphetamine, and 332 pounds of fentanyl from Border Patrol checkpoints.

It’s time to make a deal. There’s nothing partisan about protecting our borders to encourage legal immigration.

Throwback: When Sen. Chuck Schumer believed in securing our border

Watch: President Trump host Democrat leaders in the Oval Office

For years, Democrats have acknowledged the need for border security—even voting for it in the past. Why won’t they come to the table in 2018?

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That’s this morning’s “News Through the Lens of Manufactured Homes, and Factory-Built Housing,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

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Opportunity Zones Law in Place, Poised to Benefit Some 50,000,000 Americans

February 5th, 2018 Comments off

 

TimScottOpportunityZones50MillionCouldBenefitDailyBusinessNewsMHProNews

Manufactured housing professionals in or near economically challenged areas in rural or urban America may be interested in learning more about a little known provision in the new tax law that is now in effect.

 

Its “Opportunity Zones.”

 

ICYMI: Senator Scott Investing in Opportunity Act Included in Tax Bill,” said Senator Tim Scott (R-SC), in a media release to the Daily Business News.

U.S. Senator Tim Scott’s (R-SC) Investing in Opportunity Act was included in the tax bill as a provision to uplift distressed communities,” the release stated, “Senator Scott joined Fox News yesterday to speak about his bill stating, “We need to focus on bringing healing and restoration to the parts of our country where hope is dissipated.””

 

Scott’s office said, “Here is what others are saying about Senator Scott’s Investing in Opportunity Act:

Quoting various source, the release cited some of the following sources.

PRESIDENT DONALD TRUMP:

I want to thank Senator Tim Scott for “opportunity zones.” Our tax plan encourages this investment. (…) Thank you, Tim. We’re investing in distressed communities to create more jobs for those who have too often been left behind. And Tim worked hard on that. (Remarks by President Trump at the 2018 House and Senate Republican Member Conference, The White House, 02/01/18)

 

NEW YORK TIMES:
The law creates “Opportunity Zones,” which will use tax incentives to draw long-term investment to parts of America that continue to struggle with high poverty and sluggish job and business growth. The provision is the first new substantial federal attempt to aid those communities in more than a decade. (…)The zones were included in the tax law by Senator Tim Scott, a South Carolina Republican who was born into poverty in North Charleston, and based on a bill he co-sponsored in 2017 with several Democrats. (“Tucked Into the Tax Bill, a Plan to Help Distressed America,” New York Times, 01/29/18)

 

THE HILL:
There are more than 52 million citizens that live in underserved cities and towns in the United States. The Investing in Opportunity Act will provide a direct social impact to underserved communities, helping to stabilize communities and establish a clear path for growth,” said Steven Kirsch, COO of DRI Fund, an official CDFI. (Editorial, It’s time we start using ‘The Investing in Opportunity Act’, 1/25/18)”

 

THE IOWA GAZETTE:

There are also important bipartisan efforts included in this new law, such as the Investing in Opportunity Act. By incentivizing private investment in struggling communities, we can help spur economic growth in poverty-stricken areas, bringing hope and opportunity back to many distressed rural communities across the country and here in Iowa. (Column by Senator Joni Ernst, Tax Cuts and Jobs Act means new opportunities, 01/04/18).”

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