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State Signs Key Homebuyer Provision Into Law

April 5th, 2017 Comments off
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The State Capitol Building in Jackson, Mississippi. Credit: Hotty Toddy.

There’s excitement in the state of Mississippi, with the signing of HB 1601 into law late last month by Governor Phil Bryant.

According to the Star Herald, the law is helping lead the way to home ownership, by establishing a First-Time Home Buyer Savings Account, allowing Mississippi residents to create monetary savings accounts for down payments or other home purchase related expenses.

With this law, more Mississippians will be able to invest in themselves and their communities,” said REALTORS President David Griffith.

One of our priorities as REALTORS is to provide every Mississippian the opportunity to own a home. Through the leadership of Gov. Bryant, Speaker Philip Gunn and Lt. Gov. Tate Reeves, Mississippi has created a smoother path to home ownership.

The new law allows individual state residents to deduct up to $2,500 from their state adjusted gross income annually, and couples filing jointly are able to deduct up to $5,000 annually from their state adjusted gross income.

Also exempt from state gross income is interest earned on the account. There is no cap on the aggregate amount that can be saved.

State representative Jeff Smith originally introduced the bill, which the state house passed unanimously, and the Senate passed it 51-1.

StateSignsKeyHomebuyerProvisionIntoLawcreditMississippiFarmBureauInsurance-postedtothedailybusinessnewsmhpronewsmhlivingnews

A manufactured home in the state. Credit: Mississippi Farm Bureau Insurance.

On behalf of all Mississippians, Mississippi REALTORS would like to thank Ways and Means Chairman Jeff Smith, Finance Committee Chairman Joey Fillingane, Rep. Jason White and Sen. Barbara Blackmon for helping to make the dream of home ownership a reality,” said Griffith.

The law results in state projections indicating about 379 new homes being constructed to meet demand. The law goes into effect immediately, and state residents can begin taking the tax deduction in tax year 2018.

Eligible homes include manufactured, modular, existing homes, condo units or cooperatives. Account holders will be responsible for maintaining their funds in a separate account and reporting that to the Department of Revenue. Use of funds for unrelated items will result in a 10 percent penalty and all back taxes associated with the account.

Mississippi now joins Montana, Virginia, and Colorado as one of only four states to have a First-Time Home Buyer Savings Account program. The other three states passed similar laws in recent years. ##

 

(Image credits are as shown above.)

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Amendment would Change Definition of Affordable Housing

July 18th, 2013 Comments off

Massachusetts’ controversial Chapter 40B provision allows developers to build housing complexes that do not conform to local zoning ordinances if the town does not have ten percent affordable housing in its stock. Belcherton, in west central Mass., has only 6.4 percent affordable housing, and its Board of Selectmen are considering a request to support the amendment of 40B so factory-built homes can be part of the tally as affordable housing. If included under House Bill 1116 sponsored by Susan Williams Gifford (R-Wareham), Belchertown would have ten percent affordable housing. The request came from fellow Selectmen in Wareham, in southeast Mass. Wareham selectmen chairman Peter W. Teitelbaum wrote to the Belchertown Board, “The proposed amendment seeks merely to appropriately classify what is indeed already very affordable housing under the law.” As masslive.com tells MHProNews, Bill 1116 says, “Low- and moderate-income housing shall also include mobile homes and group homes, manufactured homes, in-law apartments and any first-time home buyers participating in any state or federal assistance program.”

(Image credit: Cavco manufactured home)

House Committee to HUD: Hire Manufactured Housing Administrator or Else

June 29th, 2013 Comments off

The 2014 fiscal year House Appropriations Committee measure that outlines budgets for the Dept. of Housing and Urban development (HUD) contains a provision that HUD must choose a permanent administrator of the Office of Manufactured Housing within 120 days of the legislation’s enactment. Introduced by Rep. Chuck Fleischmann (R-Tenn.), if HUD fails to meet this deadline, the agency will lose $50,000 in salaries and expense budgeting for each day the requirement is not met, according to the Manufactured Housing Institute (MHI) newsletter. The report accompanying the bill states that “the Committee understands that a substantial backlog of recommendations approved by the Manufactured Housing Consensus Committee exists, and a lack of action and attention in this area has meant that codes and standards have not kept pace with technological innovation or allowed the industry to keep pace with consumer demand. The Committee looks forward to a more focused and responsive office under permanent leadership.” Knowing of the committee’s activity, a week prior HUD issued a notice announcing its search for someone to fill the administrator post, reversing a long-standing policy to leave the post vacant. As MHProNews knows, this marks an important milestone for the industry.

(Image credit: Fairmont Homes)

Manufactured Housing Looms Large in House Race

October 17th, 2012 Comments off

Following a story we last published Sept. 24, 2012, concerning a race between two women for House District Seat 37 in southeastern Delaware, Cape Gazette Village Soup has posed questions to the candidates. Republican Briggs King is the incumbent and vice president of the county realtors association. Democratic challenger Beth McGinn works for the Social Security office and lives in an MHC. Each candidate was asked what they would do to improve the lives of manufactured homeowners. King stated manufactured homeowners need to apprise the attorney general’s office of any violations. McGinn stated she would encourage the attorney general’s office to impose stiffer penalties for violating the Manufactured Homeowners & Community Owners Act. She also would ask for a designated staff person to hold regular meetings with a committee of homeowners and landowners, and she intends to introduce legislation to protect homeowners from unjustified rent increases. MHProNews has learned Ms. McGinn wants leases for manufactured housing to include a provision that rent never exceeds 30 percent of household income.

(Photo credit: sussexcountian—Briggs King, left, McGinn on right)

Govt. Flood Insurance Program in Jeopardy

May 25th, 2012 Comments off

If the House of Representatives fails to pass the 60-day extension for flood insurance that has already passed the Senate, the National Flood Insurance Program will not be able to issue new policies after May 31. The House did pass a 30-day extension of the bill earlier, but in gridlock fashion the House is weary of the Senate’s dictates on other legislation. NationalMortgageNews tells MHProNews.com the Senate measure included a provision that increases flood insurance premiums on vacation and second homes over a four-year period. It’s not certain the House will agree with that addition to the extension.

(Photo credit: TheAdvocate/Zack Gray)

 

Bill Could Impede MHC Owners’ Net

May 3rd, 2012 Comments off

A bill in the Delaware Senate’s Small Business Committee would require MHC owners to justify rents that change more than the cost-of-living, with a decision rendered by the Governor’s Advisory Council on Manufactured Housing. Residents of Aspen Meadows MHC, many of them seniors, took 150 signatures in support of Senate bill 205, called “the rent justification bill,” to Legislative Hall in Dover. WBOC-TV says the current lease at Aspen, which expires in 2014, has a three percent per annum cap on how much rents can increase in the community, owned by Equity Lifestyle Properties, Inc. MHProNews.com has learned approximately 30,000 of the state’s 53,000 manufactured homes are in Sussex County. Opponents of the measure say restrictions on their ability to return a profit may affect improvements to the communities; and there is no provision for MHC owners to collect legal fees should they win an appeal. A similar bill died in the Senate last year.

(Photo credit: WBOC-TV)

City Ordinance Sets Deadline for Siting MH

April 20th, 2012 Comments off

Regarding another story we covered April 16, 2012 from Mt. Vernon, Illinois concerning a proposed conditional use for siting MH in the town, the city council voted to prohibit manufactured housing from RM2 residential areas. The new ordinance endorses a conditional use provision that allows factory-built homes to be sited in RM2 zones providing certain ownership, permission, and time lines are met. According to what the Register-News tells MHProNews.com, the home cannot be older than 15 years, and the siting must be complete by year’s end.

(Image credit: YAHOO!/NAVTEQ