A+ A A-

FHFA Continues To Short-Shrift MH Consumer Financing


The Federal Housing Finance Agency (FHFA) has once again given HUD Code manufactured housing the back of its hand, as the regulatory agency responsible for the supervision and conservatorship of the two Government Sponsored Enterprises (GSEs) – Fannie Mae and Freddie Mac – has granted the GSEs permission to re-enter the Low Income Housing Tax Credit (LIHTC) market to the tune of up to $500 million per year, while the Duty to Serve Underserved Markets (DTS) with respect to manufactured housing continues to languish, with no concrete market action to date by either Fannie Mae or Freddie Mac.

In rationalizing the GSEs re-entry into the risky LIHTC rental housing market, FHFA stated that its “decision was based on several factors, including furthering the Enterprises’ mission to support affordable housing and ensuring that they could provide  a countercyclical role in the LIHTC market in the future, if needed.”

This stands in sharp – and indefensible – contrast with FHFA’s dawdling and wholly inadequate implementation of DTS (and particularly the securitization and secondary market support of manufactured home chattel loans) within a market that provides inherently affordable home ownership for millions of lower and moderate-income Americans who might not otherwise have access to home ownership, and would benefit from the counter-cyclical impact of GSE investment and support today.

Thus, while FHFA has given its blessing to $500 million in annual LIHTC support by eachEnterprise, it is poised to give approval to so-called DTS “implementation” plans by the GSEs which call for exactly zero dollars of DTS support for manufactured home chattel loans per annum by Freddie Mac and $20-25 million per year during years two and three of Fannie Mae’s three-year plan.  Over the next three years, therefore, the Enterprises would be authorized to invest $3 billion in LIHTC tax credits (i.e., $500 million per Enterprise for three years), while DTS chattel loans purchases over the same period – to advance home ownership by credit-worthy lower and moderate-income American families — would not exceed $50 million, or 1.66% of the total LIHTC amount.

As MHARR has consistently maintained, the amounts proposed by the GSEs for the “implementation” of DTS – and particularly its chattel component — are wholly insufficient and inadequate and do not comply with either the letter or intent of DTS.  MHARR will, therefore, continue to expose the failure of FHFA, Fannie Mae and Freddie Mac to fully implement the Duty to Serve Underserved Markets, with market-significant levels of securitization and secondary market support for the manufactured housing chattel loans which comprise upwards of 80% of the current HUD Code manufactured housing market.

FHFA Continues To Short-Shrift MH Consumer Financing.pdf

Daily Business News Briefs

Skyline, UMH Gain, Manufactured Housing CV Soars, S&P, NASDAQ Hit New H…

Noteworthy headlines on – CNNMoney – Fox trying to pull Jesse Watters from O’Reilly comedy tour. Oil stocks are the biggest losers of 2017. US unemployment hits 4.4 percent, lowest...


Read more

New Player Enters Manufactured Home, Communites, RV Game

Gelt Inc., a Tarzana, California based real estate investment firm, has announced the formation of a new subsidiary to purchase and manage manufactured home and RV communities. According to the...


Read more

Website Upgrade – on MHProNews Begins This Weekend

The long-anticipated upgrade to to version 3.0 will begin this weekend. The site will go down, starting Friday night/Saturday morning Eastern time. We anticipate the site coming back up...


Read more

Analyst, Investor Action at Skyline – What’s Happening?

For Skyline Homes, a recent rough patch has analysts and investors making moves. According to the Cerbat Gem, TheStreet downgraded shares of the company from a “c” rating to a...


Read more

MHARR on Tariffs, DOE, and, Federalized Installation – Exclusive Report and…

The Manufactured Housing Association for Regulatory Reform (MHARR) has released its latest Washington Update, an exclusive report and analysis that addresses key issues with the U.S. Department of Housing and Urban...


Read more

Magnificent May – New Reports, Announcements, and Schedule

Beginning with RC Williams hot new exclusive this morning on the behind-the-scenes developments in the nation’s capital regarding manufactured housing lending, Magnificent May will continue the MHProNews tradition of independent...


Read more

Patrick Rises Over 3 Percent, Manufactured Housing CV Broader Markets Jump

Noteworthy headlines on – CNNMoney – United and dragged passenger reach settlement. Southwest Airlines: We won’t overbook anymore. China’s Uber worth $50 billion after raising more cash. 10 things United...


Read more

Is Time Finally up for the CFPB?

Movement by the House Financial Services Committee, led by Chairman Jeb Hensarling (R-TX), could spell the end for the Consumer Financial Protection Bureau as we know it. According to ACA...


Read more

More First Nations Turning to Modular

Throughout Canada, many First Nations native tribes are struggling with the dual challenge of quality, and affordable, housing. Mold and other natural elements, when combined with overcrowding, present issues tribal...


Read more

Bark Worse than Bite? Manufactured Housing Institute Slams Trump Administra…

Comments from Commerce Secretary Wilbur Ross on CNBC yesterday regarding proposed anti-subsidy tariffs on Canadian goods raised quite a stir. “The tariff is not the beginning of a trade war with...


Read more

Drama in Ohio: Fake News, Facts and Myths

The ongoing battle between the Ohio Manufactured Housing Association (OMHA) and Ohio Governor John Kasich over the status of the Ohio Manufactured Housing Commission (OMHC) has been taken to a...


Read more

New Sponsors

You Might Like


Press Releases

Zoning, Opening up Urban Infill and Making Sure Citizens who want Manufactured Homes are Heard

by Ed Schafer For the last three or four years, the South Carolina association’s focus is to move beyond killing bad zoning proposals and working to reopen areas that have been closed to manufactured homes for many years.

Schafer, Ed %COMMENTS 05-09-2016 September 2016

Zoning Eased to Allow MH for Flood Victims

Following up on a story concerning the flooding in Minot, North Dakota last spring, KFYR-TV reports the Minot City Council is relaxing zoning requirements to allow manufactured homes to be sited in areas not previously zoned for them, sometimes to the chagrin of neighbors. Working on a case by case basis, many of the homes [...]...

Matthew Silver %COMMENTS 09-05-2012 Daily Business News

Zoning Commission Recommends against Expansion of Manufactured Home Community

The Yellowstone County Zoning Commission unanimously turned down a zone change application that would have allowed Cherry Creek Estates manufactured home community (MHC) to expand by adding as many as 80 manufactured homes, reports billingsgazette. While the Yellowstone County Board of Commissioners will have the final say when it meets in...

Matthew Silver %COMMENTS 12-04-2016 Daily Business News

Zoning Changes on Tap for Manufactured Housing

A new proposal from the Columbus Junction (Iowa) Planning and Zoning Commission to the city council would create a manufactured housing (MH) district, and delete MH from R-2 and R-3 residential districts. According to, current ordinances require any MH outside of a community to be placed on a permanent foundation and converted...

Matthew Silver %COMMENTS 27-09-2013 Daily Business News

Zoning Changes Could Affect Manufactured Housing

by RC Williams The Washington County, Maryland Board of Commissioners is holding a public hearing today regarding several proposed changes to the county’s zoning ordinance, including ones that affect manufactured homes.

Williams, RC %COMMENTS 04-03-2017 March 2017

Zoning Changes Allow Modular Units

Following up on a story we last posted May 2, 2012 about modular medical units temporarily placed on a property to house loved ones with special needs, MHProNews has learned several states, including Virginia, New York, and California have enacted legislation to allow these units to override local regulations and be sited on properties not [...]...

Matthew Silver %COMMENTS 24-07-2012 Daily Business News