Press Release
☷HUD Announces New Actions to Support Affordability for Manufactured Homes and Communities as Part of the Biden Harris Administration s Housing Supply Action Plan
U.S. Department of Housing and Urban Development ( By Press Release office)
Mar 02,2024
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HUD is launching a new federal funding opportunity of $225 million to support owners of manufactured homes and revitalize communities . This initiative aims to ensure affordability and improve living conditions for residents of manufactured housing . This effort aligns with the Biden - Harris Administration ' s goal of increasing housing supply and lowering costs . Secretary Marcia L . Fudge emphasized the importance of manufactured housing in addressing the affordable housing crisis . The Preservation and Reinvestment Initiative for Community Enhancement ( PRICE ) Program will provide resources for repairs , infrastructure upgrades , and services for homeowners in manufactured housing communities . Funding is available to various organizations and entities to support the unique needs of manufactured housing residents . Principal Deputy Assistant Secretary Marion McFadden highlighted the importance of maintaining affordability and sustainability in manufactured housing for the future . Julia Gordon , Assistant Secretary for Housing and Federal Housing Commissioner , states that these federal actions work together to expand the availability and affordability of manufactured homes . She also mentions that Ginnie Mae is taking steps to reinvigorate its Title I Loan Securitization program , which provides capital for lenders to support manufactured housing supply . To support the financing of individual manufactured homes , HUD is updating FHA ' s Title I Manufactured Home Loan Program . This update includes new methods for calculating loan limits to align with current market pricing for manufactured homes . This will make it more viable for buyers and lenders to participate in the program . Title I financing can be used to purchase or refinance a manufactured home , a lot for installation , or both . FHA will also recalculate the loan limits annually to keep up with changes in home prices . Ginnie Mae has announced changes to its financial eligibility requirements for Title I Issuers to make it easier for lenders to participate in the securitization program for Title I loans . This update comes after a thorough review of the Manufactured Housing Program last year . Ginnie Mae President Alanna McCargo emphasized the importance of manufactured housing in providing affordable housing . These changes align with efforts by HUD to support manufactured housing as part of the Administration ' s housing supply and affordability goals . This includes updates to the Community Development Block Grant program to better support manufactured housing communities .
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