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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 72 April 2024 J O U R N A L Oakland, CA ($82,500) » Rural Community Assistance Corporation, West Sacramento, CA ($396,246.39) » National Community Reinvestment Coalition, Inc. Washington, D.C., ($578,416.92) » Neighborhood Reinvestment Corp. DBA NeighborWorks America, Wash- ington, D.C., ($524,936.58) » Unidos US, Washington, D.C., ($420,930.75) » Housing Action Illinois, Chicago ($391,035.89) » Neighborhood Stabilization Corpora- tion, Boston ($355,933.47) "Investing in professional develop- ment not only strengthens the housing counseling community; it enables them to provide the best assistance available to individuals and families that need support with their housing needs," said David Berenbaum, Deputy Assistant Secretary for Housing Counseling. FHA EXPANDS LOAN LIMITS FOR MANUFACTURED HOMES T he Federal Housing Administra- tion (FHA) has announced new loan limits for its Title I Manufac- tured Home Loan Program. The increased amounts use new methodologies for calculating and updating the program's limits, which were announced in a final rule published on February 29, 2024. This increase in loan limits marks the first update to the Title I program loan limits since 2008 and supports the Biden administration's efforts to increase the supply and use of manufactured homes as a source of affordable housing. Keeping Pace With Today's Market- place The increases issued by the FHA align with current market prices and are expected to encourage more lenders to offer the program to homebuyers seeking to purchase manufactured homes and the lots on which they sit. "We are using every tool possible to make affordable housing available for all Americans," former HUD Secretary Marcia L. Fudge said. "Today's announce- ment is another positive step toward helping people to buy manufactured homes, an innovative solution to the affordable housing supply crisis." Effective for FHA case numbers as- signed on or after March 29, 2024, the new nationwide Title I Manufactured Home Loan Program loan limits are as follows: » Combination Loan (Single section): $148,909 » Combination Loan (Multi-section): $237,096 » Manufactured Home Loan (Single section): $105,532 » Manufactured Home Loan (Multi-sec- tion): $193,719 » Manufactured Home Lot Loan: $43,377 FHA will recalculate the program's loan limits annually so that they keep pace with home price changes over time. "Updating the Title I loan limits was the next critical piece in our ongoing efforts to make the Title I Manufactured Home Loan Program work for lenders and homebuyers for whom manufac- tured housing offers an affordable way to meet their housing needs," Federal Housing Commissioner Julia R. Gordon said. "We hope these changes will prompt more lenders to consider using the Title I program to meet the financ- ing needs of consumers purchasing or refinancing manufactured homes." Manufactured Homes to Boost Inventory In late February, the Biden adminis- tration released details on how it plans to build more housing and lower housing costs nationwide through a series of initiatives, including: » Bolstering federal programs with a track record of producing affordable housing » The promotion of a more fair and transparent rental market » Boosting the supply and affordability of manufactured homes More than 20 million Americans cur- rently live in manufactured housing, which represents the largest form of unsubsidized affordable housing in the country. In addition to the FHA's actions to increase the loan limits for Title I Manu- factured Housing, the Biden administra- tion is taking steps to preserve manufac- tured home communities and simplify the purchase of manufactured homes, by: » Releasing a $225 million funding oppor- tunity to support manufactured housing communities: HUD has announced that the application for Preservation and Reinvestment Initiative for Community Enhancement (PRICE) grants is now open to support the preservation and revitalization of manufactured housing communities. These grants can be used for the replacement of dilapidat- ed homes, assistance for repairs and accessibility modifications, mitigation and resilience upgrades, improvement of infrastructure, housing services including eviction prevention, and planning activities. This marks the first time the federal government has made grant funding available specifically for investments in manufactured housing communities, including resident-owned communities. A portion of funds are dedicated to supporting Tribes and tribal nonprofit organizations. » Preserving the affordability of man- ufactured housing communities via expanded financing options: Corporate investors are purchasing manufactured housing communities and driving up rent and driving out longtime residents. The FHA is publishing a draft Mortgag- ee Letter that, once finalized, will create a new program to preserve affordability for existing residents of manufactured housing communities. Under the new program, resident cooperatives and other mission-oriented borrowers will be permitted to use FHA 223 (f ) mul- tifamily loans to acquire or refinance communities. "Manufactured homes are an import- ant part of the nation's lower-cost hous- ing stock, yet many families, especially historically underserved communities, lack access to safe and affordable financ- ing for these homes," said Rachel Seigel,