This bill modernizes federal loan programs for home improvements and manufactured housing by significantly increasing loan limits. It raises the loan limit for property improvements on single-family homes from $60,000 to $150,000, increases manufactured home purchase loan limits to between roughly $106,000 and $239,000 depending on the type of home and lot, and allows property improvement loans to be used for building accessory dwelling units (like in-law suites or guest houses). The bill requires the Department of Housing and Urban Development to implement an annual indexing system within one year to automatically adjust these loan limits over time, and it orders HUD to study the cost-effectiveness of factory-built housing like manufactured and modular homes compared to traditional construction. No specific funding amounts are authorized in the bill, and the loan limit adjustments take effect upon enactment while the HUD study and indexing system must be completed within one year.
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