Bayh Secures Commitment on Manufactured Housing Loan Program
Washington – Under questioning today from Senator Evan Bayh, Housing and Urban Development (HUD) Secretary Shaun Donovan committed to quickly implementing the FHA Manufactured Housing Loan Modernization Act, legislation authored by Bayh to help prospective homeowners secure loans and bolster the manufactured housing industry in places like Elkhart, Ind. Donovan was testifying before the Senate Banking, Housing and Urban Affairs Committee.
Bayh said that this loan program is “important to north central Indiana, particularly Elkhart County, where the president made his first trip outside of Washington as President of the United States. The unemployment rate there is 15.1 percent. The changes called for in the act, though signed into law more than half a year ago, have not been made.”
Bayh’s legislation will help potential homeowners and manufactured housing producers by modernizing the Federal Housing Administration (FHA) “Title I” mortgage insurance program for manufactured homes. The bill updates the program’s loan limits to reflect inflation, which will increase the size of the loans available, encouraging consumers to take advantage of the program.
According to Donovan, HUD is resolving roadblocks that the previous administration did not work to remove, which has delayed proper execution of the act. Donovan estimated that the law would be implemented within 30 to 60 days.
The FHA Manufactured Housing Loan Modernization Act was introduced by Bayh and Congressman Joe Donnelly in 2007 and incorporated into the Housing and Economic Recovery Act of 2008.
“I’m very impressed,” Bayh said of Donovan’s work. “I’m sure the people of Elkhart would be very gratified to know the administration has moved this quickly in the face of previous inaction.”
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