"Federal mortgage agency loan programs (FHA, RHS, VA, Fannie Mae, and Freddie Mac) can also help. These programs fund 65% of all new mortgages (Page 8, Urban Institute Mortgage Chartbook). But, combined, they did not fund a single personal property manufactured home last year. This disconnect comes even as personal property homes constitute some 70% of the manufactured housing market."
"Local communities across the nation can also help with affordable manufactured housing. Unfortunately, all too often, communities adopt discriminatory zoning ordinances that unfairly exclude manufactured housing. This needs to change. For example, UMH has experienced this in Coxsackie, New York, where Village officials repeatedly rejected well-planned designs for a community, and eventually resorted to re-writing the Village zoning code to prevent UMH from building any manufactured home community on the property that it had purchased for that purpose."
"Those unaddressed major bottlenecks are: (1) The proliferation of zoning mandates that discriminatorily exclude or unreasonably restrict the placement of HUD-regulated manufactured homes; and (2) The failure of Fannie Mae and Freddie Mac to implement the statutory Duty to Serve Underserved Markets (DTS) with respect to the nearly 80% of the manufactured home consumer finance market represented by personal property (chattel) loans."
Federal mortgage agency loan programs (FHA, RHS, VA, Fannie Mae, and Freddie Mac) fund 65% of new mortgages but did not fund any personal-property manufactured home loans last year, while personal-property homes comprise roughly 70% of the manufactured housing market. Local communities can assist with affordable manufactured housing, yet many adopt discriminatory zoning ordinances that exclude manufactured homes. UMH experienced such exclusion in Coxsackie, New York, where village officials rejected designs and rewrote zoning to block the planned community. MHARR identified two major unaddressed bottlenecks: exclusionary zoning and Fannie/Freddie failure to implement DTS for chattel loans.
Read at www.housingwire.com
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