Louisiana And FEMA Agree on MHU Sales Program
Ready. Set. Go! FEMA prepares to roll out its MHU sales program for Louisiana’s flood victims.
On Thursday, the Federal Emergency Management Agency (FEMA) announced their intention to sell Louisiana’s flood victims, still living in FEMA manufactured housing units (MHUs), the opportunity to purchase them.
Louisiana officials and FEMA have just arranged to allow for the direct sale of FEMA MHUs to “occupant-survivors of the August 2016 floods who lack permanent housing.”
MHU Sales Program
According to FEMA’s website, “Eligible applicants who owned their home prior to the disaster and now occupy a MHU may be eligible to purchase the unit as soon as FEMA determines they are unable to repair or replace their home within their 18-month period of assistance through no fault of their own.”
Market value will be determined by FEMA utilizing a mathematical formula to establish the “Adjusted Fair Market Value (AFMV).” For the AFMV, the “unit type” and the total number of bedrooms in the MHU will establish the manufactured home’s sales price. Calculated based upon the number of months the applicant has been calling living in the manufactured home, “no MHU will be sold for less than 25 percent of the AFMV of the unit regardless of an individual’s financial situation.”
Sold “As Is” and “Where Is” all purchasers of FEMA manufactured housing units will need to “obtain and maintain” all necessary hazard insurance/flood insurance, provided that unit is sited in an area that has been designated a Special Flood Hazard Area.
Qualified buyers interested will be notified via the U.S. Postal Service of their eligibility. Upon receipt of notice of eligibility, qualified applicants will need to sign and return FEMA’s enclosed notice. Sales of these Louisiana FEMA units are anticipated to take up to 60 days to close escrow.
Handicapped accessible manufactured homes, these units represent a beacon of hope for many.
