MANUFACTURED HOME NEWS New Fannie Mae and Freddie Mac Regulators Continues to Express Support for Manufactured Housing
(SOURCE: MHI) – In a productive meeting with Sandra Thompson, the Acting Director of the Federal Housing Finance Agency (FHFA) last week, MHI discussed its recommendations to ensure that Fannie Mae and Freddie Mac (the Enterprises) increase their level of support for manufactured housing. In addition to suggesting improvements to the Enterprises’ Duty to Serve Plans, which FHFA has rejected. MHI also discussed the importance of helping to overcome local zoning and land use barriers to the placement of manufactured homes.
Speaking at a meeting of the Women in Housing and Finance Association last week, Thompson acknowledged one of the reasons the Enterprises were told to revise their 2022-2024 Duty to Serve Plans was because the goals outlined for manufactured housing were not sufficient. Further, during her confirmation hearing before the Senate Banking Committee to become the agency’s next Director, she stated that FHFA is focused on working with Fannie Mae and Freddie Mac to utilize manufactured housing as one way to address the affordable housing shortage. During the hearing, she acknowledged that local zoning ordinances can hinder the types of affordable housing that can be placed and reaffirmed her commitment to working to overcome such barriers.
High Demand For Manufactured Homes in Las Vegas As Property Values, Rent Continue To Soar
LAS VEGAS (FOX) – The housing market in Las Vegas continues to reach new heights. In December, the average price for a home was a record-breaking $425,000. The soaring prices are forcing some buyers to turn to more affordable options.
At El Dorado Estates Mobile Home Park, property manager Leanne Parrett said phones have been ringing off the hook. “We get four or five calls a day when we used to get four or five a week,” she said. “I’ve been here since 1996 and, no, this is all coming around in a new circle, it’s more competitive. The biggest thing to remember is it’s less expensive than a site-built home. “They can buy a home and with their mortgage payment and space rent still be less expensive than an apartment.”
In the north valley, Kathy McCafferty with Sunrise Terrace Mobile Home Park said demand is also through the roof. Right now they do not have any available inventory. “I would go weeks and not get any calls for people looking for rentals or to purchase a home, to get six a day,” she said. “It’s because of the housing market, most definitely.” Although mobile homes are still more affordable, McCafferty said they are still not immune to the housing boom.
MHI Continues Advocacy to Change FEMA’S Flood Plain Elevation Policies for Manufactured Homes
Source: MHI – MHI continues its advocacy for FEMA to change rules that are limiting access to manufactured homes and hindering the ability to replace older homes. Last week, MHI provided additional detail in the record during the open public comment period for the National Flood Insurance Program’s Floodplain Management Standards. In its letter, MHI submitted formal comments again urging FEMA to treat manufactured homes the same as site-built homes with respect to measuring base flood elevation (BFE). Site-built homes use the base of the front door as the measurement above BFE, whereas manufactured homes are measured from the bottom of the I-beam. MHI staff has been having an ongoing dialogue with FEMA staff about the issue, and last week’s formal admission included a foundation plan provided by Jim Ayotte of the Florida Manufactured Housing Association to illustrate the issue.
FEMA Extending Housing Units For Hurricane Laura And Delta Survivors Up To Oct. 31
Lake Charles, La (KPLC) – In a press release Tuesday 1/25/2021, FEMA announced that Hurricane Laura and Delta survivors living in FEMA housing units are being given an extension up to October 31 to secure permanent housing.
According to FEMA, at the request of the state, Fema is currently providing about 1,946 households that are hurricane survivors with additional time to remain in agency-provided housing as they complete the final steps of their recovery. The original end of the program was scheduled for Feb 28, according to FEMA. The extension of the temporary housing program may allow occupants to complete their housing plan until October 31.
FEMA said at the peak of the program, there were 2,400 eligible households licensed into FEMA-provided single section manufactured homes, placed across 12 Louisianna parishes. Close to 75% remain in their housing units, according to FEMA.
Note: Hurricanes Laura and Delta were the first major hurricanes of the 2020 season and the strongest storms to impact Louisiana in over 150 years. Overall, Hurricane Laura was a multibillion-dollar hurricane with an estimated 16 billion dollars in damages. The storm killed 42 in the United States. Hurricane Delta resulted in an additional 4 billion dollars in damages and killed six.