“A bill to conduct a review of Federal Housing Administration construction financing programs, and for other purposes.”
No CRS summary available for this bill.
This section defines, for purposes of the Act, (1) "manufactured home" as having the meaning given the term in 42 U.S.C. 5402 (i.e., a factory-built structure transportable in one or more sections, at least 8 feet wide or 40 feet long or 320 square feet when erected, built on a permanent chassis for dwelling use, and subject to federal construction and safety standards); (2) "modular home" as a factory-built home constructed in one or more modules that meet applicable state and local building codes, transported to the site, installed on foundations, and completed; and (3) "Secretary" as the Secretary of Housing and Urban Development.
This section directs the Secretary of Housing and Urban Development to review Federal Housing Administration (FHA) construction financing programs (i.e., mortgage insurance for new home construction, such as under sections 203(b) and 221(d)(4) of the National Housing Act) to identify barriers to modular home methods (i.e., factory-built homes assembled on-site). The review must (1) evaluate regulatory and programmatic restrictions on modular home developers, including construction draw schedules; and (2) identify administrative measures under section 525 of the National Housing Act (12 U.S.C. 1735f-3) to facilitate their participation. This section further requires the Secretary to publish a report on the review results and recommended changes within one year of enactment and, within 120 days after the report, to initiate rulemaking—with public comment—on an alternative draw schedule for construction financing loans to modular and manufactured home developers, followed by either a final rule or an explanation for not finalizing it.
This section authorizes the Secretary to award a grant to study the design and feasibility of a standardized uniform commercial code for modular homes, evaluating (1) the utility of a standardized coding system for serializing and securing modules, streamlining design and construction, and improving modular home innovation; and (2) a means to coordinate such a code with financing incentives. It authorizes appropriations of such funds as may be necessary for this purpose.