Transcript MANUFACTURED HOUSING: quality, affordable & responsible homeownership Rick Haughey Director of Affordable Housing Initiatives, CFED [email protected] NALHFA Annual Conference  April 27, 2012

MANUFACTURED HOUSING:
quality, affordable &
responsible homeownership
Rick Haughey
Director of Affordable Housing Initiatives, CFED
[email protected]
NALHFA Annual Conference  April 27, 2012
MANUFACTURED HOUSING
What is it?
Advantages
Who lives in it?
Challenges
Where is it?
The I’M HOME
Response
www.cfed.org
202.408.9788
MANUFACTURED HOUSING
What is it?
FACTORY BUILT HOUSING
Manufactured
Modular
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Modular Housing
Manufactured Housing
MANUFACTURED HOUSING
Who lives in it?
17 Million Americans in 6.8 Million Homes
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MANUFACTURED HOUSING
Where is it?
Location of Manufactured Housing
Fee Simple
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Parks
MANUFACTURED HOUSING
Where is it?
Urban, Suburban and Rural
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MANUFACTURED HOUSING
Where is it?
States with the most manufactured housing
Florida
Texas
North Carolina
California
Georgia
South Carolina
Alabama
Tennessee
Michigan
Arizona
653,721
606,424
494,555
473,193
342,649
306,312
269,000
235,666
228,306
219,350
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Where is it?
MANUFACTURED HOUSING
States with the highest percentage of manufactured housing
South Carolina
New Mexico
West Virginia
Mississippi
North Carolina
Alabama
Wyoming
Montana
Arkansas
Kentucky
20%
18.2%
16.6%
16.1%
15.8%
15.5%
15.3%
14.4%
14.2%
13.3%
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202.408.9788
MANUFACTURED HOUSING
Advantages
Design Improvements
Design Improvements
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MANUFACTURED HOUSING
Advantages
Production Efficiencies
Produced in one-fifth of the time required by
site built –no weather delays or damage
Precision construction produces very little
waste, as little as a trash can full per home
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MANUFACTURED HOUSING
Advantages
The biggest advantage of course is cost
Manufactured Housing:
$41 per square foot
Site- Built Housing:
$89 per square foot
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MANUFACTURED HOUSING
Challenges
Manufactured Housing Titling
Personal Property
Real Estate
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MANUFACTURED HOUSING
Challenges
Financing Challenges
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Less than ideal financing terms
Limited consumer protections
No mortgage interest deduction
Limited asset building capability
Limited refinancing market
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202.408.9788
MANUFACTURED HOUSING
Challenges
Limited Security of Tenure
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The I’M HOME Strategy
New &
Replacement
Development
Community
Preservation &
Improvement
Mortgage Financing
Public Policy
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202.408.9788
MANUFACTURED HOUSING
The I’M HOME
Response
New &
Replacement
Development
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202.408.9788
MANUFACTURED HOUSING
The I’M HOME
Response
New &
Replacement
Development
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202.408.9788
MANUFACTURED HOUSING
The I’M HOME
Response
Community
Preservation &
Improvement
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202.408.9788
MANUFACTURED HOUSING
The I’M HOME
Response
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US Bank Pilot Programs
Loan Data Collection Process
Credit Union Loan Products
Working with the GSEs
Defending threatened public
funding sources like 502D
• Building relationships with
Mortgage Financing HFAs and other lenders
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MANUFACTURED HOUSING
The I’M HOME
Response
• Federal legislation
• Federal regulations
• State and local regulations
Public Policy
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MANUFACTURED HOUSING
The I’M HOME
Response
Mission:
Ensure that homeowners receive equal
treatment and benefits of homeownership
– regardless of whether their home was
built on-site or in a factory.
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202.408.9788
Thank You!
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http://cfed.org/programs/manufactured_housing_initiative
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202.408.9788