HUD Announces FHA Funding for Manufactured Homes, Tiny Homes and More
In an effort to answer the waning supply of homes around the country, the U.S. Department of Housing and Urban Development (HUD) announced on June 4 that it will offer FHA-insured financing to purchase, refinance and revitalize manufactured homes. The announcement was unveiled Tuesday June 4 by HUD Acting Secretary Adrianne Todman on the National Mall where several manufactured homes are on display as part of the 2024 Innovative Housing Showcase.
“One of the things we’re doing is increasing supply,”said Todman. “If there’s more cars on the car lot, more computers in the store, it becomes more competitive in terms of what the price point is. This country has been in a housing deficit for 15 years because we have not built to the need and demand on the rental and owner side. This fantastic showcase of how modern homes are built and can be built using new materials, and different ways to construct our homes from tiny homes all the way to homes for larger families.”
“Vulnerable communities are having the land stolen from them and they’re having to disrupt where they live,” said Todman. “We have a tool for that and we’re creating it starting today so folks are able to stabilize their community and keep their communities affordable. Make no mistake, manufactured homes have a place in the future of housing.”
The new Manufactured Home Community loan product will provide an FHA-insured financing option for manufactured home communities in an effort to stabilize and revitalize affordable housing, according to HUD. Those who can take advantage of the new loan product include resident–owned manufactured home communities, cooperatives, non-profit entities and consortia,state and local governments, community development financing institutions, and Indian tribes. The new financing tool complements HUD’s Preservation and Reinvestment Initiative for Community Enhancement (PRICE)-program, which offers competitive grant opportunities for investments in affordable manufactured home communities.
