Washington, December 1, 2017 – (RealEstateRama) — The House passed bipartisan legislation on Friday that protects consumers’ ability to become homeowners and access affordable housing.
Manufactured housing serves as an affordable housing option for roughly 22 million Americans and represents the largest form of unsubsidized affordable housing in the nation. Yet over-zealous regulation by the CFPB has made it harder for working families across the country – particularly those in rural areas – to access financing for affordable manufactured homes.
“Under the CFPB’s regulations, many small-balance manufactured home loans are now being considered ‘high-cost.’ This means many people – particularly those with lower and moderate incomes who want to buy a manufactured home – are not able to buy that home. Their access to credit is being unfairly restricted through no fault of their own,” said House Financial Services Committee Chairman Jeb Hensarling (R-TX). “As we know, many consumers who live in rural areas, including those in the 5th District of Texas that I have the pleasure and honor of representing, they just don’t have access to rental options or other affordable housing, and the CFPB rules are unfairly penalizing rural residents and working families – many of whom happen to be retirees, single moms, working families, veterans – and they simply want to buy a manufactured home they can live in.”
The Preserving Access to Manufactured Housing Act, would protect consumers’ ability to buy a manufactured home while leaving essential consumer protections in place.
The bill’s sponsor, Rep. Andy Barr (R-KY), said “so-called ‘consumer protections’ that deny hard-working, low and moderate income Americans the ability to own their own home at an affordable price, are harming consumers – not protecting them. Bureaucrats in Washington, who know nothing about rural America, should not stand in the way of those who want to invest in a home of their own, often at a lower cost than rent. That is why I introduced and the House passed this bipartisan and common sense legislation to make it possible for more families to achieve the American Dream of homeownership. ”
The bill passed the House with bipartisan support 256-163.