Manufactured Housing Lending Act

This bill mandates that the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) each establish a pilot program for purchasing personal property manufactured home loans. Directed by the Federal Housing Finance Agency, these programs must be set up within 18 months, with loan purchases or risk-sharing commencing within one year of establishment. The pilot programs are designed to incorporate significant consumer mortgage lending and servicing protections , mirroring those found in federal regulations. Furthermore, financed manufactured homes must be located in nonprofit, government, or resident-owned communities and include a lease term that either exceeds the loan term or grants a perpetual right to occupy the site. These provisions aim to expand access to financing for manufactured housing while ensuring borrower safeguards and community stability, allowing for a reasonable economic return that is less than other comparable mortgage activities.