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MANUFACTURED HOUSING: quality, affordable & responsible homeownership. Rick Haughey Director of Affordable Housing Initiatives, CFED [email protected] . NALHFA Annual Conference April 27, 20 12. MANUFACTURED HOUSING. Advantages. What is it?. Challenges. Who lives in it?. - PowerPoint PPT Presentation
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MANUFACTURED HOUSING:
quality, affordable & responsible homeownership
NALHFA Annual Conference April 27, 2012
Rick HaugheyDirector of Affordable Housing Initiatives, [email protected]
www.cfed.org202.408.9788
MANUFACTURED HOUSING
What is it?
Who lives in it?
Where is it?
Advantages
Challenges
The I’M HOME Response
www.cfed.org202.408.9788
MANUFACTURED HOUSING What is it?
FACTORY BUILT HOUSING
Manufactured Modular
Modular Housing
Manufactured Housing
www.cfed.org202.408.9788
MANUFACTURED HOUSING Who lives in it?
17 Million Americans in 6.8 Million Homes
www.cfed.org202.408.9788
MANUFACTURED HOUSING Where is it?
Location of Manufactured Housing
Fee Simple Parks
www.cfed.org202.408.9788
MANUFACTURED HOUSING Where is it?
Urban, Suburban and Rural
www.cfed.org202.408.9788
MANUFACTURED HOUSING Where is it?
States with the most manufactured housing
Florida 653,721Texas 606,424North Carolina 494,555California 473,193Georgia 342,649South Carolina 306,312Alabama 269,000Tennessee 235,666Michigan 228,306Arizona 219,350
www.cfed.org202.408.9788
MANUFACTURED HOUSING Where is it?
States with the highest percentage of manufactured housing
South Carolina 20%New Mexico 18.2%West Virginia 16.6%Mississippi 16.1%North Carolina 15.8%Alabama 15.5%Wyoming 15.3%Montana 14.4%Arkansas 14.2%Kentucky 13.3%
www.cfed.org202.408.9788
MANUFACTURED HOUSING Advantages
Design ImprovementsDesign Improvements
www.cfed.org202.408.9788
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
www.cfed.org202.408.9788
MANUFACTURED HOUSING Advantages
The biggest advantage of course is cost
Manufactured Housing: $41 per square foot Site- Built Housing: $89 per square foot
www.cfed.org202.408.9788
MANUFACTURED HOUSING Challenges
Manufactured Housing Titling
Personal PropertyReal Estate
www.cfed.org202.408.9788
MANUFACTURED HOUSING Challenges
Financing Challenges• Less than ideal financing terms• Limited consumer protections• No mortgage interest deduction• Limited asset building capability• Limited refinancing market
www.cfed.org202.408.9788
MANUFACTURED HOUSING Challenges
Limited Security of Tenure
www.cfed.org202.408.9788
The I’M HOME Strategy
New & Replacement Development
Community Preservation
& Improvement
Mortgage Financing Public Policy
www.cfed.org202.408.9788
MANUFACTURED HOUSING The I’M HOME Response
New & Replacement Development
www.cfed.org202.408.9788
MANUFACTURED HOUSING The I’M HOME Response
New & Replacement Development
www.cfed.org202.408.9788
MANUFACTURED HOUSING The I’M HOME Response
Community Preservation & Improvement
www.cfed.org202.408.9788
MANUFACTURED HOUSING The I’M HOME Response
Mortgage Financing
• 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
HFAs and other lenders
www.cfed.org202.408.9788
MANUFACTURED HOUSING The I’M HOME Response
Public Policy
• Federal legislation• Federal regulations• State and local regulations
www.cfed.org202.408.9788
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.
www.cfed.org202.408.9788
Thank You! www.cfed.org
http://cfed.org/programs/manufactured_housing_initiative