MANUFACTURED HOUSING: quality, affordable & responsible homeownership

MANUFACTURED HOUSING:

quality, affordable & responsible homeownership

NACCED Annual Conference September 20, 2010

Rick HaugheyDirector of Affordable Housing Initiatives, CFEDrhaughey@cfed.org

www.cfed.org202.408.9788

MANUFACTURED HOUSING

What is it?

Who lives in it?

Where is it?

Advantages

Challenges

The I’M HOME Response

MANUFACTURED HOUSING What is it?

FACTORY BUILT HOUSING

Manufactured Modular

Modular Housing

Manufactured Housing

MANUFACTURED HOUSING Who lives in it?

17 Million Americans in 6.8 Million Homes

MANUFACTURED HOUSING Where is it?

Location of Manufactured Housing

Fee Simple Parks

Urban, Suburban and Rural

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

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%

MANUFACTURED HOUSING Advantages

Design ImprovementsDesign Improvements

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

The biggest advantage of course is cost

Manufactured Housing: $41 per square foot Site- Built Housing: $89 per square foot

MANUFACTURED HOUSING Challenges

Manufactured Housing Titling

Personal PropertyReal Estate

Financing Challenges• Less than ideal financing terms• Limited consumer protections• No mortgage interest deduction• Limited asset building capability• Limited refinancing market

Limited Security of Tenure

STIGMA

The I’M HOME Strategy

New & Replacement Development

Community Preservation & Improvement

Mortgage Financing Public Policy

MANUFACTURED HOUSING The I’M HOME Response

Community Preservation & Improvement

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

Public Policy

• Federal legislation• Federal regulations• State and local regulations

Mission: Ensure that homeowners receive equal treatment and benefits of homeownership – regardless of whether their home was built on-site or in a factory.

Thank You! www.cfed.org

http://cfed.org/programs/manufactured_housing_initiative

MANUFACTURED HOUSING: quality, affordable & responsible homeownership

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