The U.S. Department of Housing and Urban Development (HUD) has announced its Preservation and Reinvestment Initiative for Community Enhancement (PRICE) Program, which is designed to preserve and revitalize manufactured housing and manufactured housing communities.
According to HUD, the $225 million competitive grant program will provide resources to support residents of manufactured housing through repairs and rehabilitation of homes, replacement of dilapidated units, infrastructure upgrades such as water, sewer, utilities or broadband, improvements to increase community resilience in the face of extreme weather, planning activities to support manufactured housing communities, and services for homeowners including housing and mobility counseling, eviction prevention, and activities that support resident-owned management structures. The program’s funding will be mades available to states, localities, tribes and tribal partners, nonprofits, community development finance institutions and other eligible entities.
Separately, HUD announced the Federal Housing Administration (FHA) posted a new draft policy for public feedback that is designed to allow resident-owned cooperatives or other mission-oriented borrowers – including nonprofits, tribal entities and governmental entities – to access FHA-insured financing under its Multifamily 223(f) program to purchase or refinance manufactured home communities. HUD also announced an update to FHA’s Title I Manufactured Home Loan Program that includes new methodologies for calculating the loan limits so that they are commensurate with current market pricing for manufactured homes.
“Coordinating and aligning this suite of new federal actions serves as a force multiplier to expand the availability and affordability of manufactured homes,” said Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon. “FHA’s updated and expanded financing options complement the work of our colleagues in HUD’s Office of Community Planning and Development and Ginnie Mae, thereby delivering comprehensive federal support for quality, affordable, manufactured homes in both urban and rural areas.”
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I live in Houston, Texas. What areas in Texas would qualify ?
Hopefully, the nonprofits won’t swoop in and get most of the money to buy personal items for the executive directors.
Exactly right, and well said!
Do you mean: “skim” some off the top line? NAH. Our good ol’ boys wouldn’t do that. This is not Iran, Gaza, Yemen, New Jersey, etc. LOL
Great idea. Where do we sign up to help enhance our community with this HUD Price Program?
What they need to do is stop the owners from raising the rents so high they are running seniors out of their homes! Seniors on fixed incomes cannot afford space rents over $1000 a month. Some of them are living on $1500 or less a month in Social Security and moving the home to a different location is not a viable option.
I would say that HUD has been more of an obstacle to affordable housing than a solution. First time home buyers trying to buy a home with FHA financing are at a tremendous disadvantage in the current market conditions. Offers that need to meet the FHA guidelines for appraisals puts those buyers offers at the bottom of the pile. The requirements placed by HUD on these appraisals without any alternative solutions for the buyers make it nearly impossible to buy a home. Are first-time home buyers being discriminated against? Are these new initiatives designed to make it appear that HUD cares? Sounds like they’re putting a bandage over a wound that requires ten stitches. Good Luck!
I’m a 86 year old resident of Florida and loss my entire home due to Ian hurricane on San Carlos Island,I’m on A fixed income 2K a month, no retirement funds, I saved $40k for a down payment, yet the prices to put a home on my lot is 400k plus.My income could not sustain a mortgage at that amount, does HUD have a grant for me to apply for? Please let me know, Thank you Dave