New Housing Legislation Now Enacted · Land Home Package Investing

New Housing Legislation Now Enacted

The final version of the bill includes the following provisions:

Adds reforms to housing counseling agencies conducting educational programs
Expands access to lower-value (called "small dollar") FHA mortgages under $100,000.
Creates a program for whole-home repair grants and forgivable loans
Simplifies and expands government planning processes associated with affordable housing
Creates a $200 million grant program that aims to increase housing supply
Allows for simplified approval for pre-reviewed housing designs to stimulate construction
Updates FHA maximum loan limits for multifamily mortgages
Eliminates the permanent chassis requirement for manufactured homes and seeks to reduce financing friction for modular housing
Increases the FHA loan limits for manufactured housing loans
Loosens restrictions on small bank mortgage lending
Supports the opening of new community banks and credit unions
Restricts institutional investors that own at least 350 single-family homes from buying additional properties, with some exemptions
I'M NOT SURE WHEN THE MANUFACTURES WILL ELIMINATE THE PERMANENT CHASSIS REQUIREMENT AND IF THIS ONLY HELPS FOR 2 STORY UNITS.