Sponsors (3)
Requires FHFA to direct Fannie Mae and Freddie Mac to run pilots to purchase or share risk on personal-property manufactured home loans with consumer protections and community-ownership limits.
The bill increases financing access, affordability, and occupancy protections for manufactured-home buyers in nonprofit, government, and resident-owned communities, benefiting many low- and moderate-income homeowners, but it excludes residents of private parks, creates potential taxpayer risk, and may introduce implementation complications and uneven consumer protections.
Low- and moderate-income residents of nonprofit, government, or resident-owned manufactured-home communities would gain greater access to financing for homes, increasing homeownership opportunities and affordability.
Buyers of manufactured homes in eligible communities would receive consumer protections aligned with RESPA/TILA servicing and lending rules to the greatest extent practicable, improving borrower safeguards and transparency.
FHFA-authorized enterprise involvement in pilot programs could lower borrowing costs or increase loan availability (by accepting lower-than-market returns), making manufactured-home loans more affordable.
Many manufactured-home residents living in private-park communities would be excluded because eligibility is limited to nonprofit, government, or resident-owned communities, leaving a large portion of low-income owners without access to the program.
Taxpayers could face increased exposure to losses if the enterprises purchase or share risk on higher-risk personal-property manufactured-home loans under the pilots.
Requiring leases that outlast loan terms or perpetual occupancy rights could complicate transactions and raise costs for sellers, lenders, or park owners, slowing program uptake and limiting practical availability.
Based on analysis of 2 sections of legislative text.
Official title: Require the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to each establish a pilot program for personal property manufactured home loan purchases.
Introduced June 17, 2026 by Jeff Merkley · Last progress June 17, 2026
Directs the Federal Housing Finance Agency (FHFA) to require Fannie Mae and Freddie Mac to each create pilot programs to purchase or share risk on personal-property manufactured home loans. The enterprises must begin buying or sharing risk on newly originated loans or existing portfolios after each pilot starts, and pilots must include key consumer mortgage protections and limits on the types of financed manufactured homes. Pilots must target homes located in nonprofit, government, or resident-owned manufactured housing communities, require long-term or perpetual site-lease rights when applicable, allow prudent risk limits, and permit the enterprises to earn a reasonable (possibly lower-than-usual) economic return. FHFA must issue the directive within 18 months of enactment and each enterprise must begin purchases or risk-sharing within one year of establishing its pilot program.