Summary

Requires borrowers who seek FHA insurance or loans purchased by Fannie Mae or Freddie Mac for manufactured‑home communities to certify that community pad‑site leases include a set of minimum tenant protections, and to submit lease documentation for review. It creates civil remedies and monetary penalties for willful, material violations, bans enterprise pricing incentives that reward weaker protections, establishes a temporary commission to recommend stronger standards within one year, directs FHFA to develop a model site‑lease for enterprise purchase eligibility, and specifies that implementation must be funded from existing HUD and FHFA resources.

Key Points

• Borrowers seeking FHA insurance or enterprise purchase must certify that community pad‑site leases include statutory minimum tenant protections.
• Minimum protections include one‑year renewable leases, notice and limits on rent increases, grace and cure periods, rights to sell in place, and limits on termination.
• Loans are ineligible for FHA insurance or enterprise purchase after 180 days unless the borrower submits required certifications and lease documents.
• Willful, material violations can bar borrowers from federal financing or housing assistance for at least two years and trigger statutory monetary remedies.
• Covered pricing incentives must reward protections stronger than the statutory minimum; incentives that reward weaker protections are banned.
• A 16‑member commission must propose stronger standards within one year to guide future enterprise pricing incentives.
• FHFA must develop a standard site‑lease for enterprise single‑family purchase eligibility and report it to Congress within one year.
• No new appropriations are authorized; HUD and FHFA must use existing funds to implement the law.

Categories & Tags