To ensure that federally backed financing for the construction, rehabilitation, or purchase of manufactured home communities is available only for communities whose owner has implemented minimum consumer protections in the lease agreements with residents of all manufactured home communities owned by such owner, and for other purposes.
Helping Owners Meet Essential Standards Act of 2020 or the HOMES Act of 2020
This bill requires manufactured housing communities and home parks to meet minimum consumer protections to be eligible for certain federally-backed loans for the construction, substantial rehabilitation, or purchase of these communities. Specifically, the Department of Housing and Urban Development is prohibited from insuring such a loan, and Fannie Mae and Freddie Mac are prohibited from purchasing such a loan, unless a borrower provides specified tenant protections, including
The bill also establishes the Manufactured Home Company Lending Standards Commission to propose additional consumer protection standards.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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