On July 25, the U.S. House of Representatives passed H.R.4804, the FHA Manufactured Housing Loan Modernization Act by an overwhelming vote of 412 to 4. I’d like to express my thanks to all NCC members who contacted their congressman urging support for the bill. This is a huge victory for the manufactured housing industry and the land-lease community sector in particular since this reform legislation would modernize the FHA Title I home-only financing program by increasing loan limits and changing the structure of the program that will allow more lenders to originate these loans. As we all know, access to competitive financing for buyers in communities has been a major problem for many community owners during the industry downturn—a problem that has been exacerbated by the lack of a robust FHA Title I program.

But now we have the chance to make meaningful changes to the program that will expand financing opportunities in communities, but time is of the essence. The Senate version of the legislation, S.2123, needs to be passed in the next month in order for the reform legislation to be enacted. Every community owner with a vested interest in the industry needs to pick up the phone or send an email or fax to their senators and urge them to pass S.2123 before this Congress adjourns for the year. With mid-term elections rapidly approaching, the amount of legislation that will be considered over the next month will be limited. The overwhelming vote of support in the House shows widespread support for the legislation, so all senators need to be urged to move S.2123 now.

Contacting your senators is easy—just click here to find out their telephone numbers and email addresses. If you want more background on the legislation, visit the NCC’s website at www.mhcommunities.org. With your help, we can and will move this legislation forward.

On a personal note, this is my last column as chairman of the National Communities Council. My term comes to an end at the conclusion of the MHI Annual Meeting on November 1. It has been a pleasure these past two years serving the industry and advancing the cause of communities. I appreciate all the support many of you have given me over the past two years, and I look forward to continuing my active support of the NCC as a board member.

As always, feel free to contact me with your thoughts and concerns at nsmith@sskcommunities.com

Nathan Smith, PHC
Partner, SSK Communities
Chairman, National Communities Council