New HUD and FHA Community Loan Program Fails to Include For-Profit Community Owners

During the Innovative Housing Showcase, HUD Acting Secretary Todman announced that HUD was reviving FHA’s 223(f) Manufactured Home Community loan product, which provides a Federal Housing Administration (FHA) insured financing option for the purchase, refinance, and revitalization of manufactured home communities. MHI had called on HUD to include all ownership types as eligible for the lending support, similar to the Fannie Mae and Freddie Mac programs. Despite MHI’s advocacy, for the initial launch of the program for-profit community owners are not included as eligible entities for the program. MHI has been assured by HUD that such eligibility is forthcoming, and MHI will advocate for immediate expansion of the eligible applicants to include for-profit community owners.