Tom Emmer: “I thank the chairman. Mr. Speaker, 22 million Americans live in manufactured homes. The majority of these homes are in…”

“I thank the chairman. Mr. Speaker, 22 million Americans live in manufactured homes. The majority of these homes are in rural America. In fact, more than 6 out of 10 manufactured homes are located in rural areas. In my home State of Minnesota, manufactured homes are the State's largest source of affordable homeownership. Unfortunately, a provision in Dodd-Frank has put homeownership out of reach for these Americans. Specifically, Dodd-Frank and the CFPB modified the criteria and expanded the types of loans from lenders to manufactured home buyers, which are considered to be ``high cost.'' As a direct result, lenders are struggling to make these loans because of a high legal risk associated with this ``high cost'' definition, ultimately harming low-income buyers in Minnesota. The consumers are being harmed in Minnesota and around the country. This is why Republicans and Democrats have come together in support of H.R. 1699, the Preserving Access to Manufactured Housing Act, authored by the gentleman from Kentucky (Mr. Barr), our friend, to help millions of Americans become homeowners. This legislation provides clarity and certainty regarding the changes made by Dodd-Frank and the CFPB. H.R. 1699 will ensure that home buyers in rural and low-income areas are able to afford manufactured housing and are not unfairly targeted by the very agency that was created to protect them. Mr.…”