Political Quotes

“Madam President, today I am introducing the Property Improvement and Manufactured Housing Loan Modernization Act with Senator Lummis. This legislation would strengthen the Federal Housing Administration, FHA, title I loan program to both help more families find and own an affordable home and better preserve our existing housing stock. Like its better known title II sister program, FHA title I expands access to housing and boosts affordability for families by insuring private market loans. However, title I is targeted towards two underserved portions of our housing market--manufactured homes and property improvement. For decades, title I has provided low-cost loans that help more families afford a manufactured home or make necessary improvements to their existing home, while expanding and preserving critical portions of housing supply. Indeed, manufactured homes are the largest source of unsubsidized affordable housing in the country, and property improvement loans help prevent more single-family homes and apartments from falling out of our housing stock. These loans should be a central tool helping to close our nationwide housing shortage, which Freddie Mac estimates at 3.8 million homes. However, outdated loan limits and statutory restrictions have weakened title I's effectiveness and turned the program from success to a missed opportunity.…”