Political Quotes

“Mr. President, today I am introducing the Property Improvement and Manufactured Housing Loan Modernization Act with Senator Lummis. Our bipartisan bill would help more families purchase an affordable home and maintain our housing supply by strengthening the Federal Housing Administration, FHA, Title I Loan Program. 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 enabled families to access stable, affordable housing, while also helping maintain our Nation's housing stock. 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 into disrepair and out of our housing supply. These loans should be an important tool in helping to close our nationwide housing shortage, which the Brookings Institution estimates at nearly 5 million homes. However, outdated loan limits and statutory restrictions have turned title I from an effective program into a missed opportunity. From the mid-1980s through the early 1990s, lenders offered 15,000 to 25,000 title I manufactured home loans each year. But in 2021, only three loans were issued.…”