Affordable Housing Access: Small Mortgages, Flexible Aid, and Increased Oversight.
This law aims to make lower-cost homes more accessible by encouraging lenders to offer small dollar mortgages and updating the definition of manufactured homes for easier financing. It establishes the flexible "Moving to Work" housing assistance program permanently, while strengthening tenant protections against eviction through mandatory grievance processes. The bill also increases oversight of housing counselors and federal agencies to ensure greater transparency.
Key points
Regulations are eased to encourage lenders to originate small dollar mortgages (under $70,000), potentially boosting access to lower-cost housing.
The definition of manufactured homes is updated to include those without a permanent chassis, facilitating financing, insurance, and titling.
The "Moving to Work" (MTW) flexible housing assistance program becomes permanent, granting local housing agencies greater freedom in managing public funds.
New requirements mandate hardship exceptions and grievance processes for tenants facing eviction from MTW-subsidized housing.
Increased transparency and accountability for federal housing regulators, including mandatory annual testimony before Congress regarding financial safety and programs.
Expired
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