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Higher Loan Limits for Home Improvements and Manufactured Housing Purchases.

This bill significantly raises the maximum federal loan amounts available for home improvements, including explicitly allowing financing for the construction of Accessory Dwelling Units (ADUs), helping homeowners increase living space. It also substantially increases loan limits for purchasing manufactured homes and lots, aiming to boost housing affordability and supply. The law mandates annual indexing of these limits to keep pace with construction costs.
Key points
Maximum loan limits for single-family home improvements increase to $75,000, and financing is explicitly allowed for building Accessory Dwelling Units (ADUs).
Loan limits for purchasing manufactured homes (single and multi-section) and associated lots are significantly increased.
The maximum repayment period for property improvement loans may be extended up to 30 years.
Annual indexing of loan limits is required to ensure the amounts keep pace with rising construction costs.
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Expired
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Additional Information
Print number: 118_S_3905
Sponsor: Sen. Reed, Jack [D-RI]
Process start date: 2024-03-11
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Property Improvement and Manufactured Housing Loan Modernization Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_3905.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-03-11.

What are the main provisions?

Key points include:

  • Maximum loan limits for single-family home improvements increase to $75,000, and financing is explicitly allowed for building Accessory Dwelling Units (ADUs).
  • Loan limits for purchasing manufactured homes (single and multi-section) and associated lots are significantly increased.
  • The maximum repayment period for property improvement loans may be extended up to 30 years.
  • Annual indexing of loan limits is required to ensure the amounts keep pace with rising construction costs.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Reed, Jack [D-RI].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Real Estate Economy