What is the official ID of this bill?
The official print number for this legislation is S 3905.
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.
Status:
Expired
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