Affordable Housing Access and Regulatory Reform: Boosting Small Mortgages and Tenant Rights
This law aims to increase affordable housing access by reforming assistance programs and updating regulations for small dollar mortgages. It introduces performance standards for housing counselors, evaluating them based on client default rates, and expands the definition of manufactured homes. Furthermore, it authorizes the 'Moving to Work' program as a permanent fixture, introducing new hardship exception requirements for tenants.
Key points
Facilitation of small dollar mortgages (under $70,000) by updating regulations regarding loan originator compensation and points and fees.
Authorization of the 'Moving to Work' (MTW) program as a permanent program, introducing requirements for hardship exceptions and grievance processes for tenants.
Update to the definition of manufactured homes to include structures without a permanent chassis, aiming to treat them in parity with traditional manufactured homes.
Introduction of competency evaluations for housing counselors based on the default rates of their clients compared to comparable markets.
Status:
Expired
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