Manufactured Housing Lending Act

This Act may be cited as the “Manufactured Housing Lending Act”.

(a) In general.— Not later 18 months after the date of enactment of this Act, the Federal Housing Finance Agency shall direct the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to each establish a pilot program for personal property manufactured home loan purchases.

(b) Purchases.— Not later than 1 year after the date on which a pilot program is established under subsection (a), the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, as applicable, shall begin purchasing or otherwise sharing financial risk on newly originated loans or existing portfolios of loans.

(c) Requirements.— The pilot programs established under subsection (a) shall—

(1) incorporate the consumer mortgage lending and servicing protections found in parts 1024 and 1026 of title 12, Code of Federal Regulations, to the greatest extent practicable;

(2) require financed manufactured homes to—

(A) be located in nonprofit, government, or resident-owned manufactured housing communities; and

(B) include a lease term that exceeds the manufactured house loan term or includes a perpetual right to occupy the site;

(3) at the discretion of the Director of the Federal Housing Finance Agency, include prudent risk protections and counterparty standards; and

(4) permit the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to achieve a reasonable economic return that shall be less than the return earned on other comparable mortgage lending activities.