The U.S. Department of Housing and Urban Development (HUD) has announced its Preservation and Reinvestment Initiative for Community Enhancement (PRICE) Program, which is designed to preserve and revitalize manufactured housing and manufactured housing communities.
According to HUD, the $225 million competitive grant program will provide resources to support residents of manufactured housing through repairs and rehabilitation of homes, replacement of dilapidated units, infrastructure upgrades such as water, sewer, utilities or broadband, improvements to increase community resilience in the face of extreme weather, planning activities to support manufactured housing communities, and services for homeowners including housing and mobility counseling, eviction prevention, and activities that support resident-owned management structures. The program’s funding will be mades available to states, localities, tribes and tribal partners, nonprofits, community development finance institutions and other eligible entities.
Separately, HUD announced the Federal Housing Administration (FHA) posted a new draft policy for public feedback that is designed to allow resident-owned cooperatives or other mission-oriented borrowers – including nonprofits, tribal entities and governmental entities – to access FHA-insured financing under its Multifamily 223(f) program to purchase or refinance manufactured home communities. HUD also announced an update to FHA’s Title I Manufactured Home Loan Program that includes new methodologies for calculating the loan limits so that they are commensurate with current market pricing for manufactured homes.
“Coordinating and aligning this suite of new federal actions serves as a force multiplier to expand the availability and affordability of manufactured homes,” said Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon. “FHA’s updated and expanded financing options complement the work of our colleagues in HUD’s Office of Community Planning and Development and Ginnie Mae, thereby delivering comprehensive federal support for quality, affordable, manufactured homes in both urban and rural areas.”
