Manufactured Housing Lending Act
- Bill Number
- S. 4804
- Origin Chamber
- Senate
- Congress
- 119th Congress, Session 2
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2026-06-17: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Last Updated
- 2026-07-08T16:41:27Z
AI-Generated Summary
Manufactured Housing Lending Act (S. 4804) Summary
Purpose
This legislation directs the Federal Housing Finance Agency to require the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to create pilot programs for purchasing loans on personal property manufactured homes. The goal is to expand financing options for these homes when located in specific community types.
Key Provisions
- Pilot Program Timeline: Within 18 months of the law's enactment, the Federal Housing Finance Agency must instruct Fannie Mae and Freddie Mac to each launch a pilot program. Within one year after launch, the entities must begin buying or sharing risk on newly originated loans or existing loan portfolios.
- Consumer Protections: The pilots must follow, to the extent practical, existing federal rules on mortgage lending and servicing found in parts 1024 and 1026 of title 12 of the Code of Federal Regulations.
- Home Location Requirements: Financed homes must be situated in nonprofit, government-owned, or resident-owned manufactured housing communities. Leases must exceed the loan term or include a perpetual right to occupy the site.
- Risk Management: The Federal Housing Finance Agency Director may add prudent risk protections and standards for counterparties.
- Financial Returns: Fannie Mae and Freddie Mac must aim for a reasonable economic return on these activities, but one that is lower than returns from comparable mortgage lending.
Significant Changes to Existing Law
The bill introduces new mandatory pilot programs requiring Fannie Mae and Freddie Mac to enter the market for personal property manufactured home loans, which are loans secured by the home itself rather than land. This represents an expansion of their purchasing activities into this specific loan category, subject to defined conditions not previously required.
Potential Impacts
- Government Agencies: The Federal Housing Finance Agency gains oversight duties for directing and monitoring the pilots. Fannie Mae and Freddie Mac must allocate resources to implement and manage these programs.
- Citizens: Residents in qualifying manufactured housing communities may gain improved access to financing for home purchases, potentially increasing stability in those communities.
- International Relations: No direct effects are outlined in the legislation.
Main Stakeholders Affected
- Fannie Mae and Freddie Mac, which must establish and operate the pilot programs.
- The Federal Housing Finance Agency, responsible for directing the programs.
- Owners and buyers of personal property manufactured homes in nonprofit, government, or resident-owned communities.
- Lenders originating loans eligible for purchase under the pilots.
- Manufactured housing community operators and residents in the specified community types.
Notable Legal, Constitutional, or Political Implications
The legislation relies on the existing regulatory authority of the Federal Housing Finance Agency over Fannie Mae and Freddie Mac without introducing new regulatory bodies. It emphasizes consumer protections by referencing existing federal mortgage rules and limits financial returns to encourage participation without prioritizing profit. No constitutional conflicts are evident in the text, as it operates within established housing finance frameworks.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (2)
Sen. Hickenlooper, John W. [D-CO], Sen. Welch, Peter [D-VT]
Recent Actions
- 2026-06-17: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2026-06-17: Introduced in Senate
Bill Versions
- Manufactured Housing Lending Act — issued 2026-06-17 — PDF (3 pages)