An eligible manufactured housing community is defined by affordability and ownership
What the document says“``(A) is affordable to low- and moderate-income persons, as determined by the Secretary, but not more than 120 percent of the area median income; and”
The new section 123 defines an eligible manufactured housing community as one affordable to low- and moderate-income people, as the Secretary determines, at no more than 120 percent of area median income, and that is either owned by its residents through a resident-controlled entity such as a resident-owned cooperative or will be kept as such a community and remain affordable to those residents so far as practicable and for the longest feasible period.
What the document actually says“``(A) is affordable to low- and moderate-income persons, as determined by the Secretary, but not more than 120 percent of the area median income; and”
The community must be one that people with low or middling income can pay for. The housing agency judges that. The line is drawn at 120 percent of the middle income for the area.
The community must also be owned by the people who live there, or be kept that way. A resident-owned cooperative is one form of that. Otherwise it must stay affordable as long as can be managed.
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