Property Improvement and Manufactured Housing Loan Modernization Act
Section 303 · Sec. 303 ·
What this chapter is about
This part raises the dollar limits on some home loans. Those loans fix up a home or buy a factory-built one. The limits can now be set by notice. Building a small extra home on a lot can be paid for too. A study of factory-built housing is also required.
The document says “is amended”Who acts: CongressHow: statuteSec. 303 in the PDF
What the document says
“in subsection (a), by inserting ``construction of additional or accessory dwelling units, as defined by the Secretary,'' after ``energy conserving improvements,''; and”
The section amends section 2(a) of the National Housing Act to add the construction of additional or accessory dwelling units, as the Secretary defines them, to the purposes for which these loans may be insured.
What the document actually says
“in subsection (a), by inserting ``construction of additional or accessory dwelling units, as defined by the Secretary,'' after ``energy conserving improvements,''; and”
That sentence, in plain words
New words go into an older law. They come after words about saving energy. They add building an extra home on a lot.
What this is about
An accessory dwelling unit is a small second home on one lot. It can be over a garage or in a back yard. The housing agency decides what counts.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “is amended”Who acts: CongressHow: statuteSec. 303 in the PDF
What the document says
“``(A) $75,000 if made for the purpose of financing alterations, repairs, and improvements upon or in connection with an existing single-family structure, including a manufactured home;'';”
The section replaces subparagraph (A) of section 2(b)(1) of the National Housing Act with a $75,000 limit for a loan financing alterations, repairs, and improvements to an existing single-family structure, including a manufactured home.
What the document actually says
“``(A) $75,000 if made for the purpose of financing alterations, repairs, and improvements upon or in connection with an existing single-family structure, including a manufactured home;'';”
That sentence, in plain words
The limit is set at seventy five thousand dollars. That covers work on a home that already stands. A factory-built home counts as one.
What this is about
This is a ceiling on the size of the loan, not a grant. The work must be on a home that already exists. The old subparagraph is replaced whole.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “is amended”Who acts: CongressHow: statuteSec. 303 in the PDF
What the document says
“``(C)(i) $106,405 if made for the purpose of financing the purchase of a single-section manufactured home; and ``(ii) $195,322 if made for the purpose of financing the purchase of a multi-section manufactured home;”
The section replaces subparagraphs (C) and (D) of section 2(b)(1) of the National Housing Act with limits of $106,405 for a single-section manufactured home and $195,322 for a multi-section one, and $149,782 and $238,699 respectively where a suitably developed lot is bought with the home. It also raises the figures in subparagraphs (B) and (E), removes the phrase covering an apartment house from subparagraph (B), and removes the per-space cap there.
What the document actually says
“``(C)(i) $106,405 if made for the purpose of financing the purchase of a single-section manufactured home; and ``(ii) $195,322 if made for the purpose of financing the purchase of a multi-section manufactured home;”
That sentence, in plain words
A one-piece factory home has a loan limit. It is set at $106,405. A home made of more than one piece has a higher limit of $195,322.
What this is about
Two more limits cover buying the land with the home. Those are higher again. A section here means a piece of the home built in the factory.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “is amended”Who acts: Secretary of Housing and Urban DevelopmentHow: statuteSec. 303 in the PDF
What the document says
“``(H) such principal amount as the Secretary may prescribe if made for the purpose of financing the construction of an accessory dwelling unit.'';”
The section adds a new subparagraph (H) to section 2(b)(1) of the National Housing Act setting the limit for a loan financing the construction of an accessory dwelling unit at whatever principal amount the Secretary prescribes.
What the document actually says
“``(H) such principal amount as the Secretary may prescribe if made for the purpose of financing the construction of an accessory dwelling unit.'';”
That sentence, in plain words
For an extra home on a lot, the housing agency sets the limit. The law names no figure.
What this is about
Every other limit in the list is a set number. This one is left open. The agency will name it later.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “is amended”Who acts: Secretary of Housing and Urban DevelopmentHow: statuteSec. 303 in the PDF
What the document says
“by inserting ``, or as necessary to achieve the goals of the Federal Housing Administration, periodically reset the dollar amount limitations in subparagraphs (A) through (H) based on justification and methodology set forth in advance by regulation'' before the period at the end; and”
The section changes the matter before paragraph (2) of section 2(b) of the National Housing Act so that the Secretary acts by notice rather than regulation, sets rather than increases the limits, covers subparagraphs (A) through (H) rather than a shorter list, and may periodically reset the limits where needed to achieve the goals of the Federal Housing Administration, on a justification and methodology set out in advance by regulation.
What the document actually says
“by inserting ``, or as necessary to achieve the goals of the Federal Housing Administration, periodically reset the dollar amount limitations in subparagraphs (A) through (H) based on justification and methodology set forth in advance by regulation'' before the period at the end; and”
That sentence, in plain words
New words let the housing agency reset the limits from time to time. It may do so to meet its own goals. It must first set out its reasons and method in a rule.
What this is about
Before this the agency could only raise the limits. Now it can set them either way. Notice is a lighter step than a full rule.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “is amended”Who acts: Secretary of Housing and Urban DevelopmentHow: statuteSec. 303 in the PDF
What the document says
“in paragraph (3), by striking ``exceeds--'' and all that follows through the period at the end and inserting ``exceeds such period of time as determined by the Secretary, not to exceed 30 years.'';”
The section replaces the wording in section 2(b)(3) of the National Housing Act that set the maximum loan term with a maximum period the Secretary determines, capped at 30 years.
What the document actually says
“in paragraph (3), by striking ``exceeds--'' and all that follows through the period at the end and inserting ``exceeds such period of time as determined by the Secretary, not to exceed 30 years.'';”
That sentence, in plain words
The older words about how long a loan may run come out. New words go in. The housing agency now sets the length, up to 30 years.
What this is about
A loan term is how long a borrower has to pay it back. The law used to fix the number. Now it fixes only the ceiling.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “shall”Who acts: Secretary of Housing and Urban DevelopmentHow: statuteSec. 303 in the PDF
What the document says
“The Secretary shall develop or choose 1 or more methods of indexing in order to annually set the loan limits established in paragraph (1), based on data the Secretary determines is appropriate for purposes of this section.''; and”
The section replaces paragraph (9) of section 2(b) of the National Housing Act with a duty on the Secretary to develop or choose one or more methods of indexing to set the loan limits each year, based on data the Secretary considers appropriate. The Secretary must do so within a year of enactment, and until then the indexing method in place before enactment continues to apply.
What the document actually says
“The Secretary shall develop or choose 1 or more methods of indexing in order to annually set the loan limits established in paragraph (1), based on data the Secretary determines is appropriate for purposes of this section.''; and”
That sentence, in plain words
The housing agency must build or pick a way to update the limits. It uses that way to set them once a year. It picks the data it thinks fits.
What this is about
Indexing means moving a figure with some measure, often prices. The agency has one year to choose a method. Until then the old one stays.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “is amended”Who acts: Secretary of Housing and Urban DevelopmentHow: statuteSec. 303 in the PDF
What the document says
“in paragraph (11), by striking ``lease--'' and all that follows through the period at the end and inserting ``lease meets the terms and conditions established by the Secretary''.”
The section replaces the wording in section 2(b)(11) of the National Housing Act that set out lease requirements with a test that the lease meet the terms and conditions the Secretary establishes.
What the document actually says
“in paragraph (11), by striking ``lease--'' and all that follows through the period at the end and inserting ``lease meets the terms and conditions established by the Secretary''.”
That sentence, in plain words
The older words about the lease come out. New words go in. The lease must now meet what the housing agency sets.
What this is about
A manufactured home often sits on rented land. The lease for that land had fixed rules in the law. Now the agency writes them.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “shall”Who acts: Secretary of Housing and Urban DevelopmentHow: statuteSec. 303 in the PDF
What the document says
“Not later than 1 year after the date of enactment of this section, the Secretary of Housing and Urban Development shall conduct a study and submit to Congress a report on the cost effectiveness of offsite construction housing that includes--”
The section requires the Secretary to study and report to Congress within a year on the cost effectiveness of offsite construction housing, meaning manufactured homes and modular homes. The report must analyze the effect of factory building and transport on cost, precision, and materials waste, compare how far such housing meets housing quality standards against site-built homes, compare expected replacement and maintenance costs over the first 40 years, and identify uses beyond single-family housing such as accessory dwelling units, two- to four-unit housing, and large multifamily housing.
What the document actually says
“Not later than 1 year after the date of enactment of this section, the Secretary of Housing and Urban Development shall conduct a study and submit to Congress a report on the cost effectiveness of offsite construction housing that includes--”
That sentence, in plain words
The housing agency must study homes built away from the site. It must report to Congress within a year. The question is whether they cost less.
What this is about
Offsite building means the home is made in a factory. The study weighs those homes against homes built on the spot. It looks at cost, quality, and upkeep over 40 years.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
Each distinct thing the section does: adding accessory dwelling unit construction to the purposes these loans may serve, the replacement of the dollar limits, the new limit for an accessory dwelling unit, the shift from regulation to notice and the power to reset the limits, the new maximum loan term, the annual indexing duty and the interim index, and the study of offsite construction.
The individual dollar swaps in subparagraphs (B) and (E) are recorded through the paragraph that carries them rather than one by one, and the purely mechanical amendments that strike an ``and'' or a period are not recorded on their own.
The section works by amending section 2 of the National Housing Act, which is not indexed here, so nothing is recorded about the rest of that loan program. Section 525 of that Act and the National Standards for the Physical Inspection of Real Estate are likewise not indexed.
