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Home Ownership

The recently enacted Housing Opportunity through Modernization Bill (2016) (the “ACT”) , allows HUD Section 8 vouchers to be used to make mortgage payments and to pay property taxes and insurance on manufactured homes.  A Section 8 voucher can now be used  to cover the cost of purchasing a manufactured home rather than only for  rental payments.   I am recommending to  lenders offering this loan product, including those in the fintech space,   to make borrowers aware of this new loan structure. Additionally, this law will provide a new market for companies in the manufactured housing industry.  The Act includes reforms to the Federal Housing Administration (“FHA”) condominium program. Some of the changes include:  1.   FHA’s certification requirements for condo projects:  2.more commercial space in agency-approved condo buildings and 3. revisions to  current owner-occupancy requirements.

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