Proposed Rule2022-22535
Indexing Methodology for Title I Manufactured Home Loan Limits
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Published
October 18, 2022
Issuing agencies
Housing and Urban Development Department
Abstract
Section 2145 of the Housing and Economic Recovery Act of 2008 amended the maximum loan limits for manufactured home loans insured under Title I of the National Housing Act and required regulations to implement future indexing of the loan limit amounts for manufactured homes originated under the Manufactured Home Loan program and the Property Improvement Loan program. This proposed rule would establish indexing methodologies using data from the United States Census Bureau to annually calculate the loan limits for Manufactured Home Loans, Manufactured Home Lot Loans, and Manufactured Home and Lot Combination Loans ("Combination Loans") insured under Title I of the National Housing Act for the Manufactured Home Loan program.
Full Text
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<title>Federal Register, Volume 87 Issue 200 (Tuesday, October 18, 2022)</title>
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[Federal Register Volume 87, Number 200 (Tuesday, October 18, 2022)]
[Proposed Rules]
[Pages 63018-63022]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-22535]
[[Page 63018]]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
24 CFR Part 201
[Docket No. FR-6207-P-01]
RIN 2502-AJ52
Indexing Methodology for Title I Manufactured Home Loan Limits
AGENCY: Office of the Assistant Secretary for Housing--Federal Housing
Commissioner, Housing and Urban Development (HUD).
ACTION: Proposed rule.
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SUMMARY: Section 2145 of the Housing and Economic Recovery Act of 2008
amended the maximum loan limits for manufactured home loans insured
under Title I of the National Housing Act and required regulations to
implement future indexing of the loan limit amounts for manufactured
homes originated under the Manufactured Home Loan program and the
Property Improvement Loan program. This proposed rule would establish
indexing methodologies using data from the United States Census Bureau
to annually calculate the loan limits for Manufactured Home Loans,
Manufactured Home Lot Loans, and Manufactured Home and Lot Combination
Loans (``Combination Loans'') insured under Title I of the National
Housing Act for the Manufactured Home Loan program.
DATES: Comment due date: December 19, 2022.
ADDRESSES: HUD invites interested persons to submit comments to the
Office of the General Counsel, Regulations Division, Department of
Housing and Urban Development, 451 7th Street SW, Room 10276,
Washington, DC 20410-0500. Communications should refer to the above
docket number and title and should contain the information specified in
the ``Request for Comments'' section. There are two methods for
submitting public comments.
1. Submission of Comments by Mail. Comments may be submitted by
mail to the Regulations Division, Office of General Counsel, Department
of Housing and Urban Development, 451 7th Street SW, Room 10276,
Washington, DC 20410-0500. Due to security measures at all Federal
agencies, however, submission of comments by mail often results in
delayed delivery. To ensure timely receipt, HUD recommends that
comments be mailed at least two weeks in advance of the public comment
deadline.
2. Electronic Submission of Comments. Comments may also be
submitted electronically through the Federal eRulemaking Portal at
<a href="http://www.regulations.gov">www.regulations.gov</a>. HUD strongly encourages commenters to submit
comments electronically. Electronic submission of comments allows the
commenter maximum time to prepare and submit a comment, ensures timely
receipt by HUD, and enables HUD to make comments immediately available
to the public. Comments submitted electronically through the website
can be viewed by other commenters and interested members of the public.
Commenters should follow instructions provided on that site to submit
comments electronically.
Note: To receive consideration as public comments, comments
must be submitted using one of the two methods specified above.
Again, all submissions must refer to the docket number and title of
the notice.
No Facsimile Comments. Facsimile (fax) comments are not acceptable.
Public Inspection of Comments. All comments and communications
submitted to HUD will be available for public inspection and copying
between 8 a.m. and 5 p.m. weekdays at the above address. Due to
security measures at HUD Headquarters, an advance appointment to review
the public comments must be scheduled by calling the Regulations
Division at 202-708-3055. This is not a toll-free number. Individuals
can dial 7-1-1 to access the Telecommunications Relay Service (TRS),
which permits users to make text-based calls, including Text Telephone
(TTY) and Speech to Speech (STS) calls. Copies of all comments
submitted are available for inspection and downloading at:
<a href="http://www.regulations.gov">www.regulations.gov</a>.
FOR FURTHER INFORMATION CONTACT: Kevin Stevens, Department of Housing
and Urban Development, 451 7th St SW, Room 9266, Washington, DC 20410-
4000; telephone number 202-402-2378 (this is not a toll-free number).
Individuals can dial 7-1-1 to access the Telecommunications Relay
Service (TRS), which permits users to make text-based calls, including
Text Telephone (TTY) and Speech to Speech (STS) calls.
SUPPLEMENTARY INFORMATION:
I. Background
Title I of the National Housing Act authorizes the Secretary of HUD
to insure, through the Federal Housing Administration (FHA), loans made
by FHA-approved lenders to eligible borrowers to finance the purchase,
refinance, or improvement of a manufactured home, with or without the
lot. HUD insures these loans under HUD's Property Improvement Loan
program and HUD's Manufactured Home Loan program. FHA insures the
lender against loss if the borrower defaults. A Title I Manufactured
Home Loan may be used for the purchase or refinancing of a manufactured
home, a lot on which to place a manufactured home, or a manufactured
home and lot in combination. The manufactured home must be used as the
principal residence of the borrower. Applicable loan limits and
requirements are codified in 24 CFR part 201.
Section 2117 of the Housing and Economic Recovery Act of 2008
(HERA) \1\ added the definition of real estate to include all natural
resources and structures permanently affixed to the land, amended the
maximum loan limits for manufactured home loans and certain property
improvement loans insured under Title I of the National Housing Act,
and required future changes to the amounts for manufactured home loans
to be made through regulation. HERA also stipulated that the Secretary
develop a metric that uses United States Census Bureau (``Census
Bureau'') data \2\ on manufactured home prices to calculate an index
for adjusting loan limits in the future.
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\1\ Public Law 110-289, 2117, 122 Stat. 2654, 2844-45 (2008).
\2\ See generally, U.S. Commerce Department, Census Bureau data
on manufactured homes, available at: <a href="http://www.census.gov/programs-surveys/mhs.html">www.census.gov/programs-surveys/mhs.html</a>.
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In compliance with HERA, on March 3, 2009, HUD published Title I
Letter TI-480 \3\ notifying lenders of the new statutory loan limits.
HUD also noted in that Title I Letter the need for the Secretary to
develop an indexing method that would determine future loan limits. HUD
regulations still reflect the outdated, pre-HERA Loan Limits. Initially
after HERA's enactment, Census Bureau data showed a decline in home
prices. However, for compliance with HERA, HUD did not lower loan
limits and the limits were kept at the
[[Page 63019]]
threshold set under HERA. The outdated Loan Limits, and the 2008 Loan
Limits currently in effect as described in the Title I letter are
outlined below:
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\3\ ``Increased Maximum Loan Limits for Title I Manufactured
Home Loans,'' <a href="https://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/letters/title1">https://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/letters/title1</a>.
Table 1--Loan Limits Under HERA Compared to Pre-HERA Loan Limits
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2008 Loan limit
Title I loan program name Eligible loan name for Loan limits prior basis per HERA
property type to HERA currently in effect
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Property Improvement Loan Program........ Manufactured Home $7,500 $25,090
Improvement Loan for units
classified as real estate.
Manufactured Home Loan Program........... Manufactured Home Loan 48,600 69,678
(unit only).
Manufactured Home Lot Loan 16,200 23,226
(lot only).
Manufactured Home and Lot 64,800 (48,600 + 92,904 (69,678 +
(Combination Loan). 16,200) 23,226)
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HUD has developed preliminary indexes on which future loan limits
could be annually adjusted. This methodology uses Census Bureau data,
as required by HERA. The indexes for Title I unit-only loan limits
would rely on the Census Bureau's Manufactured Housing Survey, which
collects manufactured home sale prices for units that are sold (or
intended to be sold) for residential use. At this time, it does not
collect prices for land or lot sales or costs for home improvements, as
it relates to manufactured housing. However, the Census Bureau's New
Residential Sales data do provide estimates of the median price of
newly constructed single-family homes, which includes the value of the
lot. For compliance with the HERA statute, the index for Title I Lot
Loan limits would be based on Census Bureau data on prices for newly
constructed single-family homes with land.
II. Proposed Rule
As required by HERA, this proposed rule would update the loan
limits in Sec. 201.10 to establish an index for which future loan
limits would be revised through notice. HUD is also proposing to amend
the definition of ``manufactured home'' in Sec. 201.2 to conform to
the loan limit change. HUD proposes to index loan limits based on sale
prices, unit sizes, and property data collected by the Census Bureau.
HUD seeks comments on the proposed indexes and methodology for the
different loan types. Further, commenters are invited to suggest
whether the methodology should include an additional or alternative
index for specific loans and how they could better represent adjustment
in the loan limits.
HUD proposes to establish separate indexing methodologies to
annually calculate future loan limits for manufactured home loans,
manufactured home lot loans, and manufactured home and lot combination
loans under the Manufactured Home Loan program. HUD assigns ``Index
100'' to the loan limit amounts enacted by HERA, as shown in Table 3 of
this preamble.
First, the proposed rule would create a dual index based on
purchase prices of manufactured homes, which are collected by the
Census Bureau. The dual index would distinguish purchase prices based
on the number of sections that make up a home. An index for single-
section manufactured homes would use only single-section home sale
data. A separate index for double- and multi-section manufactured homes
would use only double-section home sale data.\4\ This would allow HUD
to apply loan limits which more closely reflect the prices of homes
with one section (single-section) and homes with more than one section
(double or multi-section).
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\4\ For an example of the latest data according to Census, see
``MHS Latest Data,'' <a href="https://www.census.gov/data/tables/time-series/econ/mhs/latest-data.html">https://www.census.gov/data/tables/time-series/econ/mhs/latest-data.html</a>.
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HUD proposes to adjust loan limits for single-section and double or
multi-section manufactured home loans annually based on changes to
indexes for the average price of single-section and double-section
manufactured homes, respectively. To determine each index, HUD proposes
to use the average price data for the most recent 12 months available
at the time HUD calculates the adjustment, weighted according to the
number of manufactured units shipped during that same period. Each
index would be calculated separately, using shipping and price data for
single-section units for the single-section index and shipping and
price data for double-section units for the double- or greater section
index. Consistent with HERA, HUD would not decrease loan limits even if
an annual index reflects a decline.
Second, HUD proposes creating an index for Manufactured Home Lot
Loans based on median home prices in Census Bureau's New Residential
Sales data.\5\ Since these estimates reflect sales of newly constructed
single-family housing including land, they are a suitable general
indicator of the movement of prices for land to be financed with
Manufactured Home Lot Loans. HUD would set Manufactured Home Lot Loan
limits annually by indexing the loan limit established by HERA in 2008
to the growth in median new home prices.
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\5\ The New Residential Sales data come from Census's Survey of
Construction. More information can be found here: <a href="http://www.census.gov/construction/nrs/index.html">www.census.gov/construction/nrs/index.html</a>.
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Finally, the loan limit for manufactured home and lot Combination
Loans would be determined by adding the manufactured home lot loan
limit to either the single- or double-section loan limit, depending on
the home.
HUD's proposed indexes are demonstrated in table 2 of this
preamble:
[[Page 63020]]
Table 2--Proposed Index Methodologies for Title I Manufactured Home Loan
Limits
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Three eligible loan types Proposed methodology/index
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1. Manufactured Home Loan (Home <bullet> Single-Section Index for
only). single-section homes: average
single-section home price with
future indexing based on movement
in single-section home prices or
<bullet> Double Section Index for
homes composed of two or more
sections: average double-section
home price with future indexing
based on movement in double-section
home prices *
2. Manufactured Home Lot Loan (Lot Manufactured Home Lot Loan limit
only). indexed using changes in the median
new home price *
3. Manufactured Home and Lot Loan Manufactured Home and Lot
(Combination Loan). Combination indexed using the
Manufactured Home Lot Loan Index,
plus the applicable index for
sections in a Manufactured Home
<bullet> Single-Section Index for
single-section homes, or
<bullet> Double Section Index for
homes composed of more than one
section.
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* Single-and double-section price averages based on data at:
<a href="http://www.census.gov/data/tables/time-series/econ/mhs/latest-data.html">www.census.gov/data/tables/time-series/econ/mhs/latest-data.html</a>. The
median new home price comes from: <a href="http://www.census.gov/construction/nrs/historical_data/index.html">www.census.gov/construction/nrs/historical_data/index.html</a>.
Table 3 below shows examples of the loan limits, based on recent
data from Census Bureau.
Table 3--Example Loan Limits--Title I Manufactured Home Loan Program
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Example 2022 loan limits (based on
Future index Current limits 2021 Census data)
Title I loan program name Description of property methodology (per HERA) --------------------------------------
Index Loan limit
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Manufactured Home Loan Program........ Single-section Manufactured Indexed to average single- $69,678 104.2................ $72,600
Home (unit only). section manufactured
home price. Note 1.
Manufactured Home Loan Program........ Double- or greater-section Indexed to average double- 69,678 189.4................ 132,000
Manufactured Home (unit only). section manufactured
home price. Note 1.
Manufactured Home Loan Program........ Manufactured Home Lot (lot Indexed to median sales 23,226 160.2................ 37,205
only). price for new single-
family homes. Note 2.
Manufactured Home Loan Program........ Single-section Manufactured Limit for Single-Section 92,904 (69,678 NA................... 109,805
Home and Lot (Combination + Limit for Lot Loan. + 23,226) (72,600 +
Loan). 37,205)
Manufactured Home Loan Program........ Double- or greater-section Limit for Double- or 92,904 (69,678 NA................... 169,205
Manufactured Home and Lot Multi-Section + Limit + 23,226) (132,000 +
(Combination Loan). for Lot Loan. 37,205)
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Table 3 Notes:
1. Indexing to occur at the beginning of each year, based on the weighted average price data for the most recent 12 months available from the
Manufactured Housing Survey.
2. Indexing to occur at the beginning of each year, based on the median sales price of the most recent 12 months available from the New Residential
Sales data.
As discussed in the proposed Sec. 201.10(h), HUD would annually
adjust future loan limits using the above methodology and post new loan
limits, including an explanation of the calculation by notice, such as
through a Title I letter and on <a href="http://HUD.gov">HUD.gov</a>.
III. Manufactured Home Improvement Loans
This proposed rule does not propose an index for Manufactured Home
Improvement Loans, which are insured under regulations for the Property
Improvement Loan program. While HERA authorized adjustments to the
limit of loans that finance improvements to manufactured homes under
the Property Improvement Loan program, that authorization was not
extended to site-built condominiums, townhomes, or detached dwellings.
HUD does not believe any existing Census Bureau data fully reflect
changes in the manufactured housing property improvement loan market.
Therefore, the implementation of HERA regarding Manufactured Home
Improvement Loans would be subject to inaccuracy. Additionally, setting
different loan limits for only this subset of the broader Property
Improvement Loan program would cause complication, as the program and
market for property improvements makes no other differentiation between
improvements to manufactured homes vs. non manufactured homes.
Therefore, HUD intends to publish an advanced notice of proposed
rulemaking requesting public comment seeking input on implementation of
a Property Improvement Loan index for manufactured homes.
Because the Manufactured Home Improvement Loan program is such a
small subset of the overall Property Improvement Loan program, HUD
believes that this delay in the implementation of HERA to Manufactured
Home Improvement Loans would have minimal, if any, effect on the
Property Improvement Loan program. However, HUD seeks comment on the
impact of delaying increases to the loan limit for Manufactured Home
Improvement Loans.
IV. Findings and Certifications
Regulatory Review--Executive Orders 12866 and 13563
Pursuant to Executive Order 12866 (Regulatory Planning and Review),
a determination must be made whether a regulatory action is significant
and therefore, subject to review by the Office of Management and Budget
(OMB) in accordance with the requirements of the order. Executive Order
13563 (Improving Regulations and Regulatory Review) directs executive
agencies to analyze regulations that are ``outmoded, ineffective,
insufficient, or excessively burdensome, and to modify, streamline,
expand, or repeal them in accordance with what has been learned.''
Executive
[[Page 63021]]
Order 13563 also directs that, where relevant, feasible, and consistent
with regulatory objectives, and to the extent permitted by law,
agencies are to identify and consider regulatory approaches that reduce
burdens and maintain flexibility and freedom of choice for the public.
This proposed rule has been determined to be a ``significant
regulatory action,'' as defined in section 3(f) of the order, but not
economically significant under section 3(f)(1) of the order. The docket
file is available for public inspection in the Regulations Division,
Office of General Counsel, Department of Housing and Urban Development,
451 7th Street SW, Room 10276, Washington, DC 20410-0500. Due to
security measures at the HUD Headquarters building, please schedule an
appointment to review the docket file by calling the Regulations
Division at 202-402-3055 (this is not a toll-free number). Individuals
can dial 7-1-1 to access the Telecommunications Relay Service (TRS),
which permits users to make text-based calls, including Text Telephone
(TTY) and Speech to Speech (STS) calls.
Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA) (5 U.S.C. 601 et seq.)
generally requires an agency to conduct a regulatory flexibility
analysis of any rule subject to notice and comment rulemaking
requirements, unless the agency certifies that the rule will not have a
significant economic impact on a substantial number of small entities.
Accordingly, the undersigned certifies that the proposed rule will
not have a significant economic impact on a substantial number of small
entities. Notwithstanding HUD's determination that this rule will not
have a significant effect on a substantial number of small entities,
HUD specifically invites comments regarding any less-burdensome
alternatives to this rule that will meet HUD's objectives as described
in the preamble to this rule.
Environmental Impact
This proposed rule would establish and review loan limits.
Accordingly, under 24 CFR 50.19(c)(6) this proposed rule is
categorically excluded from environmental review under the National
Environmental Policy Act of 1969 (42 U.S.C. 4321).
Executive Order 13132--Federalism
Executive Order 13132 (entitled ``Federalism'') prohibits an agency
from publishing any rule that has federalism implications if the rule
either: (i) imposes substantial direct compliance costs on state and
local governments and is not required by statute, or (ii) preempts
state law, unless the agency meets the consultation and funding
requirements of section 6 of the Executive order. This proposed rule
does not have federalism implications and does not impose substantial
direct compliance costs on state and local governments or preempt state
law within the meaning of the Executive order.
Unfunded Mandates Reform Act
Title II of the Unfunded Mandates Reform Act of 1995 (2 U.S.C.
1531-1538) (UMRA) establishes requirements for Federal agencies to
assess the effects of their regulatory actions on state, local, and
tribal governments, and on the private sector. This proposed rule would
not impose any Federal mandates on any state, local, or tribal
governments, or on the private sector, within the meaning of the UMRA.
List of Subjects in 24 CFR Part 201
Claims, Health facilities, Historic preservation, Home improvement,
Loan programs-housing and community development, Manufactured homes,
Mortgage insurance, Reporting and recordkeeping requirements.
For the reasons discussed in the preamble, HUD proposes to amend 24
CFR part 201 as follows:
PART 201--TITLE I PROPERTY IMPROVEMENT AND MANUFACTURED HOME LOANS
0
1. The authority for 24 CFR part 201 continues to read as follows:
Authority: 12 U.S.C. 1703; 15 U.S.C. 1639c; 42 U.S.C. 3535(d).
0
2. Amend Sec. 201.2 by revising the definition of ``Manufactured
home'' to read as follows:
Sec. 201.2 Definitions.
* * * * *
Manufactured home means a transportable structure, comprised of one
or more modules, each built on a permanent chassis, with or without a
permanent foundation, designed for occupancy as a principal residence
by a single family. For purposes of the annual adjustments to loan
limits under this part, a manufactured home may be a single-section
home comprised of one module, a double-section home comprised of two
modules, or a multi-section home comprised of three or more modules. A
new manufactured home shall comply with the minimum property standards
prescribed by the Secretary to assure its livability and durability
that are published as the Manufactured Home Construction and Safety
Standards implementing the National Manufactured Housing Construction
and Safety Standards Act of 1974, 42 U.S.C. 5401-5426, at 24 CFR part
3280. To qualify for a manufactured home loan insured under this part,
an existing manufactured home must have been constructed in accordance
with standards published at 24 CFR part 3280 and must meet standards
similar to the minimum property standards applicable to existing homes
insured under title II of the Act, as prescribed by the Secretary.
* * * * *
0
3. Amend Sec. 201.10 as follows:
0
a. In paragraph (a)(1)(i), remove ``$17,500'' and add in its place
``$25,090'';
0
b. Revise the introductory texts of paragraphs (b)(1) and (2),
paragraph (c), the introductory texts of paragraphs (d)(1) and (2), and
the introductory text of paragraph (f)(5); and
0
c. Add paragraph (h).
The revisions and addition read as follows:
Sec. 201.10 Loan amounts.
* * * * *
(b) * * *
(1) The total principal obligation for a loan to purchase a new
manufactured home shall not exceed the sum of the following itemized
amounts, up to a maximum set according to an index established by HUD
in paragraph (h)(1) of this section and updated through notice which
shall establish separate loan limits for single-section homes and
double-section or multi-section homes:
* * * * *
(2) The total principal obligation for a loan to purchase an
existing manufactured home shall not exceed the lesser of the following
amounts, up to a maximum set according to an index established by HUD
in paragraph (h)(1) of this section and updated through notice which
shall establish separate loan limits for double-section or multi-
section homes:
* * * * *
(c) Manufactured home lot loans. The total principal obligation for
a loan to purchase and, if necessary, develop a lot suitable for a
manufactured home, including on-site water and utility connections,
sanitary facilities, site improvements and landscaping, shall not
exceed 95 percent of either the appraised value of the developed lot
(as determined by a HUD-approved appraisal) or the total of the
purchase price and development costs, whichever is less, up to a
maximum set according to an index established by HUD in
[[Page 63022]]
paragraph (h)(2) of this section and updated through notice.
(d) * * *
(1) The total principal obligation for a loan to purchase a new
manufactured home and a lot on which to place the home shall not exceed
the sum of the following itemized amounts, up to a maximum set
according to an index established by HUD in paragraph (h)(3) of this
section and updated through notice which shall establish separate loan
limits for single-section homes and double-section or multi-section
homes:
* * * * *
(2) The total principal obligation for a Combination Loan, to
purchase an existing manufactured home and lot, shall not exceed the
lesser of the following amounts, up to a maximum set according to an
index established by HUD in paragraph (h)(3) of this section and
updated through notice which shall establish separate loan limits for
single-section homes and double-section or multi-section homes:
* * * * *
(f) * * *
(5) When a borrower's existing manufactured home is being
refinanced in connection with the purchase of a manufactured home lot,
the total principal obligation of the combination loan shall not exceed
the lesser of the following amounts, up to the maximum established in
paragraph (h)(3) of this section:
* * * * *
(h) Annual adjustments. HUD shall adjust the following loan limits
annually through notice:
(1) In paragraphs (b)(1) and (2) of this section, the single-
section manufactured home loan limit shall be adjusted to reflect
changes in the average price of single-section manufactured home sales
and the double-section or multi-section manufactured home loan limit
shall be increased to reflect changes in double-section manufactured
home sales, according to data published by the Census Bureau, except
that the loan limits shall not be set below $69,678.
(2) In paragraph (c) of this section, the manufactured home lot
loan limit shall be increased to reflect changes in the average price
of all single-family home sales according to data published by HUD,
except that the loan limit shall not be set below $23,226.
(3) In paragraphs (d)(1) and (2) of this section, the combination
manufactured home and lot loan limits shall be increased to be the sum
of the applicable loan limit for the manufactured home loan in
paragraph (b)(1) of this section and the lot loan limit in paragraph
(c) of this section, except that the loan limit shall not be set below
$92,904.
Julia R. Gordon,
Assistant Secretary for Housing, FHA Commissioner.
[FR Doc. 2022-22535 Filed 10-17-22; 8:45 am]
BILLING CODE 4210-67-P
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</html>Indexed from Federal Register on October 18, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.