US Congress Moves Legislation to Protect Availability of Financing for Manufactured Homes

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H.R. 650 Clears Key Hurdle in U.S. House

 

The House Financial Services Committee today passed H.R. 650, bipartisan legislation to protect the availability of financing for manufactured homes.  Introduced by Representatives Stephen Fincher (R-TN), Terri Sewell (D-AL), Andy Barr (R-KY), and Kyrsten Sinema (D-AZ), the bill protects the ability of manufactured home customers to buy, sell and refinance manufactured homes, the largest form of unsubsidized affordable housing in the nation.

 

H.R. 650 is cosponsored by 41 members of the House of Representatives.  Click here to see the current cosponsor list.  In addition to MHI, H.R. 650 is supported by the National Association of Realtors, Mortgage Bankers Association, and the National Association of Federal Credit Unions.

 

During the Committee's consideration of the legislation, the bill's champions discussed the importance of H.R. 650 to working families across America. Representatives Fincher (R-TN), Pearce (R-NM), Neugebauer (R-TX), Sinema (D-AZ), Barr (R-KY), Hensarling (R-TX), Hill (R-AR), Stivers (R-OH), and Love (R-UT) spoke in favor of the bill during the debate. Representatives Ellison (D-MN) and Waters (D-CA) spoke in opposition to the bill.  Click here to watch the bill debate (starts at 4:09).

 

In his remarks, Representative Fincher emphasized the bipartisan efforts to move the bill through the process: "This is not a Democrat or a Republican issue, it is an affordability of housing issue for rural America. We cannot forget about rural America - these are my constituents and many of yours."

 

The final Committee vote was 43 in favor and 15 opposed.  Click here to see the Committee Roster of the vote.  The bill was considered at the first markup of the 114th Congress to make changes to the Dodd Frank Act. Ten other bipartisan bills - all designed to help strengthen the economy and consumer choice by relieving harmful regulatory burdens imposed by Washington - were also passed.

 

H.R. 650 is now ready for consideration by the full House of Representatives. In addition, a companion bipartisan bill (S. 682) has been introduced in the Senate by Senators Donnelly (D-IN), Toomey (R-PA), Manchin (D-WV), and Cotton (R-AR).

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