MANUFACTURED HOUSING: quality, affordable & responsible homeownership

1. MANUFACTURED HOUSING:quality, affordable & responsible homeownership Rick Haughey Director of Affordable Housing Initiatives, CFED rhaughey@cfed.org NACCED Annual Conference  September 20, 2010

2. MANUFACTURED HOUSING Advantages What is it? Challenges Who lives in it? The I’M HOME Response Where is it?

3. MANUFACTURED HOUSING What is it? FACTORY BUILT HOUSING Manufactured Modular

4. Modular Housing

5. Manufactured Housing

6. MANUFACTURED HOUSING Who lives in it? 17 Million Americans in 6.8 Million Homes

7. MANUFACTURED HOUSING Where is it?

8. MANUFACTURED HOUSING Where is it? Urban, Suburban and Rural

9. MANUFACTURED HOUSING Where is it? States with the most manufactured housing Florida 653,721 Texas 606,424 North Carolina 494,555 California 473,193 Georgia 342,649 South Carolina 306,312 Alabama 269,000 Tennessee 235,666 Michigan 228,306 Arizona 219,350

10. MANUFACTURED HOUSING Where is it? States with the highest percentage of manufactured housing South Carolina 20% New Mexico 18.2% West Virginia 16.6% Mississippi 16.1% North Carolina 15.8% Alabama 15.5% Wyoming 15.3% Montana 14.4% Arkansas 14.2% Kentucky 13.3%

11. MANUFACTURED HOUSING Advantages Design Improvements Design Improvements

12. MANUFACTURED HOUSING Advantages

13. MANUFACTURED HOUSING Advantages

14. MANUFACTURED HOUSING Advantages Production Efficiencies Produced in one-fifth of the time required by site built –no weather delays or damage Precision construction produces very little waste, as little as a trash can full per home

15. MANUFACTURED HOUSING Advantages The biggest advantage of course is cost Manufactured Housing: $41 per square foot Site- Built Housing: $89 per square foot

16. MANUFACTURED HOUSING Challenges

17. MANUFACTURED HOUSING Challenges • Financing Challenges • Less than ideal financing terms • Limited consumer protections • No mortgage interest deduction • Limited asset building capability • Limited refinancing market

18. MANUFACTURED HOUSING Challenges Limited Security of Tenure

19. MANUFACTURED HOUSING Challenges STIGMA

20. The I’M HOME Strategy

21. MANUFACTURED HOUSING The I’M HOME Response • New & Replacement Development

22. MANUFACTURED HOUSING The I’M HOME Response • New & Replacement Development

23. MANUFACTURED HOUSING The I’M HOME Response • Community Preservation & Improvement

24. MANUFACTURED HOUSING The I’M HOME Response • US Bank Pilot Programs • Loan Data Collection Process • Credit Union Loan Products • Working with the GSEs • Defending threatened public funding sources like 502D • Building relationships with HFAs and other lenders • Mortgage Financing

25. MANUFACTURED HOUSING The I’M HOME Response • Federal legislation • Federal regulations • State and local regulations • Public Policy

26. MANUFACTURED HOUSING The I’M HOME Response Mission: Ensure that homeowners receive equal treatment and benefits of homeownership – regardless of whether their home was built on-site or in a factory.

27. Thank You! www.cfed.org http://cfed.org/programs/manufactured_housing_initiative