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

2. www.cfed.org 202.408.9788 MANUFACTURED HOUSING What is it? Who lives in it? Where is it? Advantages Challenges The I’M HOME Response

3. www.cfed.org 202.408.9788 MANUFACTURED HOUSING What is it? FACTORY BUILT HOUSING Manufactured Modular

4. Modular Housing

5. Manufactured Housing

6. www.cfed.org 202.408.9788 MANUFACTURED HOUSING Who lives in it? 17 Million Americans in 6.8 Million Homes

7. www.cfed.org 202.408.9788 MANUFACTURED HOUSING Where is it?

8. www.cfed.org 202.408.9788 MANUFACTURED HOUSING Where is it? Urban, Suburban and Rural

9. www.cfed.org 202.408.9788 MANUFACTURED HOUSING Where is it? States with the most manufactured housing Florida653,721 Texas606,424 North Carolina494,555 California473,193 Georgia342,649 South Carolina306,312 Alabama269,000 Tennessee235,666 Michigan228,306 Arizona219,350

10. www.cfed.org 202.408.9788 MANUFACTURED HOUSING Where is it? States with the highest percentage of manufactured housing South Carolina20% New Mexico18.2% West Virginia16.6% Mississippi16.1% North Carolina15.8% Alabama15.5% Wyoming15.3% Montana14.4% Arkansas14.2% Kentucky13.3%

11. www.cfed.org 202.408.9788 MANUFACTURED HOUSING Advantages Design Improvements

12. www.cfed.org 202.408.9788 MANUFACTURED HOUSING Advantages

13. www.cfed.org 202.408.9788 MANUFACTURED HOUSING Advantages

14. www.cfed.org 202.408.9788 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. www.cfed.org 202.408.9788 MANUFACTURED HOUSING Advantages The biggest advantage of course is cost Manufactured Housing: $41 per square foot Site- Built Housing: $89 per square foot

16. www.cfed.org 202.408.9788 MANUFACTURED HOUSING Challenges

17. www.cfed.org 202.408.9788 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. www.cfed.org 202.408.9788 MANUFACTURED HOUSING Challenges Limited Security of Tenure

19. www.cfed.org 202.408.9788 MANUFACTURED HOUSING Challenges STIGMA

20. www.cfed.org 202.408.9788 The I’M HOME Strategy New & Replacement Development Community Preservation & Improvement Mortgage FinancingPublic Policy

21. www.cfed.org 202.408.9788 MANUFACTURED HOUSING The I’M HOME Response New & Replacement Development

22. www.cfed.org 202.408.9788 MANUFACTURED HOUSING The I’M HOME Response New & Replacement Development

23. www.cfed.org 202.408.9788 MANUFACTURED HOUSING The I’M HOME Response Community Preservation & Improvement

24. www.cfed.org 202.408.9788 MANUFACTURED HOUSING The I’M HOME Response Mortgage Financing 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

25. www.cfed.org 202.408.9788 MANUFACTURED HOUSING The I’M HOME Response Public Policy Federal legislation Federal regulations State and local regulations

26. www.cfed.org 202.408.9788 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. www.cfed.org 202.408.9788 Thank You!www.cfed.org http://cfed.org/programs/manufactured_housing_initiative