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Feds: MH will work with American Dream Downpayment Initiative

Adam R.'s picture

Posted August 22, 2007

OK, this next entry is a bit dry, and its also a little bit late.  Still, I think its significant news whenever changes in federal programs give nonprofits more flexibility to work with manufactured housing.

That is exactly what will happen now that a final rule has been issued with

regard to using manufactured housing for HOME funds.  Specifically, an April 4th ruling determines that buyers of qualified manufactured housing  can receive funds in HUD's American Dream Downpayment Initiative.  The program helps first-time home buyers.  The money can go to either the unit or the land.

Qualifying homes must be attached to utilities.  Borrowers must be fit existing definitions for low income.  The low-income recipient must either own the land or have a lease on the land that is equivalent in length with the financing.