Has anyone had success with this low income borrowing program as an alternative to rent credit, or augment repairs for handyman specials? It just opened up for manufactured housing in December.
Thanks!
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Hey JHutson, I wanted to follow up and see if you ended up having any residents use the Fannie program? Seems like a great alternative to the Cash program and much less of a burden on park owners since we don’t have to play rich uncle by backstopping loans. I wanted to try pushing some new residents towards it if it works.
Below is an excerpt from the ELS annual report:
“In 2017, the Federal Housing Finance Agency (“FHFA”) published Fannie Mae’s and Freddie Mac’s Underserved Markets Plans for 2018-2020 (the “Plans”) under the duty-to-serve provisions mandated by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Housing and Economic Recovery Act of 2008. The FHFA mandate requires Fannie Mae and Freddie Mac to serve three specific underserved markets, one of which is the manufactured housing sector. The Plans outline four duty-to-serve focus areas related to manufactured housing, including home purchase financing for customers placing manufactured homes in land lease communities. While this may have positive impact on our customers’ ability to obtain chattel financing, specific details necessary to evaluate possible impact on us as well as the industry are not yet available.“
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