REP. ROSEN VOTES TO EXPAND ACCESS TO AFFORDABLE HOUSING FOR NEVADA FAMILIES
WASHINGTON, D.C. -- Today, Congresswoman Jacky Rosen (NV-03) released the following statement after voting for the Preserving Access to Manufactured Housing Act of 2017. The bill passed by a vote of 256 to 163:
“By cutting red tape on mortgage lending, we can expand access to affordable, manufactured housing for low-income families who are struggling to make ends meet, while still protecting core consumer protections enacted under Wall Street reform,” said Rosen. “Many Nevadans, especially those living in rural areas, are still reeling from the effects of the 2008 housing crisis. This commonsense legislation is a smart answer to tackle our statewide housing crisis, and will provide hardworking Nevada families with better access to affordable housing.”
BACKGROUND: Rural communities - where housing is scarce - and urban areas like Las Vegas where housing and rental prices have increased faster than wages, are particularly hurt by rules that do not take into account the unique nature of financing for the purchase of a manufactured home. H.R. 1699 modifies the definitions of “high-cost mortgage,” “mortgage originator,” and “loan originator” that apply to manufactured housing, which would expand exemptions from federal lending rules for buyers and sellers of manufactured homes. It also increases the thresholds for small-dollar manufactured-housing loans, exempting more of those mortgages from federal regulations and making them easier to obtain.