S.Amdt. 2910

SA 2910. Mr. REED (for himself and Ms. Lummis) submitted an amendment
intended to be proposed by him to the bill S. 4638, to authorize
appropriations for fiscal year 2025 for military activities of the
Department of Defense, for military construction, and for defense
activities of the Department of Energy, to prescribe military personnel
strengths for such fiscal year, and for other purposes; which was
ordered to lie on the table; as follows:

At the appropriate place, insert the following:

Subtitle ___--Property Improvement and Manufactured Housing Loan
Modernization

SEC. ___01. SHORT TITLE.

This subtitle may be cited as the ``Property Improvement
and Manufactured Housing Loan Modernization Act of 2024''.

SEC. ___02. NATIONAL HOUSING ACT AMENDMENTS.

(a) In General.--Section 2 of the National Housing Act (12
U.S.C. 1703) is amended--
(1) in subsection (a), by inserting ``construction of
additional or accessory dwelling units, as defined by the
Secretary,'' after ``improvements,''; and
(2) in subsection (b)--
(A) in paragraph (1)--
(i) by striking subparagraph (A) and inserting the
following new subparagraph:
``(A) $75,000 if made for the purpose of financing
alterations, repairs and improvements upon or in connection
with an existing single-family structure, including a
manufactured home;'';
(ii) in subparagraph (B)--

(I) by striking ``$60,000'' and inserting ``$150,000'';
(II) by striking ``$12,000'' and inserting ``$37,500''; and
(III) by striking ``an apartment house or'';

(iii) by striking subparagraphs (C) and (D) and inserting
the following:
``(C)(i) $106,405 if made for the purpose of financing the
purchase of a single-section manufactured home; and
``(ii) $195,322 if made for the purpose of financing the
purchase of a multi-section manufactured home;
``(D)(i) $149,782 if made for the purpose of financing the
purchase of a single-section manufactured home and a suitably
developed lot on which to place the home; and
``(ii) $238,699 if made for the purpose of financing the
purchase of a multi-section manufactured home and a suitably
developed lot on which to place the home;'';
(iv) in subparagraph (E)--

(I) by striking ``$23,226'' and inserting ``$43,377''; and
(II) by striking the period at the end and inserting a
semicolon;

(v) in subparagraph (F), by striking ``and'' at the end;
(vi) in subparagraph (G), by striking the period at the end
and inserting ``; and''; and
(vii) by inserting after subparagraph (G) the following:
``(H) such principal amount as the Secretary may prescribe
if made for the purpose of financing the construction of an
accessory dwelling unit.''; and
(viii) in the matter preceding paragraph (2)--

(I) by striking ``regulation'' and inserting ``notice'';
(II) by striking ``increase'' and inserting ``set'';
(III) by striking ``(ii), (C), (D), and (E)'' and inserting
``through (H)'';
(IV) by inserting ``, or as necessary to achieve the goals
of the Federal Housing Administration, periodically reset the
dollar amount limitations in subparagraphs (A) through (H)
based on justification and methodology set forth in advance
by regulation'' before the period at the end; and
(V) by adjusting the margins appropriately;

(B) in paragraph (3), by striking ``exceeds--'' and all
that follows through the period at the end and inserting
``exceeds such period of time as determined by the Secretary,
not to exceed 30 years.'';
(C) by striking paragraph (9) and inserting the following:
``(9) Annual Indexing of Certain Dollar Amount
Limitations.--The Secretary shall develop or choose 1 or more
methods of indexing in order to annually set the loan limits
established in paragraph (1), based on data the Secretary
determines is appropriate for purposes of this section.'';
and
(D) in paragraph (11), by striking ``lease--'' and all that
follows through the period at the end and inserting ``unless
such lease meets the terms and conditions established by the
Secretary''.
(b) Deadline for Development or Choice of New Index;
Interim Index.--
(1) Deadline for development or choice of new index.--Not
later than 1 year after the date of enactment of this Act,
the Secretary of Housing and Urban Development shall develop
or choose 1 or more methods of indexing as required under
section 2(b)(9) of the National Housing Act (12 U.S.C.
1703(b)(9)), as amended by subsection (a) of this section.
(2) Interim index.--During the period beginning on the date
of enactment of this Act and ending on the date on which the
Secretary of Housing and Urban Development develops or
chooses 1 or more methods of indexing as required under
section 2(b)(9) of the National Housing Act (12 U.S.C.
1703(b)(9)), as amended by subsection (a) of this section,
the method of indexing established by the Secretary under
that section before the date of enactment of this Act shall
apply.

SEC. ___03. GAO STUDY OF FACTORY-BUILT HOUSING.

(a) Definitions.--In this section:
(1) Factory-built housing.--The term ``factory-built
housing'' includes manufactured homes and modular homes.
(2) Manufactured home.--The term ``manufactured home''
means any home that complies with the standards established
under the National Manufactured Housing Construction and
Safety Standards Act of 1974 (42 U.S.C. 5401 et seq.).
(3) Modular home.--The term ``modular home'' has the
meaning given the term in section 1027(c) of the Consumer
Financial Protection Act of 2010 (12 U.S.C. 5517(c)).
(b) Study.--The Comptroller General shall study and submit
to Congress a report on the economic benefits of and
regulatory barriers to increasing the supply and availability
of factory-built housing, including both manufactured homes
and modular homes, to address the critical need for
additional housing supply in the United States, including--
(1) an analysis of the efficiencies and other benefits
gained from factory-built processes, such as gains from
economies of scale, bulk purchase of materials, reduced
material waste, reduced environmental impact, improved
workplace safety, and steady employment opportunities;
(2) an analysis of homeowner operating costs for new,
properly maintained factory-built housing compared to other
similarly-priced housing options; and
(3) an analysis of regulatory costs and barriers that may
exist at the Federal, State, and local level, such as zoning
restrictions for manufactured homes, that may limit the use
of factory-built housing for single-family housing, as well
as for other applications, including accessory dwelling
units, two- to four-unit housing, and large multifamily
housing.
______