S.Amdt. 4332

SA 4332. Mr. MERKLEY submitted an amendment intended to be proposed
by him to the bill H.R. 6644, a bill to increase the supply of housing
in America, and for other purposes; which was ordered to lie on the
table; as follows:

At the appropriate place, insert the following:

SEC. __. COMBINING SITING AND PURCHASE OF LOANS FOR
MANUFACTURED HOUSING.

(a) Definitions.--In this section:
(1) Community development financial institution.--The term
``community development financial institution'' has the
meaning given the term in section 103 of the Community
Development Banking and Financial Institutions Act of 1994
(12 U.S.C. 4702).
(2) Manufactured home.--The term ``manufactured home'' has
the meaning given the term in section 603 of the National
Manufactured Housing Construction and Safety Standards Act of
1974 (42 U.S.C. 5402).
(b) Loan Product.--
(1) In general.--The Federal National Mortgage Association
and the Federal Home Loan Mortgage Corporation shall consult
with mortgage lending institutions, including community
development financial institutions, to research and develop
either a new product or modify an existing loan product to
serve people purchasing and siting a new manufactured home on
land owned by the purchaser either individually or as part of
a resident cooperative.
(2) Requirements.--The loan product developed or modified
under paragraph (1) should--
(A) serve nonprofit producers of manufactured homes seeking
to sell manufactured homes directly to subprime credit rated
borrowers; and
(B) cover the cost of the manufactured home, transportation
and siting for the manufactured home, and any insurance
relating to the transportation and siting.
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