Bill > HR2461

This bill establishes comprehensive consumer protections for residents of manufactured home communities by creating new requirements for federally backed financing programs. The legislation mandates that loans for manufactured home communities can only be insured or purchased if borrowers include specific tenant protections in their lease agreements, such as one-year renewable lease terms, advance written notice of rent increases (with at least 60 days' notice), a 5-day grace period for rent payments, a 15-day period to cure rent payment defaults, and rights for tenants who own their manufactured homes to sell or sublease their homes under certain conditions. The bill also establishes a 16-member Manufactured Home Community Lending Standards Commission to develop additional consumer protection standards and creates penalties for borrowers who violate these protections, including potential loss of future federal financing and mandatory reimbursements to tenants. Importantly, the bill does not require new federal funding and allows states to implement even stronger tenant protections. The legislation aims to protect manufactured home residents from potentially predatory management practices and provide more stability and transparency in their housing arrangements, with implementation set to begin 180 days after the act's enactment.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/2461/all-info