Us Congress 2025-2026 Regular Session

Us Congress Senate Bill SB964 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	II
2	2	119THCONGRESS
3	3	1
4	4	STSESSION S. 964
5	5	To amend title I of the National Housing Act to increase the loan limits
6	6	and clarify that property improvement loans may be used for construction
7	7	of accessory dwelling units.
8	8	IN THE SENATE OF THE UNITED STATES
9	9	MARCH11 (legislative day, MARCH10), 2025
10	10	Mr. R
11	11	EED(for himself and Ms. LUMMIS) introduced the following bill; which
12	12	was read twice and referred to the Committee on Banking, Housing, and
13	13	Urban Affairs
14	14	A BILL
15	15	To amend title I of the National Housing Act to increase
16	16	the loan limits and clarify that property improvement
17	17	loans may be used for construction of accessory dwelling
18	18	units.
19	19	Be it enacted by the Senate and House of Representa-1
20	20	tives of the United States of America in Congress assembled, 2
21	21	SECTION 1. SHORT TITLE. 3
22	22	This Act may be cited as the ‘‘Property Improvement 4
23	23	and Manufactured Housing Loan Modernization Act of 5
24	24	2025’’. 6
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28	28	SEC. 2. NATIONAL HOUSING ACT AMENDMENTS. 1
29	29	(a) I
30	30	NGENERAL.—Section 2 of the National Housing 2
31	31	Act (12 U.S.C. 1703) is amended— 3
32	32	(1) in subsection (a), by inserting ‘‘construction 4
33	33	of additional or accessory dwelling units, as defined 5
34	34	by the Secretary,’’ after ‘‘improvements,’’; and 6
35	35	(2) in subsection (b)— 7
36	36	(A) in paragraph (1)— 8
37	37	(i) by striking subparagraph (A) and 9
38	38	inserting the following new subparagraph: 10
39	39	‘‘(A) $75,000 if made for the purpose of financ-11
40	40	ing alterations, repairs and improvements upon or in 12
41	41	connection with an existing single-family structure, 13
42	42	including a manufactured home;’’; 14
43	43	(ii) in subparagraph (B)— 15
44	44	(I) by striking ‘‘$60,000’’ and in-16
45	45	serting ‘‘$150,000’’; 17
46	46	(II) by striking ‘‘$12,000’’ and 18
47	47	inserting ‘‘$37,500’’; and 19
48	48	(III) by striking ‘‘an apartment 20
49	49	house or’’; 21
50	50	(iii) by striking subparagraphs (C) 22
51	51	and (D) and inserting the following: 23
52	52	‘‘(C)(i) $106,405 if made for the purpose of fi-24
53	53	nancing the purchase of a single-section manufac-25
54	54	tured home; and 26
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58	58	‘‘(ii) $195,322 if made for the purpose of fi-1
59	59	nancing the purchase of a multi-section manufac-2
60	60	tured home; 3
61	61	‘‘(D)(i) $149,782 if made for the purpose of fi-4
62	62	nancing the purchase of a single-section manufac-5
63	63	tured home and a suitably developed lot on which to 6
64	64	place the home; and 7
65	65	‘‘(ii) $238,699 if made for the purpose of fi-8
66	66	nancing the purchase of a multi-section manufac-9
67	67	tured home and a suitably developed lot on which to 10
68	68	place the home;’’; 11
69	69	(iv) in subparagraph (E)— 12
70	70	(I) by striking ‘‘$23,226’’ and in-13
71	71	serting ‘‘$43,377’’; and 14
72	72	(II) by striking the period at the 15
73	73	end and inserting a semicolon; 16
74	74	(v) in subparagraph (F), by striking 17
75	75	‘‘and’’ at the end; 18
76	76	(vi) in subparagraph (G), by striking 19
77	77	the period at the end and inserting ‘‘; 20
78	78	and’’; and 21
79	79	(vii) by inserting after subparagraph 22
80	80	(G) the following: 23
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83	83	•S 964 IS
84	84	‘‘(H) such principal amount as the Secretary 1
85	85	may prescribe if made for the purpose of financing 2
86	86	the construction of an accessory dwelling unit.’’; and 3
87	87	(viii) in the matter preceding para-4
88	88	graph (2)— 5
89	89	(I) by striking ‘‘regulation’’ and 6
90	90	inserting ‘‘notice’’; 7
91	91	(II) by striking ‘‘increase’’ and 8
92	92	inserting ‘‘set’’; 9
93	93	(III) by striking ‘‘(ii), (C), (D), 10
94	94	and (E)’’ and inserting ‘‘through 11
95	95	(H)’’; 12
96	96	(IV) by inserting ‘‘, or as nec-13
97	97	essary to achieve the goals of the Fed-14
98	98	eral Housing Administration, periodi-15
99	99	cally reset the dollar amount limita-16
100	100	tions in subparagraphs (A) through 17
101	101	(H) based on justification and meth-18
102	102	odology set forth in advance by regu-19
103	103	lation’’ before the period at the end; 20
104	104	and 21
105	105	(V) by adjusting the margins ap-22
106	106	propriately; 23
107	107	(B) in paragraph (3), by striking ‘‘ex-24
108	108	ceeds—’’ and all that follows through the period 25
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111	111	•S 964 IS
112	112	at the end and inserting ‘‘exceeds such period 1
113	113	of time as determined by the Secretary, not to 2
114	114	exceed 30 years.’’; 3
115	115	(C) by striking paragraph (9) and insert-4
116	116	ing the following: 5
117	117	‘‘(9) A
118	118	NNUALINDEXING OF CERTAINDOLLAR 6
119	119	A
120	120	MOUNTLIMITATIONS.—The Secretary shall develop or 7
121	121	choose 1 or more methods of indexing in order to annually 8
122	122	set the loan limits established in paragraph (1), based on 9
123	123	data the Secretary determines is appropriate for purposes 10
124	124	of this section.’’; and 11
125	125	(D) in paragraph (11), by striking 12
126	126	‘‘lease—’’ and all that follows through the pe-13
127	127	riod at the end and inserting ‘‘unless such lease 14
128	128	meets the terms and conditions established by 15
129	129	the Secretary’’. 16
130	130	(b) D
131	131	EADLINE FORDEVELOPMENT OR CHOICE OF 17
132	132	N
133	133	EWINDEX; INTERIMINDEX.— 18
134	134	(1) D
135	135	EADLINE FOR DEVELOPMENT OR CHOICE 19
136	136	OF NEW INDEX.—Not later than 1 year after the 20
137	137	date of enactment of this Act, the Secretary of 21
138	138	Housing and Urban Development shall develop or 22
139	139	choose 1 or more methods of indexing as required 23
140	140	under section 2(b)(9) of the National Housing Act 24
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144	144	(12 U.S.C. 1703(b)(9)), as amended by subsection 1
145	145	(a) of this section. 2
146	146	(2) I
147	147	NTERIM INDEX.—During the period begin-3
148	148	ning on the date of enactment of this Act and end-4
149	149	ing on the date on which the Secretary of Housing 5
150	150	and Urban Development develops or chooses 1 or 6
151	151	more methods of indexing as required under section 7
152	152	2(b)(9) of the National Housing Act (12 U.S.C. 8
153	153	1703(b)(9)), as amended by subsection (a) of this 9
154	154	section, the method of indexing established by the 10
155	155	Secretary under that section before the date of en-11
156	156	actment of this Act shall apply. 12
157	157	SEC. 3. HUD STUDY OF FACTORY-BUILT HOUSING. 13
158	158	(a) D
159	159	EFINITIONS.—In this section: 14
160	160	(1) F
161	161	ACTORY-BUILT HOUSING.—The term ‘‘fac-15
162	162	tory-built housing’’ includes manufactured homes 16
163	163	and modular homes. 17
164	164	(2) M
165	165	ANUFACTURED HOME .—The term ‘‘manu-18
166	166	factured home’’ means any home constructed in ac-19
167	167	cordance with the construction and safety standards 20
168	168	established under the National Manufactured Hous-21
169	169	ing Construction and Safety Standards Act of 1974 22
170	170	(42 U.S.C. 5401 et seq.). 23
171	171	(3) M
172	172	ODULAR HOME .—The term ‘‘modular 24
173	173	home’’ has the meaning given the term in section 25
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177	177	1027(c) of the Consumer Financial Protection Act 1
178	178	of 2010 (12 U.S.C. 5517(c)). 2
179	179	(b) S
180	180	TUDY.—The Secretary of Housing and Urban 3
181	181	Development shall conduct a study and submit to Con-4
182	182	gress a report on the cost effectiveness of factory-built 5
183	183	housing, that includes— 6
184	184	(1) an analysis of the reductions in costs from 7
185	185	the centralization of manufacturing compared to the 8
186	186	expense of transferring the unit from the factory to 9
187	187	its final location; 10
188	188	(2) the advantages in precision and reduction of 11
189	189	materials waste associated with factory-built hous-12
190	190	ing; 13
191	191	(3) the expected replacement and maintenance 14
192	192	costs over the first 40 years of life of factory-built 15
193	193	homes; and 16
194	194	(4) opportunities for use beyond single-family 17
195	195	housing, such as applications in accessory dwelling 18
196	196	units, two- to four-unit housing, and large multi-19
197	197	family housing. 20
198	198	Æ
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