[Congressional Record Volume 170, Number 115 (Thursday, July 11, 2024)]
[Senate]
[Page S5136]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  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.
                                 ______