The House Financial Services Committee passed a number of housing bills, including manufactured housing, rural housing, and assisted-housing reform.

H.R. 2139 the, “FHA Manufactured Housing Loan Modernization Act of 2007”, will update the FHA Title 1 manufactured housing loan program, allowing more Americans to achieve the dream of homeownership.  Manufactured housing has come a long way with respect to the features and benefits it provides homeowners.  Yet, FHA’s loan program has not kept pace with the times.  As a result, the program has been of little or no use in those markets most in need of the affordable housing option that manufactured housing provides.  If enacted, H.R. 2139 will increase the loan limits and make technical changes that will expand financing options for families seeking a more affordable alternative to so-called stick-built homes.

H.R. 1982 the, “Rural Housing and Economic Development Act of 2007”, will authorize the Department of Housing and urban Development’s Rural Housing and Economic Development program which provides assistance to state and localities for housing and economic development activities in rural communities.  H.R. 1982 will authorize this effective program, and authorize an appropriation of $30 million in FY08.

H.R. 1851 the, “Section 8 Voucher Reform Act of 2007”, will reform the Section 8 voucher program, which provides invaluable rental housing assistance to families nationwide.  H.R. 1851 will stabilize funding for the program, while streamlining the paperwork and processing of vouchers.  These changes will allow families to enter housing more efficiently, and eliminate some barriers that prevent landlord participation in the program.

These bills no do not have a Senate companion as yet and all of these bills are expected on the House Floor in early summer.

The House of Representatives passed H.R. 1427, the “Federal Housing Finance Reform Act of 2007,” by an overwhelming bipartisan vote of 313 to 104.  The legislation overhauls the regulatory oversight of the government sponsored enterprises (GSE) of Fannie Mae, Freddie Mac and the Federal Home Loan Banks, and creates a new, independent regulator with broad powers analogous to current banking regulators.  The regulator’s primary responsibility will be to ensure the safety and soundness of the institutions. 

The CALIFORNIA ASSOCIATION OF REALTORS® has released three new standard forms. 

q  Agent’s Visual Inspection Disclosure (AVID):  This 3-page form is an optional form to assist agents to demonstrate in writing, if desired, that they have carried out their limited legal duty to inspect property.  Under preexisting California law, an agent must conduct a diligent visual inspection of a property consisting of a one-to-four dwelling units, and disclose to the buyer all material facts that the visual inspection would reveal.  The first page of the AVID defines the parameters of the agent’s inspection. The remaining two pages of the AVID allow an agent to jot down disclosure items room by room.  The AVID may be attached to the agent’s section of the Transfer Disclosure Statement (TDS) or it on stand alone when no TDS is required.

q  Manufactured Home Advisory Addendum and Release (MHA): This form informs a buyer that the law prohibits occupancy of substandard manufactured and mobile homes as described.  This form also provides the buyer’s agreement to release the broker and seller from any claims if the buyer occupies the property in violation of such requirements.  This form may be attached to the Manufactured Home Purchase Agreement (MHPA).

q  Manufactured Home Dealer Addendum (MHDA): This form complies with certain disclosure requirements for manufactured and mobile home dealers.  The MHDA form may be attached to the MHPA when a dealer represents a buyer or seller in a transaction.

Fresh Water Facts:  Just 3 percent of the world’s water exists as fresh water.  2 percent is locked in polar ice caps.  Less than 1 percent resides in freshwater lakes and streams.  A person can go about a month without food, but only one week without water.