Subtitle B—Manufactured Housing Loan Modernization

Attachment 6 a

122 STAT. 2844
FHA
Manufactured
Housing Loan
Modernization
Act
of 2008.
12 USC 1701
note.
12 USC 1703
note.

PUBLIC LAW 110–289—JULY 30, 2008

Subtitle B—Manufactured Housing Loan
Modernization
SEC. 2141. SHORT TITLE.

This subtitle may be cited as the ‘‘FHA Manufactured Housing
Loan Modernization Act of 2008’’.
SEC. 2142. PURPOSES.

The purposes of this subtitle are—
(1) to provide adequate funding for FHA-insured manufactured housing loans for low- and moderate-income homebuyers
during all economic cycles in the manufactured housing
industry;
(2) to modernize the FHA title I insurance program for
manufactured housing loans to enhance participation by Ginnie
Mae and the private lending markets; and
(3) to adjust the low loan limits for title I manufactured
home loan insurance to reflect the increase in costs since such
limits were last increased in 1992 and to index the limits
to inflation.
SEC. 2143. EXCEPTION TO LIMITATION ON FINANCIAL INSTITUTION
PORTFOLIO.

The second sentence of section 2(a) of the National Housing
Act (12 U.S.C. 1703(a)) is amended—
(1) by striking ‘‘In no case’’ and inserting ‘‘Other than
in connection with a manufactured home or a lot on which
to place such a home (or both), in no case’’; and
(2) by striking ‘‘: Provided, That with’’ and inserting ‘‘.
With’’.
SEC. 2144. INSURANCE BENEFITS.

Contracts.

12 USC 1703
note.

(a) IN GENERAL.—Subsection (b) of section 2 of the National
Housing Act (12 U.S.C. 1703(b)), is amended by adding at the
end the following new paragraph:
‘‘(8) INSURANCE BENEFITS FOR MANUFACTURED HOUSING
LOANS.—Any contract of insurance with respect to loans,
advances of credit, or purchases in connection with a manufactured home or a lot on which to place a manufactured home
(or both) for a financial institution that is executed under
this title after the date of the enactment of the FHA Manufactured Housing Loan Modernization Act of 2008 by the Secretary
shall be conclusive evidence of the eligibility of such financial
institution for insurance, and the validity of any contract of
insurance so executed shall be incontestable in the hands of
the bearer from the date of the execution of such contract,
except for fraud or misrepresentation on the part of such
institution.’’.
(b) APPLICABILITY.—The amendment made by subsection (a)
shall only apply to loans that are registered or endorsed for insurance after the date of the enactment of this title.
SEC. 2145. MAXIMUM LOAN LIMITS.

kgrant on POHRRP4G1 with PUBLAW

(a) DOLLAR AMOUNTS.—Paragraph (1) of section 2(b) of the
National Housing Act (12 U.S.C. 1703(b)(1)) is amended—
(1) in clause (ii) of subparagraph (A), by striking ‘‘$17,500’’
and inserting ‘‘$25,090’’;

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