HOMES Act of 2020

Hozzl · 2022-02-08T23:16:49Z

Explore the details of House Bill 7386 HOMES Act of 2020 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

2/8/2022, 11:16 PM

Congressional Summary of HR 7386

Helping Owners Meet Essential Standards Act of 2020 or the HOMES Act of 2020

This bill requires manufactured housing communities and home parks to meet minimum consumer protections to be eligible for certain federally-backed loans for the construction, substantial rehabilitation, or purchase of these communities. Specifically, the Department of Housing and Urban Development is prohibited from insuring such a loan, and Fannie Mae and Freddie Mac are prohibited from purchasing such a loan, unless a borrower provides specified tenant protections, including

one-year renewable lease terms, unless there is good cause for nonrenewal;
a 60-day advance notice of any increase in rent, or of a sale or closure of the community;
a five-day grace period for rent payments; and
a right for a tenant to sell a manufactured home within a reasonable time period after eviction.

The bill also establishes the Manufactured Home Company Lending Standards Commission to propose additional consumer protection standards.

Read the Full Bill

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Current Status of Bill HR 7386

Bill HR 7386 is currently in the status of Bill Introduced since June 26, 2020. Bill HR 7386 was introduced during Congress 116 and was introduced to the House on June 26, 2020. Bill HR 7386's most recent activity was Referred to the House Committee on Financial Services. as of June 26, 2020

Bipartisan Support of Bill HR 7386

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 7386

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Advisory bodies

- Congressional oversight

- Consumer affairs

- Government lending and loan guarantees

- Housing finance and home ownership

- Housing industry and standards

- Lease and rental services

Alternate Title(s) of Bill HR 7386

HOMES Act of 2020

To ensure that federally backed financing for the construction, rehabilitation, or purchase of manufactured home communities is available only for communities whose owner has implemented minimum consumer protections in the lease agreements with residents of all manufactured home communities owned by such owner, and for other purposes.

HOMES Act of 2020

Helping Owners Meet Essential Standards Act of 2020