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Frank Adelmann Manufactured Housing Community Sustainability Act
12/29/2022, 10:03 PM
Summary of Bill HR 7220
One key aspect of the bill is the establishment of a grant program to assist manufactured housing communities in implementing energy-efficient and environmentally friendly practices. This includes funding for upgrades to infrastructure, such as water and sewer systems, as well as incentives for the installation of renewable energy sources like solar panels.
Additionally, the bill seeks to protect residents of manufactured housing communities from unfair practices by community owners. It includes provisions to ensure that residents have a voice in decisions that affect their community, such as rent increases or changes to community rules. The bill also aims to improve access to affordable housing options for residents who may be at risk of displacement due to rising costs. Overall, the Frank Adelmann Manufactured Housing Community Sustainability Act is designed to support the well-being of residents in manufactured housing communities by promoting sustainability, protecting their rights, and increasing access to affordable housing options.
Congressional Summary of HR 7220
Frank Adelmann Manufactured Housing Community Sustainability Act
This bill allows a business-related tax credit equal to 75% of the gain from the sale or exchange of real property to a qualified manufactured home community cooperative or corporation if (1) the property is acquired for use as a manufactured home community, (2) the seller (or any related person) owned the property for at least two years before the sale or exchange, and (3) the property is transferred subject to a binding covenant that the property will be used as a manufactured home community for at least 50 years or the maximum term permitted under state law.
A qualified manufactured home community cooperative or corporation is a cooperative or a nonprofit corporation established pursuant to the laws of the state in which the property is located. The bill specifies membership and governance requirements for the communities owned by the cooperative or nonprofit corporation.
The bill also imposes a tax on buyers who violate the covenant to use the property for manufactured housing for at least 50 years or the maximum term permitted under state law.
