PRIA Logo™
116-hr-7386116th Congress

HOMES Act of 2020

Sponsored By: Representative Finkenauer, Abby [D-IA-1]

Unknown

Summary

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.

Personalized for You

How does this bill affect your finances?

Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.

Free to download

Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & CoSponsors

Sponsor

Finkenauer, Abby [D-IA-1]

IA • D

Cosponsors

  • Rep. Axne, Cynthia [D-IA-3]

    IA • D

    Sponsored 6/26/2020

  • Rep. Loebsack, David [D-IA-2]

    IA • D

    Sponsored 6/26/2020

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
Back to Legislation