Discussions about Manufactured Housing and the NDMHA
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In This Issue…
House Financial Services Committee Chairman Barney Frank (D-MA) introduces H.R. 5830 “FHA Housing and Homeowner Retention Act”
President Bush announces his intention to nominate Small Business Administration (SBA) Administrator Steve Preston as HUD Secretary
Energy Star™ Modular Pilot now open to all plants
Federal Reserve Board issues report on economic conditions
Census Bureau reports an 11.9 percent decline in housing starts for March
MHI members can take advantage of discounted shipping prices
The 2008 National Congress & Expo is heading to Las Vegas
Register now for the MHI Mid-Year Meeting to be held June 2-3, 2008; sponsorship and marketing opportunities are available
Responding to the nationwide economic downturn facilitated by the ongoing credit crisis and fluctuating housing market, House Financial Services Committee Chairman Barney Frank (D-MA) introduced H.R. 5830, the “FHA Housing and Homeowner Retention Act.” The legislation expands the FHA mortgage insurance program to help refinance at-risk borrowers into viable mortgages and also requires the Federal Reserve Board to conduct a study on the need for an auction or bulk refinancing mechanism. Additionally, Housing Subcommittee Chair Maxine Waters (D-CA), introduced H.R. 5818, the “Neighborhood Stabilization Act of 2008,” which would provide loans and grants to states and cities to deal with problems associated with large numbers of foreclosures in neighborhoods across the country. Both measures are scheduled for a committee vote next week. MHI members with questions may contact Colin McLaurin at 703-558-0659 or cmclaurin@mfghome.org.
Today, President Bush announced his intention to nominate Small Business Administration (SBA) Administrator Steve Preston to serve as the next Secretary of Housing and Urban Development. If confirmed by the Senate, Preston would replace Alphonso Jackson, whose last day in office was today. Preston would be taking the helm at HUD at a time of a continuing housing slump and credit crunch. Preston was sworn in as head of SBA in July 2006, after his nomination was unanimously confirmed by the Senate. Before joining SBA, he was executive vice president of The ServiceMaster Co., where he also served as CFO. Before that, he was a senior vice president and treasurer of First Data Corp. and an investment banker at Lehman Brothers.
Due to the tremendous response by modular manufacturers to the announcement of the new alternative protocol for qualifying modular homes as Energy Star™ compliant, the pilot launch of the program recently announced by the Manufactured Housing Research Alliance (MHRA) is being expanded to include all interested companies. Builders of modular homes wishing to qualify homes for the Energy Star™ label should contact Jordan Dentz at jdentz@research-alliance.org or 212-496-0900, Ext. 13.
The new protocol requires energy performance equivalent to Energy Star™ site-built homes but with compliance procedures better suited to factory construction. The effort was undertaken at the request of modular builders that found the current compliance procedures, developed primarily for site-builders, expensive and not factory friendly. In developing the new protocol, MHRA worked closely with modular builders, experts in the energy field and other Energy Star™ program stakeholders. A description of the alternative compliance process is available on the MHRA Website at www.mhrahome.org.
The Federal Reserve issued its April 16 report on economic conditions, commonly referred to as “The Beige Book.” The Beige Book noted that residential real estate and construction are generally anemic, with financial institutions in many Districts indicating some decline in consumer loan demand, tightening in lending standards and deterioration in asset quality. The Federal Reserve also stated that “housing markets and home construction remained sluggish throughout most of the nation, though there were few signs of any quickening in the pace of deterioration. Ongoing weakness in housing markets, in general, was reported in almost all Districts.” However, Cleveland, Richmond and Atlanta Districts reported “pockets of improvement.”
The Beige Book is published eight times per year and summarizes anecdotal information on current economic conditions in its 12 districts. For further information, please click on http://www.federalreserve.gov/FOMC/Beig … fault.htm.
This week, the Census Bureau reported that housing starts fell 11.9 percent in March. Two thirds of the decline is attributable to the 24.6 percent decline in multifamily starts, a highly volatile category that had remained robust in the face of a challenging financing environment. Single-family starts fell 5.7 percent, the twelfth consecutive decline. Housing starts fell in all four Census regions, with the steepest declines in the Midwest (-21.4 percent) and the South (-12.4 percent). For more information, please visit http://www.census.gov/const/www/newresconstindex.html.
Effective immediately, MHI members can take advantage of lower shipping prices through MHI's shipping program. Through this exclusive offer, MHI members can take advantage of savings of up to 25 percent through DHL on air express, 2nd Day, International, Ground and ShipReady services. Members can also save 52 percent with customized pricing on LTL and air freight shipping with Yellow, Roadway, UPS Supply Chain Solutions and USF Holland. To start saving today on these valuable services, please visit www.1800members.com/mhi or call 1-800-636-2377 (8 a.m. - 6 p.m., ET, M-F).
The 2008 National Congress & Expo is set begin this week April 22-24 in Las Vegas, Nevada. The National Congress & Expo the largest national tradeshow for manufactured and modular housing. It is the premiere industry opportunity to network with over a thousand housing professionals. Where else can you increase your company’s visibility and make the lasting connections you need to make your business grow and prosper? Visit up to 150 industry exhibits, attend top-quality educational opportunities covering today’s hottest topics, and hear from exciting and inspiring speakers. We’ve got it all at the 2008 National Congress & Expo.
It is not too late to attend! The Congress & Expo is open to all who want to register on-site. Come check it out, it's an event you won't want to miss.
2008 National Congress & Expo Highlights
NCC Community Management and Operations Forum (Sponsored By Triad Financial Services)
2008 Factory Built Housing Developers Symposium Inspiring Keynotes by NFL Hall of Fame Coach Don Shula (Sponsored by Whirlpool Corporation) and Travelocity.com Founder Terry Jones
Countless networking opportunities
2008 Awards Luncheon Sponsored by Propane Education & Research Council
Over dozens of exceptional educational programs for manufacturers, developers, builders, retailers, lenders, and community owners and managers
Exhibit Floor speaking presentations by NASCAR Legend Ernie Irvan and HGTV Designer Vern Yip
Over 100 exhibits on show floor
Complimentary Poker & Blackjack Lessons, Professional Golf Lessons Complimentary Massage Therapy, Shoe-Shine, Internet Café
We would like to thank the generous supporters of the 2008 Congress & Expo and industry.
Diamond Sponsors
Oliver Technologies (Sponsor of the 2008 Golf Open)
Propane Education & Research Council (Sponsor of the 2008 Awards Luncheon) Whirlpool Corporation (Sponsor of the Thursday General Session)
Platinum Sponsors
Triad Financial Services (Sponsor of the NCC Forum)
Fannie Mae
Freddie Mac
Gold Sponsors
Assurant Specialty Property
21st Mortgage
Follett Investment Properties, Inc.
Laurel Creek Homes, LLC
Move.com
Silver Sponsors
American Modern Insurance Group
RHP Properties, Inc.
Textron Financial
Bronze Sponsors
American Residential Communities
CU Factory Built Lending LP
GE Real Estate
Green Courte Partners, LLC
iLevel by Weyerhaeuser.com
Origen Financial
PNC/ARCS Commercial Mortgage
U.S. Bank Manufactured Housing Finance
Partner Sponsors
Crown Appraisal Group
Wells Fargo
Yes! Communities
REGISTER TODAY FOR THE MHI MID-YEAR MEETING, to be held June 2-3, 2008 at the Hyatt Regency at Union Station in St. Louis, MO. Please click on http://www.manufacturedhousing.org/even … ting08.asp to go directly to the MHI Mid-Year Meeting page to register online, as well as view a Tentative Schedule, Travel Details, Sponsorship Opportunities and make Hotel Reservations.
Sponsorship and marketing opportunities are available on a first come first serve basis. To participate as a Sponsor, please contact Thayer Long at 703-558-0678 or tlong@mfghome.org. For general meeting information, contact Greg Rinck at 703-558-0646 or grinck@mfghome.org.
Editors note: Due to the National Congress and Expo in Las Vegas next week, Just the Facts will not be published next Friday. Should there be any breaking news, MHI will send a Housing Alert to all members.
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