,,ii #aaith ,,congress #ast ,session ,s4 #ifd ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #aa 7legislative day1 ,march #aj71 #bjbe,mr4 ,reed 7for himself and ,ms4 ,lummis7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to amend title ,i of the ,national ,housing ,act to increase the loan limits and clarify that property improvement loans may be used for construction of accessory dwelling units4 #a4 ,short title ,this ,act may be cited as the ,property ,improvement and ,manufactured ,housing ,loan ,modernization ,act of #bjbe4 #b4 ,national ,housing ,act amendments 7a7 ,in general ,section #b of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjc7 is amended-- 7#a7 in subsection 7a71 by inserting construction of additional or accessory dwelling units1 as defined by the ,secretary1 after improvements12 and 7#b7 in subsection 7b7-- 7,a7 in paragraph 7#a7-- 7i7 by striking subparagraph 7,a7 and inserting the following new subparagraph3 7,a7 #ge1jjj if made for the purpose of financing alterations1 repairs and improvements upon or in connection with an existing single-family structure1 including a manufactured home2 2 7ii7 in subparagraph 7,b7-- 7,i7 by striking #fj1jjj and inserting #aej1jjj2 7,,ii7 by striking #ab1jjj and inserting #cg1ejj2 and 7,,iii7 by striking an apartment house or2 7iii7 by striking subparagraphs 7,c7 and 7,d7 and inserting the following3 7,c7 7i7 #ajf1dje if made for the purpose of financing the purchase of a single-section manufactured home2 and 7ii7 #aie1cbb if made for the purpose of financing the purchase of a multi-section manufactured home2 7,d7 7i7 #adi1ghb if made for the purpose of financing the purchase of a single-section manufactured home and a suitably developed lot on which to place the home2 and 7ii7 #bch1fii if made for the purpose of financing the purchase of a multi-section manufactured home and a suitably developed lot on which to place the home2 2 7iv7 in subparagraph 7,e7-- 7,i7 by striking #bc1bbf and inserting #dc1cgg2 and 7,,ii7 by striking the period at the end and inserting a semicolon2 7v7 in subparagraph 7,f71 by striking and at the end2 7vi7 in subparagraph 7,g71 by striking the period at the end and inserting 2 and2 and 7vii7 by inserting after subparagraph 7,g7 the following3 7,h7 such principal amount as the ,secretary may prescribe if made for the purpose of financing the construction of an accessory dwelling unit4 2 and 7viii7 in the matter preceding paragraph 7#b7-- 7,i7 by striking regulation and inserting notice2 7,,ii7 by striking increase and inserting set2 7,,iii7 by striking 7ii71 7,c71 7,d71 and 7,e7 and inserting through 7,h72 7,,iv7 by inserting 1 or as necessary to achieve the goals of the ,federal ,housing ,administration1 periodically reset the dollar amount limitations in subparagraphs 7,a7 through 7,h7 based on justification and methodology set forth in advance by regulation before the period at the end2 and 7,v7 by adjusting the margins appropriately2 7,b7 in paragraph 7#c71 by striking exceeds-- and all that follows through the period at the end and inserting exceeds such period of time as determined by the ,secretary1 not to exceed #cj years42 7,c7 by striking paragraph 7#i7 and inserting the following3 7#i7 ,annual indexing of certain dollar amount limitations ,the ,secretary shall develop or choose #a or more methods of indexing in order to annually set the loan limits established in paragraph 7#a71 based on data the ,secretary determines is appropriate for purposes of this section4 2 and 7,d7 in paragraph 7#aa71 by striking lease-- and all that follows through the period at the end and inserting unless such lease meets the terms and conditions established by the ,secretary4 7b7 ,deadline for development or choice of new index2 interim index 7#a7 ,deadline for development or choice of new index ,not later than #a year after the date of enactment of this ,act1 the ,secretary of ,housing and ,urban ,development shall develop or choose #a or more methods of indexing as required under section #b7;b77#i7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjc7;b77#i771 as amended by subsection 7a7 of this section4 7#b7 ,interim index ,during the period beginning on the date of enactment of this ,act and ending on the date on which the ,secretary of ,housing and ,urban ,development develops or chooses #a or more methods of indexing as required under section #b7;b77#i7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjc7;b77#i771 as amended by subsection 7a7 of this section1 the method of indexing established by the ,secretary under that section before the date of enactment of this ,act shall apply4 #c4 ,hud study of factory-built housing 7a7 ,definitions ,in this section3 7#a7 ,factory-built housing ,the term factory-built housing includes manufactured homes and modular homes4 7#b7 ,manufactured home ,the term manufactured home means any home constructed in accordance with the construction and safety standards established under the ,national ,manufactured ,housing ,construction and ,safety ,standards ,act of #aigd 7#db ,u4,s4,c4 #edja et seq474 7#c7 ,modular home ,the term modular home has the meaning given the term in section #ajbg7;c7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeag7;c774 7b7 ,study ,the ,secretary of ,housing and ,urban ,development shall conduct a study and submit to ,congress a report on the cost effectiveness of factory-built housing1 that includes-- 7#a7 an analysis of the reductions in costs from the centralization of manufacturing compared to the expense of transferring the unit from the factory to its final location2 7#b7 the advantages in precision and reduction of materials waste associated with factory-built housing2 7#c7 the expected replacement and maintenance costs over the first #dj years of life of factory-built homes2 and 7#d7 opportunities for use beyond single-family housing1 such as applications in accessory dwelling units1 two- to four-unit housing1 and large multifamily housing4