Bills · S 964
IN COMMITTEE· 119TH CONGRESS
Senate BillS 964Housing and Community Development
Property Improvement and Manufactured Housing Loan Modernization Act of 2025
INTRO MAR 11· LAST ACTION MAR 11
READING
5MIN
COSPONSORS
2BIPARTISAN
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed Senate
Passed House
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because it aims to address several pressing housing issues, primarily affordability and supply. By increasing the loan limits for home improvements, it allows homeowners to undertake more substantial renovations, which could improve property values and quality of life. Crucially, explicitly allowing these loans for Accessory Dwelling Units (ADUs) could significantly boost housing supply in communities by making it easier for homeowners to build these smaller, often more affordable, living spaces for family members or renters.
For those seeking affordable homeownership, the higher loan limits for manufactured homes could make it easier to purchase these often less expensive housing options, potentially opening doors to homeownership for more people. The requirement for annual indexing of loan limits means that the program will be better equipped to keep pace with inflation and rising construction costs, preventing the loan limits from becoming outdated. If this bill becomes law, it could provide more flexible and realistic financing for home improvements and factory-built homes, potentially easing housing shortages and cost burdens. If it doesn't pass, existing loan limits, which may no longer reflect current costs, would remain in place, making it harder to finance significant home projects or purchase manufactured housing.
KEY PROVISIONS
5AI-extractedPROVISION 01
Increases loan limits for single-family home improvements to $75,000.
This allows homeowners to finance more extensive renovations and repairs, better reflecting current construction costs.
PROVISION 02
Clarifies that property improvement loans can be used for the construction of Accessory Dwelling Units (ADUs).
This provides a clear financing pathway for homeowners to build ADUs, potentially increasing housing density and options.
PROVISION 03
Significantly raises loan limits for purchasing manufactured homes, including options to finance both the home and the lot.
This makes manufactured homes more accessible and affordable as an ownership option for more people, supporting a vital segment of the housing market.
PROVISION 04
Requires the Secretary of HUD to annually set loan limits based on a chosen indexing method.
This ensures that loan limits keep pace with economic changes and construction costs, preventing them from becoming obsolete.
PROVISION 05
Directs HUD to conduct a study on the cost-effectiveness of factory-built housing and submit a report to Congress.
This study could inform future housing policies and potentially promote more efficient and affordable housing construction methods.
SPONSORSHIP
1 + 2
D· Rhode Island
YRS IN OFFICE
35
BILLS LED
44
COSPONSOR BREAKDOWNBIPARTISAN · 100%
DEM 1 REP 1 IND 0
ACTION TIMELINE
2 EVENTSMAR 11
Introduced in Senate
MAR 11
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S1666)
BILL INFO
TypeSenate Bill
NumberS 964
Congress119th
StatusIn Committee
IntroducedMar 11, 2025
Last actionMar 11, 2025
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IN COMMITTEE· 119TH CONGRESS · BANKING, HOUSING, AND URBAN AFFAIRS COMMITTEE · INTRODUCED MAR 11, 2025
Senate BillS 964Housing and Community Development
Property Improvement and Manufactured Housing Loan Modernization Act of 2025
INTRODUCED MAR 11, 2025· LAST ACTION MAR 11, 2025
PASSAGE CHANCES
—%
READING
5 min
COSPONSORS
2
COMPLEXITY
Moderate
