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Modular Homes

Article from Homefront, a newsletter from Direct Federal Credit Union, Jan 2007



Nationwide Custom Homes:
Check out the More About Modular and Most Important Facts sections for their perspective on the advantages of modular homes.

National Assn of Home Builders (NAHB)
THere is a photo gallery, FAQs, Fast facts and a video...


By John Budris, Globe Correspondent  |  February 19, 2006

Pros and cons, tips, questions to ask, Financing "...Generally, panelized and modular homes qualify for traditional mortgage financing. To qualify for government-insured mortgages, your factory-built home must meet Federal Housing Administration (FHA) standards. FHA standards are designed to ensure the resale value of properties and include requirements such as minimum room sizes and window areas. If the home you select conforms to FHA standards, it expedites financing..."


Elevator Grants


CPC/AHTF
Summary of Trust Funds, Kathleen M. O'Donnell, Esq. (March 2005)
        Previously, cities could create trusts through their own resolution, but towns had to get approval from the legislature through what is known as a home rule petition...

... allows communities to collect funds for housing, segregate them out of the general budget into an affordable housing trust fund, and use these funds without going back to town meeting for approval.

...allows trust funds to own and manage real estate, not just receive and disburse funds.

The law permits a municipal housing trust fund to:

--- Accept or purchase property.

--- Sell, lease or exchange property.

--- Employ consultants and other advisors.

--- Participate in a variety of real estate transactions such as recapitalizations or mergers; borrow money; manage or improve real estate.

...funds paid into the trusts are the property of the trust and need no additional spending approvals. Funds may be received from fees, private contributions, Community Preservation Act (CPA) funds and payments associated with zoning ordinances.

Communities that have passed CPA may benefit most from this law because it gives them a more streamlined way to spend its CPA dollars on housing.

The new trusts must be in compliance with Chapter 30B, the law which governs public procurement, as well as the public bidding and construction laws that regulate public construction projects.

It's likely that most municipal trust funds will opt to dispose of property through a sale or long term lease to a developer so as to clearly differentiate any affordable housing development project from a public construction project.

For more information on the CPA, go to the Community Preservation Act web site, look at the left-hand column and click on "implementation."

Useful pages on the CPA site include potential uses for CPA funds; a list of CPA communities; a project data base; and examples of CPA implementation.




Education/Advocacy

June 2006 document, SMART and AFFORDABLE - How Communities Have Achieved Affordable Housing in ‘Smart’ Locations, from the MHP Policy page.





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Norfolk Town Hall, One Liberty Lane, Norfolk MA 02056  Phone: 508-528-1408
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