This bill updates the National Housing Act to increase loan limits for home improvements and clarify that loans can cover additional living spaces. It aims to make housing more accessible and affordable for families.
If you want to renovate your home or build an extra unit, you could borrow more money than before.
Who this affects
Homeowners
What changes is this bill making?
1This bill raises the limits on loans for home improvements.
2It allows loans to be used for building extra living spaces, like accessory dwelling units.
3The loan limit for single-family home improvements increases to $75,000.
4The loan limit for purchasing multi-section manufactured homes rises to $195,322.
5The bill includes annual adjustments to loan limits based on market data.
