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#2010272 - 04/24/15 07:19 PM Mobile Home Park
Live&Learn Offline
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Live&Learn
Joined: Aug 2012
Posts: 241
South
I'm sure this question has been asked before but I could not find it anywhere.
We are an ISB, so we cannot choose HMDA loans to report as community development.

I just wanted to verify that purchasing/and secured by a mobile home park with section 8 housing would not be CD credit since it is a HMDA loan and can only be counted once?
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CRA
#2010408 - 04/27/15 01:04 PM Re: Mobile Home Park Live&Learn
Live&Learn Offline
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Live&Learn
Joined: Aug 2012
Posts: 241
South
Anyone?
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#2010465 - 04/27/15 04:45 PM Re: Mobile Home Park Live&Learn
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
Because you report for HMDA, the loans will be included in HMDA. You can point out the loan and the added benefit so that the examiners are aware of the community development benefit that is hidden in the HMDA numbers.
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#2010470 - 04/27/15 04:55 PM Re: Mobile Home Park Live&Learn
Princess Romeo Offline

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Also to consider - are you taking just the land upon which rent controlled mobile homes are placed, or are you also taking the title to the mobile homes themselves.

Because if you are only taking the land, then the loan is not HMDA reportable.
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#2010615 - 04/27/15 11:23 PM Re: Mobile Home Park Live&Learn
StellaC Offline
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StellaC
Joined: Dec 2009
Posts: 43
El Monte
Correct me if I am wrong~
If a bank simply renewed a loan secured by a Moible Home with a section 8 tenant (i.e. extening maturity), it can be reported as CDL, correct?

Assuming we take title to the mobile homes themselves.

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