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SECTION 1. KOREA VISA WAIVER PILOT PROGRAM.

(a) Congressional Findings.--The Congress finds that--
(1) travel and tourism play a major role in reducing the
United States unfavorable balance of trade;
(2) the characteristics of the Korean travel market do not
permit long-term planning for longer trips;
(3) applications for United States visas cannot now be
processed in a reasonable period of time;
(4) the Secretary of State has attempted to solve the
problem by adding additional staff to the consular section at
the United States Embassy in Seoul;
(5) unfortunately, these additions have not resulted in any
discernable improvement in reducing visa processing delays;
(6) further, it is unlikely, given the current fiscal
environment, to expect funding to be available for further
staff additions in sufficient numbers to effect any significant
improvement in the time required to process visa applications;
(7) most of the nations of the South Pacific, Europe, and
Canada do not currently require Koreans entering their
countries to have a visa, thus providing them with a serious
competitive advantage in the tourism industry;
(8) the United States territory of Guam has been permitted
by the United States Government to eliminate visa requirements
for Koreans visiting Guam, with resultant impressive increases
in travel and tourism from citizens of the Republic of Korea;
(9) any application under existing procedures to add the
Republic of Korea, or any other nation to the group of favored
nations exempted from United States visa regulations, would
require many years during which time the United States could
well lose its competitive advantages in attracting travel and
tourism from the Republic of Korea;
(10) the Republic of Korea, as a gesture of goodwill, has
already unilaterally exempted United States tourists who seek
to enter the Republic of Korea from the requirement of
obtaining a visa; and
(11) growth in Korean travel to the United States has not
kept pace with growth in travel to non-United States
destinations, and cumbersome and time-consuming visa processing
procedures are widely recognized as the cause of this loss of
market share and competitiveness with alternative destinations.
(b) Pilot Program.--The Secretary of State and the Attorney General
jointly shall establish a pilot project (in this section referred to as
the ''pilot program'') within six months of the date of the enactment
of this Act under which the requirement of paragraph (7)(B)(i)(II) of
section 212(a) of the Immigration and Nationality Act (8 U.S.C.
1182(a)(7)(B)(i)(II)) is waived during the pilot program period in the
case of any alien who meets the following requirements:
(1) National of pilot program country.--The alien is a
national of, and presents a passport issued by, the Republic of
Korea. The Republic of Korea is urged to provide machine
readable passports to its citizens in the near future.
(2) Seeking entry as tourist.--The alien is applying for
admission to the United States during the pilot program period
as a nonimmigrant visitor for pleasure (as described in section
101(a)(15)(B) of the Immigration and Nationality Act (8 U.S.C.
1101(a)(15)(B))), as part of a group tour to the United States.
(3) Period of stay.--The alien seeks to stay in the United
States for a period of not more than 15 days.
(4) Executes immigration forms.--The alien before the time
of such admission completes such immigration form as the
Attorney General shall establish.
(5) Entry into the united states.--If arriving by sea or
air, the alien arrives at the port of entry into the United
States on a carrier which has entered into an agreement with the
Immigration and Naturalization Service to guarantee transport of the
alien out of the United States if the alien is found inadmissible or
deportable by an immigration officer.
(6) Not a safety threat.--The alien has been determined not
to represent a threat to the welfare, health, safety, or
security of the United States.
(7) No previous violation.--If the alien previously was
admitted without a visa under this section, the alien must not
have failed to comply with the conditions of any previous
admission as such a nonimmigrant.
(8) Round-trip ticket.--The alien is in possession of a
round-trip transportation ticket (unless this requirement is
waived by the Attorney General under regulations).
(c) Waiver of Rights.--An alien may not be provided a waiver under
the pilot program unless the alien has waived any right--
(1) to review or appeal under this Act of an immigration
officer's determination as to the admissibility of the alien at
the port of entry into the United States, or
(2) to contest, other than on the basis of an application
for asylum, any action for deportation against the alien.
(d) Termination of Authority.--Notwithstanding any other provision
of this section, the Attorney General and the Secretary of State,
acting jointly, may terminate the pilot program under this section on
or after a date which is one year after the date of the establishment
of the pilot program if--
(1) during the preceding fiscal year, the overstay rate for
nationals of the Republic of Korea entering the United States
under the pilot program exceeds the overstay rate of such
nationals entering the United States with valid visas; and
(2) the Attorney General and the Secretary of State have
jointly determined that the pilot program is leading to a
significant increase in the number of overstays by such
nationals.
(e) Special Bond and Notification Requirements for Tour
Operators.--
(1) In general.--Nationals of the Republic of Korea may not
enter the United States under the terms of this section unless
they are accompanied for the duration of their authorized
admission period by a tour operator who has fulfilled the
following requirements:
(A) The tour operator has posted a bond of $200,000
with the Secretary of State.
(B) The Secretary of State, under such regulations
as the Secretary may prescribe, has approved an
application by the tour operator to escort tour groups
to the United States.
(C) The tour operator provides the name, address,
birthdate, passport number, and citizenship of all
prospective tour group members to the Secretary of
State no less than one business day prior to the
departure date of the group, under such regulations as
he may prescribe, in order to determine that the
prospective travelers do not represent a threat to the
welfare, health, safety, and security of the United
States.
(D) The tour operator excludes from the tour group
any person whom the Secretary of State denies
permission to travel to the United States.
(E) The tour operator provides written
certification or other such evidence prescribed by the
Secretary of State and Attorney General which documents
the return to Korea of each tour group member.
(2) Forfeiture of bonds.--Bonds posted in accordance with
this subsection shall be forfeited in whole or in part and a
tour operator's authorization to escort tours to the United
States may be suspended or revoked if the Secretary of State
finds that the tour operator--
(A) has failed to disclose a material fact in
connection with the application required under
paragraph (1)(B);
(B) fails to comply with the advance notification
and refusal requirements of paragraphs (1)(C) and
(1)(D);
(C) has failed to take adequate steps to ensure
that visitors who are being escorted to the United
States under the terms of an approved application
return to their country of residence; or
(D) is found at any time to have committed a felony
or any offense under the immigration laws of the United
States.
(f) Participation by Tour Agents.--The Secretary of State shall
periodically review the overstay rate of nationals of the Republic of
Korea that corresponds to each tour agent participating in the program
under this section. The Secretary may terminate the participation in
the program of any tour agent if the Secretary determines that the
corresponding overstay rate is excessive.
(g) Definitions.--For purposes of this section--
(1) Group tour.--The term ''group tour'' means travelers
who take advantage of group-purchased hotel or airfare
packages, as guided, supervised, and arranged by a tour agent
in the Republic of Korea approved or licensed by the Department
of State.
(2) Overstay rate.--The term ''overstay rate'' means,
during a specified period of time, the proportion that the
number of aliens remaining in the United States after the
expiration of their visas bears to the total number of aliens
entering the United States during that period of time.
(3) Pilot program period.--The term ''pilot program
period'' means the three-year period immediately following the
establishment of the pilot program.
Directs the Secretary of State and the Attorney General to jointly establish a visa waiver pilot program for Korean nationals traveling in tour groups to the United States. Specifies requirements for such waiver.

SECTION 1. SHORT TITLE.

This Act may be cited as the ''Route 66 Centennial Commission
Act''.

SEC. 2. FINDINGS.

Congress makes the following findings:
(1) Route 66 was the Nation's first all-paved highway under
the U.S. Highway System connecting the Midwest to California
and has played a major role in the history of the United
States.
(2) Route 66 was the symbol of opportunity to hundreds of
thousands of people seeking escape from the Dust Bowl in the
1930s, serving as a ''road to opportunity'' in the West and
providing employment during the Great Depression, as thousands
were put to work on road crews to pave the road.
(3) Route 66 was invaluable in transporting troops,
equipment, and supplies across the country to the West, where
the government established multiple industries and armed force
bases during World War II. Upon the conclusion of the war in
1945, Route 66 was a key route taken by thousands of troops as
they returned home.
(4) Route 66 symbolized the Nation's positive outlook
during the postwar economic recovery in the 1950s and 1960s,
serving as an icon of free-spirited independence and linking
people across the United States. During this period, the
tourist industry along Route 66 grew tremendously, giving rise
to countless tourist courts, motels, service stations, garages,
and diners.
(5) Since June 27, 1985, when Route 66 was decommissioned
as a Federal highway, the popularity and mythical stature of
Route 66 has grown domestically and internationally, as the
road has experienced a rebirth of interest and support.
(6) The year 2026 will be the centennial anniversary of
Route 66, and a commission should be established to study and
recommend to Congress activities that are fitting and proper to
celebrate that anniversary in a manner that appropriately
honors America's Mother Road.

SEC. 3. ESTABLISHMENT.

There is established a commission to be known as the Route 66
Centennial Commission (referred to in this Act as the ''Commission'').

SEC. 4. DUTIES.

The Commission shall have the following duties:
(1) To study activities that may be carried out by the
Federal Government to determine whether the activities are
fitting and proper to honor Route 66 on the occasion of its
centennial anniversary, including any of the activities
described under section 8(b)(2)(B).
(2) To recommend to Congress the activities the Commission
considers most fitting and proper to honor Route 66 on such
occasion, to be carried out by the Department of Transportation
and any other entity or entities within the Federal Government
that the Commission considers most appropriate to carry out
such activities.
(3) To plan and host, in cooperation with such partners, a
conference on the U.S. Numbered Highway System, and assist in
the activities of such a conference.

SEC. 5. MEMBERSHIP.

(a) Number and Appointment.--The Commission shall be composed of 19
members appointed as follows:
(1) Three members, each of whom shall be a qualified
citizen described in subsection (b), appointed by the
President.
(2) Two members, each of whom shall be a qualified citizen
described in subsection (b), appointed by the President on the
recommendation of the Secretary of Transportation.
(3) One member, who shall be a qualified citizen described
in subsection (b), appointed by the President on the
recommendation of the Governor of Illinois.
(4) One member, who shall be a qualified citizen described
in subsection (b), appointed by the President on the
recommendation of the Governor of Missouri.
(5) One member, who shall be a qualified citizen described
in subsection (b), appointed by the President on the
recommendation of the Governor of Kansas.
(6) One member, who shall be a qualified citizen described
in subsection (b), appointed by the President on the
recommendation of the Governor of Oklahoma.
(7) One member, who shall be a qualified citizen described
in subsection (b), appointed by the President on the
recommendation of the Governor of Texas.
(8) One member, who shall be a qualified citizen described
in subsection (b), appointed by the President on the
recommendation of the Governor of New Mexico.
(9) One member, who shall be a qualified citizen described
in subsection (b), appointed by the President on the
recommendation of the Governor of Arizona.
(10) One member, who shall be a qualified citizen described
in subsection (b), appointed by the President on the
recommendation of the Governor of California.
(11) Three members, each of whom shall be a qualified
citizen described in subsection (b), appointed by the President
on the recommendation of the Speaker of the House of
Representatives, in consultation with the minority leader of
the House of Representatives.
(12) Three members, each of whom shall be a qualified
citizen described in subsection (b), appointed by the President
on the recommendation of the majority leader of the Senate, in
consultation with the minority leader of the Senate.
(b) Qualified Citizen.--A qualified citizen described in this
subsection is a private citizen of the United States with--
(1) a demonstrated dedication to educating others about the
importance of historical figures and events; and
(2) substantial knowledge and appreciation of Route 66.
(c) Time of Appointment.--Each initial appointment of a member of
the Commission shall be made before the expiration of the 120-day
period beginning on the date of the enactment of this Act.
(d) Continuation of Membership.--If a member of the Commission was
appointed to the Commission as a Member of Congress, and ceases to be a
Member of Congress, that member may continue to serve on the Commission
for not longer than the 30-day period beginning on the date that member
ceases to be a Member of Congress.
(e) Terms.--Each member shall be appointed for the life of the
Commission.
(f) Vacancies.--A vacancy in the Commission shall not affect the
powers of the Commission but shall be filled in the manner in which the
original appointment was made.
(g) Basic Pay.--Members shall serve on the Commission without pay.
(h) Travel Expenses.--Each member shall receive travel expenses,
including per diem in lieu of subsistence, in accordance with sections
5702 and 5703 of title 5, United States Code.
(i) Quorum.--Seven members of the Commission shall constitute a
quorum but a lesser number may hold hearings.
(j) Chair.--The President, in consultation with the Secretary of
Transportation, shall designate one member of the Commission as Chair.
(k) Meetings.--The Commission shall meet at the call of the Chair.

SEC. 6. DIRECTOR AND STAFF.

(a) Director.--The Commission may appoint and fix the pay of a
Director and such additional personnel as the Commission considers to
be appropriate.
(b) Applicability of Certain Civil Service Laws.--
(1) Director.--The Director of the Commission may be
appointed without regard to the provisions of title 5, United
States Code, governing appointments in the competitive service,
and may be paid without regard to the provisions of chapter 51
and subchapter III of chapter 53 of that title relating to
classification and General Schedule pay rates.
(2) Staff.--The staff of the Commission shall be appointed
subject to the provisions of title 5, United States Code,
governing appointments in the competitive service, and shall be
paid in accordance with the provisions of chapter 51 and
subchapter III of chapter 53 of that title relating to
classification and General Schedule pay rates.

SEC. 7. POWERS.

(a) Hearings and Sessions.--The Commission may, for the purpose of
carrying out this Act, hold such hearings, sit and act at such times
and places, take such testimony, and receive such evidence as the
Commission considers to be appropriate.
(b) Powers of Members and Agents.--Any member or agent of the
Commission may, if authorized by the Commission, take any action that
the Commission is authorized to take by this Act.
(c) Obtaining Official Data.--The Commission may secure directly
from any department or agency of the United States information
necessary to enable the Commission to carry out this Act. Upon request
of the Chair of the Commission, the head of that department or agency
shall furnish that information to the Commission.
(d) Mails.--The Commission may use the United States mails in the
same manner and under the same conditions as other departments and
agencies of the United States.
(e) Administrative Support Services.--Upon the request of the
Commission, the Administrator of General Services shall provide to the
Commission, on a reimbursable basis, the administrative support
services necessary for the Commission to carry out its responsibilities
under this Act.

SEC. 8. REPORTS.

(a) Interim Reports.--The Commission may submit to Congress such
interim reports as the Commission considers to be appropriate.
(b) Comprehensive Report.--
(1) In general.--Not later than 5 years after the date of
enactment of this Act, the Commission shall submit to the
President and Congress a report incorporating specific
recommendations for the commemoration of the centennial of
Route 66 and related events.
(2) Contents of report.--The report under paragraph (1)--
(A) shall include recommendations for the
allocation of financial and administrative
responsibility among the public and private authorities
and organizations recommended for participation by the
Commission; and
(B) may recommend activities such as--
(i) the production, publication, and
distribution of books, pamphlets, films,
electronic publications, and other educational
materials focusing on the history and impact of
Route 66 on the United States and the world;
(ii) bibliographical and documentary
projects, publications, and electronic
resources;
(iii) conferences, convocations, lectures,
seminars, and other programs;
(iv) the development of programs by and for
libraries, museums, parks, and historic sites,
including national traveling exhibitions;
(v) ceremonies and celebrations
commemorating specific events;
(vi) the production, distribution, and
performance of artistic works, and of programs
and activities, focusing on the national and
international significance of Route 66; and
(vii) the issuance of commemorative coins,
medals, certificates of recognition, and
postage stamps.
(c) Final Report.--The Commission shall submit to the President and
Congress a final report not later than 90 days before the termination
of the Commission provided in section 10.

SEC. 9. PLAN ON PRESERVATION NEEDS OF ROUTE 66.

(a) In General.--The Secretary of Transportation, in consultation
with the Governors referred to in section 5(a), shall prepare a plan on
the preservation needs of Route 66.
(b) Report to Congress.--Not later than 3 years after the date of
enactment of this Act, the Secretary shall submit to the Committee on
Transportation and Infrastructure of the House of Representatives, the
Committee on Environment and Public Works of the Senate, and the
President a report containing the plan prepared under subsection (a).

SEC. 10. TERMINATION.

The Commission shall terminate not later than June 30, 2027.

SEC. 11. CLARIFICATION REGARDING FUNDING.

No additional funds are authorized to carry out the requirements of
this Act. Such requirements may be carried out using amounts otherwise
authorized or made available for the Department of Transportation,
except for amounts authorized from the Highway Trust Fund.

Passed the House of Representatives July 16, 2018.

Attest:

KAREN L. HAAS,

Clerk.
Route 66 Centennial Commission Act (Sec. 3) This bill establishes the Route 66 Centennial Commission to honor highway Route 66 on the occasion of its centennial anniversary. (Sec. 4) The bill sets forth the duties of the commission, its membership, powers, and reporting requirements. (Sec. 9) The Department of Transportation shall prepare a plan on the preservation needs of Route 66. (Sec. 10) The commission shall terminate not later than June 30, 2027.

SECTION 1. SHORT TITLE.

This Act may be cited as the ''FHA Manufactured Housing Loan
Modernization Act of 2005''.

SEC. 2. FINDINGS AND PURPOSES.

(a) Findings.--The Congress finds that--
(1) manufactured housing plays a vital role in providing
housing for low- and moderate-income families in the United
States;
(2) the FHA title I insurance program for manufactured home
loans traditionally has been a major provider of mortgage
insurance for home-only transactions;
(3) the manufactured housing market is in the midst of a
prolonged downturn which has resulted in a severe contraction
of traditional sources of private lending for manufactured home
purchases;
(4) during past downturns the FHA title I insurance program
for manufactured homes has filled the lending void by providing
stability until the private markets could recover;
(5) in 1992, during the manufactured housing industry's
last major recession, over 30,000 manufactured home loans were
insured under title I;
(6) in 2004, fewer than 2,000 manufactured housing loans
were insured under title I;
(7) the dramatic reduction in the use of the title I
program is due primarily to certain structural problems of the
program, which have resulted in refusal by the Government
National Mortgage Association (Ginnie Mae) to accept new
participants into the program since 1989, contributing to
higher loan costs and fewer loan originators;
(8) the loan limits for title I manufactured housing loans
have not been adjusted for inflation since 1992; and
(9) these problems with the title I program have resulted
in an atrophied market for manufactured housing loans, leaving
American families who have the most difficulty achieving
homeownership without adequate financing options for home-only
manufactured home purchases.
(b) Purposes.--The purposes of this Act are--
(1) to provide adequate funding for FHA-insured
manufactured housing loans for low- and moderate-income
homebuyers during all economic cycles in the manufactured
housing industry;
(2) to modernize the FHA title I insurance program for
manufactured housing loans to enhance participation by Ginnie
Mae and the private lending markets;
(3) to adjust the artificially low loan limits for title I
manufactured home loan insurance to reflect the increase in
costs since such limits were last increased in 1992 and to
index the limits to inflation; and
(4) to ensure that the title I manufactured housing loan
insurance program requires no credit subsidy from the Federal
Government.

SEC. 3. EXCEPTION TO LIMITATION ON FINANCIAL INSTITUTION PORTFOLIO.

The second sentence of section 2(a) of the National Housing Act (12
U.S.C. 1703(a)) is amended by striking ''In no case'' and inserting the
following: ''Other than in connection with a manufactured home or a lot
on which to place such a home (or both), in no case''.

SEC. 4. LOAN-TO-VALUE RATIO AND DOWNPAYMENT REQUIREMENT.

Section 2(b) of the National Housing Act (12 U.S.C. 1703(b)) is
amended by adding at the end the following new paragraph:
''(8) Loan-to-value and downpayment limitations on manufactured
housing loans.--No insurance may be granted under this section to any
such financial institution with respect to any obligation representing
any such loan, advance of credit, or purchase by it in connection with
a manufactured home or a lot on which to place a manufactured home (or
both) unless such loan or advance of credit, or any loan or advance of
credit represented by such an obligation--
''(A) involves a principal obligation not exceeding the sum
of--
''(i) the amount of the mortgage insurance premium
paid by the borrower at the time that the loan, advance
of credit, or purchase is made; and
''(ii) 95 percent of the appraised value of the
manufactured home or lot on which to place a
manufactured home (or both) for which the loan or
advance of credit is made; and
''(B) is made to a borrower who has paid in cash or its
equivalent, on account of the manufactured home or lot on which
to place a manufactured home (or both) for which the loan or
advance of credit is made, at least 3 percent of the
Secretary's estimate of the costs of acquisition, alteration,
improvements, lot preparation, or other eligible activity for
which the loan or advance of credit was made (excluding the
amount of the mortgage insurance premium paid by the borrower
at the time that the loan or advance of credit is made).''.

SEC. 5. INSURANCE BENEFITS.

Section 2(b) of the National Housing Act (12 U.S.C. 1703(b)), as
amended by section 4, is further amended by adding at the end the
following new paragraph:
''(9) Insurance benefits for manufactured housing loans.--
''(A) In general.--Any contract of insurance with respect
to loans, advances of credit, or purchases in connection with a
manufactured home or a lot on which to place a manufactured
home (or both) for a financial institution that is executed
under this title before or after the date of the enactment of
the FHA Manufactured Housing Loan Modernization Act of 2005 by
the Secretary shall be conclusive evidence of the eligibility
of such financial institution for insurance, and the validity
of any contract of insurance so executed shall be incontestable
in the hands of the bearer from the date of the execution of
such contract, except for fraud or misrepresentation on the
part of such institution.
''(B) Losses.--With respect only to a loan, advance of
credit, or purchase in connection with a manufactured home or a
lot on which to place such a home (or both), the Secretary
shall otherwise provide for the payment of insurance benefits
under the provisions of this section for losses on such loans,
advances, or purchases according to the same terms, conditions,
procedures, and requirements applicable under section 204 to a
mortgage insured under section 203 covering a manufactured home
(and the site on which it is located).''.

SEC. 6. MAXIMUM LOAN LIMITS.

(a) Dollar Amounts.--Section 2(b)(1) of the National Housing Act
(12 U.S.C. 1703(b)(1)) is amended--
(1) in subparagraph (A)(ii), by striking ''$17,500'' and
inserting ''$24,500'';
(2) in subparagraph (C) by striking ''$48,600'' and
inserting ''$68,040'';
(3) in subparagraph (D) by striking ''$64,800'' and
inserting ''$90,720'';
(4) in subparagraph (E) by striking ''$16,200'' and
inserting ''$22,680''; and
(5) by realigning subparagraphs (C), (D), and (E) 2 ems to
the left so that the left margins of such subparagraphs are
aligned with the margins of subparagraphs (A) and (B).
(b) Annual Indexing.--
(1) Method of indexing.--Section 206A of the National
Housing Act (12 U.S.C. 1712a) is amended--
(A) in subsection (a)--
(i) by redesignating paragraphs (1) through
(7) as paragraphs (2) through (8),
respectively; and
(ii) by inserting before paragraph (2) (as
so redesignated) the following new paragraph:
''(1) subparagraphs (A)(ii), (C), (D), and (E) of section
2(b)(1) (12 U.S.C. 1703(b)(1));''.
(2) 2004 and 2005 adjustments.--Not later than 30 days
after the date of the enactment of this Act, the Federal
Reserve Board shall calculate the adjustments for 2004 and 2005
pursuant to paragraph (1) of section 206A(a) of the National
Housing Act (12 U.S.C. 1712a(a)(1)), as added by the amendment
made by paragraph (1) of this subsection, and shall notify the
Secretary of Housing and Urban Development pursuant to
subsection (b) of such section 206A. Such adjustments shall
take effect upon the date of such notification.
(3) Technical and conforming changes.--Section 2(b)(1) of
the National Housing Act (12 U.S.C. 1703(b)(1)), as amended by
subsection (a), is further amended--
(A) by striking ''No'' and inserting ''Except as
provided in the last sentence of this paragraph and in
paragraph (8), no''; and
(B) by adding after and below subparagraph (G) the
following flush language:
''The Secretary shall, by regulation, increase the dollar
amount limitations in subparagraphs (A)(ii), (C), (D), and (E)
(as such limitations may have been adjusted in accordance with
section 206A of this Act).''.

SEC. 7. INSURANCE PREMIUMS.

Section 2(f) of the National Housing Act (12 U.S.C. 1703(f)) is
amended--
(1) by inserting ''(1) In general.--'' after ''(f)''; and
(2) by adding at the end the following new paragraph:
''(2) Manufactured home loans.--Notwithstanding paragraph
(1), in the case of a loan, advance of credit, or purchase in
connection with a manufactured home or a lot on which to place
such a home (or both), the premium charge for the insurance
granted under this section shall be paid by the borrower under
the loan or advance of credit, as follows:
''(A) At the time of the making of the loan,
advance of credit, or purchase, a single premium
payment in an amount not to exceed 2.25 percent of the
amount of the original insured principal obligation.
''(B) In addition to the premium under subparagraph
(A), annual premium payments during the term of the
loan, advance, or obligation purchased in an amount not
exceeding 1.0 percent of the remaining insured
principal balance (excluding the portion of the
remaining balance attributable to the premium collected
under subparagraph (A) and without taking into account
delinquent payments or prepayments).
''(C) Premium charges under this paragraph shall be
established in amounts that are sufficient, but do not
exceed the minimum amounts necessary, to maintain a
negative credit subsidy for the program under this
section for insurance of loans, advances of credit, or
purchases in connection with a manufactured home or a
lot on which to place such a home (or both), as
determined based upon risk to the Federal Government
under existing underwriting requirements.''.

SEC. 8. REVISION OF UNDERWRITING CRITERIA.

(a) In General.--Section 2(b) of the National Housing Act (12
U.S.C. 1703(b)), as amended by the preceding provisions of this Act, is
further amended by adding at the end the following new paragraph:
''(10) Financial soundness of manufactured housing program.--The
Secretary shall establish such underwriting criteria for loans and
advances of credit in connection with a manufactured home or a lot on
which to place a manufactured home (or both), including such loans and
advances represented by obligations purchased by financial
institutions, as may be necessary to ensure that the program under this
title for insurance for financial institutions against losses from such
loans, advances of credit, and purchases is financially sound.''.
(b) Timing.--Not later than the expiration of the 6-month period
beginning on the date of the enactment of this Act, the Secretary of
Housing and Urban Development shall revise the existing underwriting
criteria for the program referred to in paragraph (10) of section 2(b)
of the National Housing Act (as added by subsection (a) of this
section) in accordance with the requirements of such paragraph.
FHA Manufactured Housing Loan Modernization Act of 2005 - Amends the National Housing Act with respect to Federal Housing Administration (FHA) housing loan insurance for manufactured homes (or lots for such homes) to: (1) exempt such loans from certain financial institution portfolio limits; (2) establish loan-to-value ratio and downpayment requirements; (3) provide that any such contract shall be conclusive evidence of an institution's insurance eligibility; (4) increase loan limits; (5) set forth borrower premium charges; and (6) direct the Secretary of Housing and Urban Development to establish underwriting criteria that will ensure the manufactured housing program's financial soundness.