Addressing the Housing Needs of a Growing Workforce with Manufactured Homes

MAKING HOME POSSIBLE IN MARYLAND

Once a primarily rural exurb in Maryland’s western panhandle, Hagerstown has seen a boom in economic growth over the past several years. The town’s proximity to three states and two major highways has made it a popular location for new warehouse and manufacturing operations, attracting several multinational companies to the area.

However, with thousands of new jobs available, Hagerstown’s aging housing stock is unable to accommodate the growing workforce. There is an immediate need for new and affordable housing options.

That’s why Freddie Mac partnered with developer EquityPlus, nonprofit social enterprise Next Step^®, Fortis Construction, and Triad Financial Services to expand housing opportunities for working families already in the area — and those attracted by its job opportunities — with Kilpatrick Woods.

A fee-simple subdivision of 241 manufactured single-family homes, Kilpatrick Woods offers a solution for homebuyers who have been priced out of the housing market. The homes will be marketed to first-time homebuyers and working families earning 80%-120% of the area’s median income, with list prices that provide a more approachable entry point to the housing market.

“Kilpatrick Woods represents a vision,” said Simone Beaty, senior director of affordable lending for Freddie Mac’s Single-Family division. “A vision to plan holistically for this area’s future, to offer a model for other localities, and to shape new thinking about manufactured housing solutions.”

The development will offer two-, three- and four-bedroom homes with characteristics similar to site-built homes: pitched roofs, front porches, high-end finishes and energy-efficiency features. Residents will have access to a community center, playgrounds and nature trails, with accessibility to nearby schools, local businesses and public transportation.

“The homes of Kilpatrick Woods offer a high-quality, energy-efficient option for the people of Hagerstown and the surrounding communities,” said Stacey Epperson, president and CEO of Next Step. “The homes can be financed with mortgage products offered by Freddie Mac, which offers homebuyers a 30-year, fixed-rate mortgage comparable to financing for site-built homes.”

Freddie Mac has made it easier for lenders to increase access to credit for homebuyers purchasing manufactured homes. Mortgage products like Freddie Mac’s CHOICEHome^® offering for CrossMod™ homes provide expanded access to financing for homes like those of Kilpatrick Woods.

“At Freddie Mac, we support manufactured homes as a housing option that can help boost the supply of homes and bring sustainable homeownership within reach for more people,” Beaty said.

Communities like Kilpatrick Woods present exciting opportunities to expand homeownership opportunities for working-class families that fall into the “missing middle” of the housing market.

To learn more about Freddie Mac’s commitment to supporting rural housing and promoting manufactured homes, visit our Duty to Serve webpage.