UMH Properties, Inc. (NYSE: UMH), a prominent real estate investment trust focused on manufactured home communities, has expressed its enthusiastic support for the newly passed 21st Century ROAD to Housing Act. This bipartisan legislation is designed to tackle the ongoing housing shortage by enhancing supply and modernizing regulations.
Reforming Barriers to Affordable Housing
Manufactured homes provide high-quality, affordable housing options for millions of American families, and this legislation removes outdated barriers that have limited their potential. By modernizing federal standards, the ROAD to Housing Act will lower production costs.
Samuel A. Landy, President and CEO of UMH Properties, Inc.
- Removal of the permanent chassis requirement for manufactured homes
- Increased loan limits under the FHA Title I financing program
- Support for zoning reforms and factory-built housing
The legislation is expected to significantly benefit UMH's 145 communities, which include approximately 27,100 homesites across various states. The removal of outdated regulations will allow UMH to offer innovative home designs and enhance financing accessibility for potential buyers.
UMH's CEO highlighted that the updates to the Title One financing program will make it easier for families to achieve homeownership, fostering increased sales of qualifying homes. Additionally, new zoning incentives will pave the way for more affordable housing options in urban and suburban areas.
Lesli Gooch, CEO of the Manufactured Housing Institute, praised the Act for acknowledging the importance of manufactured housing in resolving national housing challenges. She stated that the bill will facilitate the construction of diverse home types and improve financial options for buyers.
Founded in 1968, UMH is committed to maintaining well-managed communities that support the American Dream of homeownership through affordable manufactured housing solutions. The company's proactive approach positions it to capitalize on the anticipated growth in this market.