UMH PROPERTIENS, INC. REDUCES FINANCING COSTS FOR CONSUMERS

Rhea-AI Summary

UMH Properties has announced a reduction in interest rates for qualified home buyers from 5.99% to 4.99% through its third-party lending program. This strategic move aims to enhance housing affordability, aligning with the company's mission of providing quality affordable housing. President and CEO, Samuel A. Landy, noted that this reduction reflects improved capital costs and positions UMH as a competitive player within the industry. The company operates 127 manufactured home communities across several states, serving approximately 24,000 homesites.

Positive

• Interest rate reduction from 5.99% to 4.99% enhances housing affordability.
• Strategic move reflects reduced cost of capital, showcasing operational efficiency.
• Could be the lowest rate in the industry, providing a competitive advantage.

Negative

• None.

FREEHOLD, NJ, Jan. 13, 2022 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) today announced that it has reduced the interest rate for qualified home buyers from 5.99% to 4.99% with its third-party lending program. 

Samuel A. Landy, President and Chief Executive Officer, commented “UMH has a mission to provide the nation with high quality affordable housing. Our performance over the past few years has resulted in a reduced cost of capital and we are utilizing a portion of this capital to enhance the affordability of our product. Our residents and potential residents deserve interest rates that are in line with conventional mortgages. While we are not there yet, we are proud to offer what may be the lowest rate in the industry.” 

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 127 manufactured home communities with approximately 24,000 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama and South Carolina. UMH also owns and operates one community in Florida, containing 219 sites, through its joint venture with Nuveen Real Estate. 

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Contact: Nelli Madden
732-577-4062

FAQ

What is the new interest rate offered by UMH for home buyers?

UMH has reduced the interest rate from 5.99% to 4.99% for qualified home buyers.

How many manufactured home communities does UMH operate?

UMH operates 127 manufactured home communities across several states.

What is the goal of UMH's reduced interest rates?

The goal is to enhance the affordability of housing for residents and potential residents.