UMH PROPERTIES, INC. WILL ATTEND AND SHOWCASE TWO DUPLEX HOMES AT THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT’S ANNUAL INNOVATIVE HOUSING SHOWCASE
UMH Properties (NYSE:UMH, TASE:UMH) announced participation in the Department of Housing and Urban Development's annual Innovative Housing Showcase, starting June 7, 2024, in Washington, DC. UMH will present two duplex models: the 'UMH Tiny' made by Cavco Industries, and a larger 28’ by 70’ unit developed with Skyline Champion The models feature renewable energy adaptations like solar shingles. UMH aims to offer affordable, quality housing that caters to various living arrangements, enhancing urban density. The company operates 136 manufactured home communities across several U.S. states, with a joint venture in Florida.
- UMH Properties will participate in a high-profile event, the Innovative Housing Showcase, for the 4th consecutive year.
- Showcasing two new duplex models in collaboration with Cavco Industries and Skyline Champion
- Introduction of renewable energy features like solar shingles in new housing models.
- Potential to provide affordable housing options with lower monthly rents.
- Enhanced living arrangements catering to multigenerational families in urban areas.
- UMH operates 136 manufactured home communities, ensuring a broad market presence.
- Joint venture with Nuveen Real Estate expands footprint in Florida.
- No immediate financial benefits or contracts announced following the showcase.
- The cost and feasibility of integrating renewable energy features like solar shingles are yet to be proven.
- Potential dependency on external partnerships for new housing models.
- details on how the new housing models will directly impact revenue or profitability.
FREEHOLD, NJ, June 03, 2024 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE:UMH) (TASE:UMH), today announced that the Company will attend the Department of Housing and Urban Development's annual Innovative Housing showcase for the 4th year in a row. The event kicks off with a Showcase Opening Ceremony at 9am on Friday, June 7, 2024, on the National Mall in Washington, DC.
Samuel A. Landy, President and Chief Executive Officer, commented “At this year’s Innovative Housing Showcase, UMH will be showcasing two HUD code duplex models in partnership with Cavco Industries, Inc. and Skyline Champion Corporation. We plan to market one duplex model built by Cavco Industries as the ‘UMH Tiny.’ This factory-built single section unit is a 16’ by 70’ unit and, when divided by the fire wall, creates two, one-bedroom, 500-square-foot dwellings. The second unit, in partnership with Skyline Champion Homes, is a factory-built 28’ by 70’ multi section unit and, when divided by the fire wall, creates two, two-bedroom, one-bath, 900-square-foot units. One unit will have solar shingles, which we hope will eventually lead to factory-built homes having both solar shingles and battery packs installed at the factory. This use of renewable energy would result in manufactured homes becoming more energy independent and also enable residents to charge an EV or plug-in-hybrid vehicle.
“UMH believes duplex manufactured homes for rent in communities will provide quality housing at even lower monthly rents than currently exist. These duplexes provide a unique opportunity for those looking to live together while maintaining separate living spaces, such as residents who wish to live with aging parents or other family members. Additionally, these homes help provide housing in urban areas where increased density is needed. With UMH 's expertise in manufactured home communities, residents can enjoy a modern living arrangement that caters to their needs.”
UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 136 manufactured home communities containing approximately 25,800 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina and Georgia. UMH also has an ownership interest in and operates two communities in Florida, containing 363 sites, through its joint venture with Nuveen Real Estate.
Contact: Nelli Madden
732-577-4062
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