UMH Properties : PROPERTIENS, INC. REDUCES FINANCING COSTS FOR CONSUMERS - Form 8-K
January 14, 2022 at 09:12 am
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UMH PROPERTIENS, INC. REDUCES FINANCING COSTS FOR CONSUMERS
FREEHOLD, NJ, January 13, 2022…… 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
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UMH Properties Inc. published this content on 14 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 January 2022 14:11:06 UTC.
UMH Properties, Inc. is a real estate investment trust (REIT). The Companyâs primary business is the ownership and operation of manufactured home communities, leasing manufactured homesites to residents. The Company also leases manufactured homes to residents and, through its wholly owned taxable REIT subsidiary, UMH Sales and Finance, Inc. (S&F), sells and finances the sale of manufactured homes to residents and prospective residents of its communities and for placement on customersâ privately owned land. The Company owns and operates 135 manufactured home communities, including two communities acquired through the Companyâs opportunity zone fund, containing approximately 25,800 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan, Maryland, Alabama, South Carolina and Georgia. In connection with the operation of its communities, the Company also leases homes to prospective tenants.