Cavco Industries, Inc. (Nasdaq: CVCO) (“Cavco” or the “Company”) is
proud to announce a significant innovation in the manufactured home
industry with the launch of the first nationally available,
manufactured duplex approved by the Department of Housing and Urban
Development (“HUD”). Dubbed the “Anthem,” this trailblazing series
of homes marks a significant advancement in providing affordable
housing, aligning with the Federal government's push for creative
housing solutions to combat rising prices.
In a market struggling against growing
construction costs and limited inventory, the Anthem emerges as a
practical solution for the rapid expansion of affordable housing
options that easily adapts to communities, as well as urban infill.
As the nation’s first duplex-style manufactured home approved by
HUD and built at the Company’s Fleetwood Homes plant in Rocky
Mount, Virginia, the Anthem is a platform for progress to rapidly
provide more housing as well as showcasing Cavco’s commitment to
quality, energy efficient and affordable housing
solutions.
“I am immensely proud of our team in creating
our latest affordable housing innovation,” said Bill Boor,
President and Chief Executive Officer of Cavco. He continued, “This
construction breakthrough comes at a crucial time for our country,
with record numbers of families in need of affordable housing
options. These homes represent a truly unique solution for buyers
and builders alike.”
Homeowners, especially first-time buyers, will
find the Anthem a more affordable path to homeownership.
Additionally, the option to live in one unit while renting out the
other offers forward thinking homeowners a practical, easy solution
to offset mortgage payments and reduce financial strain.
Similarly, for real estate investors, housing
developers and community managers, Cavco’s Anthem series presents a
unique opportunity as the duplex-style design is especially
attractive due to the avenues for increased housing density and
diversity. The versatility of multiple floorplans with 2- and
3-bedroom options – with duplex and quadplex layouts – allows
owners and communities to double-down on their portfolio
offerings.
With interest nationally, Cavco, Virginia
Housing and the Virginia Manufactured and Modular Housing
Association (“VAMMHA”) co-hosted UMH Properties, Inc., a public
REIT that owns and operates 135 manufactured home communities to
unveil this exciting new Cavco duplex product. On December 12,
2023 at Fleetwood Homes in Rocky Mount, Virginia, attendees were
the first to tour Cavco’s new HUD-approved manufactured duplex
homes. Additionally, attendees learned about affordable financing
options and grant opportunities relevant to this exciting new
product.
“Virginia Housing is excited to be a part of the
event to unveil this innovative duplex style housing from Cavco,”
said Monique Johnson, Managing Director of Community Outreach. “We
have prioritized research and partnerships that support innovative
solutions and forward-thinking initiatives in manufactured housing,
which have great potential to provide both new homeownership and
rental housing options for Virginians.”
Randy Grumbine, Executive Director for VAMMHA
said, “We strive to push the needle forward with affordable
factory-built housing solutions throughout Virginia and the nation.
This initiative with Cavco Homes and Virginia Housing looks to do
just that. We welcome the opportunity to work together with housing
partners across Virginia to open new doors for families seeking an
affordable, energy efficient solution.”
Samuel Landy, President and Chief Executive
Officer of UMH Properties, Inc. said, “We believe the
duplex-manufactured house from Cavco provides a competitive housing
solution, leaving more dollars in the pockets of our residents for
the everyday necessities.” Mr. Landy continued, “UMH can offer
these homes significantly below national averages for comparable
apartments. Additionally, our communities offer driveways, space
for outdoor storage and shared 5,000 square foot lots. This value
proposition is increasingly attractive in today’s market. We thank
Cavco for approaching us with this innovative solution to help
address the national housing gap.”
Regarding these efforts, Mr. Boor replied, “This
strategic initiative with the VAMMHA, UMH Properties, Inc. and
Virginia Housing to place these new homes within their communities
is an important example of joining forces to address the pressing
issue of housing affordability. Together, we are not just changing
the landscape of housing; we are transforming lives.”
To learn more about how Cavco Homes is doubling
down affordable housing with the Anthem, visit
www.CavcoAnthem.com or tour the Anthem at the
Louisville Manufactured Housing Show in Louisville, KY on January
17-19, 2024.
About Cavco Cavco Industries,
Inc., headquartered in Phoenix, Arizona, designs and produces
factory-built housing products primarily distributed through a
network of independent and Company-owned retailers. We are one of
the largest producers of manufactured and modular homes in the
United States, based on reported wholesale shipments. Our products
are marketed under a variety of brand names including Cavco,
Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot
Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood,
MidCountry and Solitaire Homes. We are also a leading producer of
park model RVs, vacation cabins and factory-built commercial
structures. Cavco's finance subsidiary, CountryPlace Mortgage, is
an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie
Mae mortgage-backed securities issuer that offers conforming
mortgages, non-conforming mortgages and home-only loans to
purchasers of factory-built homes. Our insurance subsidiary,
Standard Casualty, provides property and casualty insurance to
owners of manufactured homes. Additional information about Cavco
can be found at www.cavcohomes.com.
For additional information,
contact:
Colleen RogersSVP – Marketing
& Communicationsmedia@cavco.comPhone:
972-763-5038On the
Internet: www.cavcohomes.com
Photos accompanying this announcement are
available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/5aaa30d8-25d9-45b9-bb59-7e6ec8a3f625https://www.globenewswire.com/NewsRoom/AttachmentNg/ccdf2968-16a4-428d-af00-8b898b53c498
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