Sam Landy, president and CEO of UMH Properties, Inc., participated in a video interview at Nareit’s REITworld: 2022 Annual Conference held in San Francisco on Nov. 15-17.
Landy described the impact UMH is seeing from higher interest rates and the need for affordable housing, and how UMH is positioning itself to meet that demand. He noted that higher rates widen the affordability gap, which UMH fills by providing quality, affordable housing through factory built homes and communities. He added that higher interest rates are a response to a strong economy, which ultimately means additional demand for UMH properties.
Landy also discussed how UMH’s recent recapitalization of preferred stock has positioned the company within a difficult economic climate.
Meanwhile, Landy commented on UMH’s $8 million investment in the UMH qualified opportunity zone fund and what that might lead to. He noted that purchasing in opportunity zones “makes the manufactured home community more attractive and makes the area more attractive so that employers are willing to come…and more people invest in the area.”
Upon looking into opportunity zones, “we found more land to be developed into manufactured home communities and more turnaround properties that could be acquired…than anywhere else. By their nature, these are long-term investments,” Landy said.