Sam Landy rings bell at NY Stock Exchange
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UMH Properties President and CEO Sam Landy, also a director on the Standardbred Breeders and Owners Association of New Jersey’s board, ran the New York Stock Exchange’s opening bell on Aug.25 to celebrate a new Fannie Mae loan product for manufactured housing communities. Representatives from UMH Properties, Wells Fargo and Fannie Mae participated in the ceremony alongside Landy in commemoration of the first-of-its-kind loan.
The loan, which was arranged by Wells Fargo, facilitates UMH’s acquisition of communities with vacancies that might normally create problems for underwriting community loans. This new loan’s flexibility will allow UMH Properties to upgrade communities and offer more options for residents. The agreement allows for a mix of UMH-owned rental units and land leases for residents who site their own homes. This more flexible loan allows UMH Properties to make acquisitions, reduce vacancies and maintain a mix of land lease sites and home rentals tailored to local market conditions.
"Our recent credit facility with Fannie Mae and Wells Fargo underscores our collective effort in providing quality affordable housing through manufactured home communities," said Landy. "We are honored to commemorate this commitment with Fannie Mae and Wells Fargo Bank by ringing the Opening Bell at the New York Stock Exchange.”
Fannie Mae has a statutory “Duty to Serve” manufactured housing, including a specific responsibility to develop innovative loan products. The combination of a low interest rate and flexibility under this new Fannie Mae loan is a critical innovation that will allow UMH Properties to offer manufactured home units at affordable rents and finance new home purchases for buyers in their communities.
UMH Properties is a public equity real estate investment trust founded in 1968 that owns and operates a portfolio of around 23,200 homesites in 123 manufactured home communities nationwide. UMH has received a number of honors from MHI, including Retail Sales Center of the Year Award, 2019 Interior Design Award and 2018 Operator of the Year Award. Last year, for the fourth consecutive time, UMH received MHI’s Land-Lease Community of the Year Award. These awards recognize UMH Properties' long-term commitment to innovation and advancement of the manufactured housing industry, and dedication to providing quality, affordable housing.
Landy also owns the New Jersey training center Congress Hill and he and his wife Laurie lead the nonprofit program helping individuals with special needs called Special Strides. The SBOANJ congratulates Mr. Landy on these momentous occasions and thanks to him for his commitment to the New Jersey racing program. (SBOANJ)