Manufactured Housing Meeting Today’s Housing Challenges.

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Presentation transcript:

Manufactured Housing Meeting Today’s Housing Challenges

What is Manufactured Housing? uHomes built in a factory to the Federal Manufactured Home Construction & Safety Standards (the “HUD Code”). uThe HUD Code is the only federally-regulated building code. uManufactured homes are built on a steel frame and may be single- or multi-section. They are substantially complete from the factory.  The modules are transported to the site and installed.

What is Manufactured Housing? uThe federal standards regulate manufactured housing design and construction, strength and durability, transportability, fire resistance, energy efficiency and quality. uManufactured homes can only be single-family dwellings.

The Industry’s Business Model uManufacturers, many of which are large national companies, build homes in factories. uThe manufacturer sells homes to manufactured home retailers that own and operate professional home sales centers. uConsumers visit retail sales centers and purchase homes in inventory or custom order homes to fit their specific wants and needs.

The Industry’s Business Model uHomes in inventory at the retail sales center and custom ordered homes are often financed through specialized national lenders. uWhen the home goes to closing, the inventory lender and the retailer are paid for the home through the customer’s financing.

Industry Need for Inventory Financing uThe current instability in the capital markets has caused the interruption of inventory financing from the large national finance companies that specialize in this line of business.

Industry Need for Inventory Financing uMany retailers in the industry already work with local banks to provide part or all of the financing they need for inventory. uAdditionally, those retailers that have not worked with local banks to provide financing for their customers, are looking to them for permanent home financing as well.

Quick Facts from 2008 u18 Million people live in manufactured homes. uAverage household size is 2.8 persons. u74% of new manufactured homes are sited on private property and the remaining are sited in land- lease communities.

Quick Facts from 2008 Age of Household Head Less Than 30 8% % % % % 70 and older 8%

Quick Facts from 2008 Annual Household Income Less Than $10,000 5% $10,000-$19,99914% $20,000-$29,99921% $30,000-$39,99918% $40,000-$49,99916% $50,000 and over 27%

New Manufactured Homes – Size & Cost: Size & Cost: uAverage square footage: 1600 sq. ft. Single-section 1100 sq. ft. Multi-section 1775 sq. ft. uAverage sales price: $65,100 (structure only) Single-section $37,200 Multi-section $74,100

Today’s Manufactured Home Has So Much to Offer!

Manufactured homes offer the same interior and exterior design options as site-built – often with greater customization than production site-built. Common features of today’s homes include…

Large living & family rooms with built-ins

Hardwood floors, drywall throughout, and features like fireplaces

Tray ceilings in bedrooms, living rooms and dining rooms

Spacious customizable kitchens and stainless steel appliances

…with hardwood cabinets and solid surface counter tops

Large multipurpose spaces

Large master bedrooms

….and spacious bedrooms for the entire family

Spacious master baths

On the exterior - porches, garages and steeper roofs

Today’s Manufactured Home

uIs aesthetically compatible with many existing neighborhoods. uResults in cost savings due to factory efficiencies. uShortens construction time significantly. uDelivers the home that home buyers want.

Manufactured Homes Offer: uHome costs of 10-35% less than site- built homes. uSame features and amenities as site built. uMore flexible, affordable, customization than comparable site-built homes. uSame building materials and quality engineered design. uHome warranties equal to or better than site-built homes.

Can We Work Together to: uMeet the demands of affordable housing needed today. uEnsure the continued operation of the retail sales center business model through inventory financing. uProvide home financing needed by manufactured home buyers. uExplore opportunities for other relationships with retailers and/or home buyers, such as real estate finance, credit cards and other types of personal and business financial services.