PHOENIX, April 12, 2022 (GLOBE NEWSWIRE) — Cavco Industries, Inc. (Nasdaq: CVCO) (“Cavco” or the “Company”) today announced that the Company has won the inaugural Community Impact Project Award from the ‘year’ (2022) for its Five Points Neighborhood Initiative in Martinsville, Virginia, where its Nationwide Homes brand is based. This new award, voted on by a panel of independent industry experts, recognizes companies’ efforts to address social challenges or underserved needs at the local level.
“The success of the Five Points Neighborhood initiative is a shining example of industry partnering with community leaders to have a meaningful and beneficial impact on the lives of our fellow citizens,” said Bill Boor, President and CEO. of Cavco Industries, Inc. “We are extremely proud to be the first-ever recipient of this award, and our Nationwide Homes team, led by Donald Aheron, Jim Miller and Greg Hickman, went above and beyond to bring this project to life and revitalize a community – in its own right. hometown.”
Each year, CIM hosts its Excellence in Manufactured Housing Awards competition and invites submissions from manufacturers, sellers, retailers, communities and other strategic industry partners. This year, CIM received over 83 submissions in 17 award categories.
Nationwide Homes, a brand of Cavco Industries, Inc., has partnered with a diverse list of local, state and national organizations to build the Five Points neighborhood in Martinsville, Virginia. In addition to Nationwide, this unique coalition of public and private entities included Virginia Housing, the City of Martinsville, USDA-Rural Development, Silverpoint Homes – Nationwide’s Top Independent Retailer, Martinsville-Henry County Economic Development Corporation, United Way of Henry County & Martinsville, and the Harvest Foundation. Together, this dedicated team has dedicated significant time, labor and resources to revitalizing this underdeveloped area with homes for sale to owner-occupiers that meet the project’s housing insecurity requirements. Each home has a five-year deed restriction requiring owner occupancy.
The Five Points project includes homes designed to be jumping off points to help alleviate the housing challenges that many families face. Specifically, the project’s goal is to provide new affordable housing for people earning between $17 and $20 an hour – somewhere near the prevailing wage rate for local business and industry, and this called “labour housing”. The Five Points neighborhood will feature 27 new cabins and townhouses ranging from $125,000 to $155,000. Additionally, when complete, the project is expected to generate more than $100,000 annually in new utilities and property taxes for the city and is part of the larger concept of revitalizing the downtown Martinsville neighborhood.
Cavco has distribution points in 43 US states and Canada, through its 45 retail stores and 26 production plants, while employing more than 6,000 people. In 2021, the company delivered more than 14,000 homes, provided more than $165 million in financing to homebuyers, insured the homes of more than 60,000 homeowners, and provided fast and efficient claims assistance to more than 5,200 owners. Cavco is the third-largest manufacturer of manufactured homes in the United States, with a market share of 14%.
For more information about Cavco Industries, visit cavco.com.
Click To Tweet: [email protected] Wins Inaugural MHI “Community Impact Project of the Year” Award for 2022; @MHIupdate #manufacturedhomes; #construction; #manufacturing; #Cavco; #jobs; #hiring; #job. Learn more at https://investor.cavco.com/press/.
Cavco Industries, Inc.
About Cavco Industries, Inc.
Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and manufactures prefabricated 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 various brands, including Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood and MidCountry. We are also a leading producer of recreational park vehicles, vacation cabins and pre-engineered commercial structures. Cavco’s financial subsidiary, CountryPlace Mortgage, is an authorized Fannie Mae and Freddie Mac seller/repairer and issuer of Ginnie Mae mortgage-backed securities that offers conforming mortgages, non-conforming mortgages and home loans only to buyers of manufactured homes. Our insurance subsidiary, Standard Casualty, offers property and casualty insurance to owners of manufactured homes. Additional information about Cavco is available at https://www.cavco.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e9d95f65-6a2c-4789-8820-8585091502e7