Cavco Announces the First Homes Have Been Purchased by Graduates of Its Homes for Our Own Program
27 February 2024 - 7:26AM
Cavco Industries, Inc. (Nasdaq: CVCO) announced today that the
first homes have been purchased by two graduates of its unique
Homes for Our Own (HFOO) program. The program is a six-week,
interactive workshop to help educate company employees on how to
budget, how to buy a home and then, if they choose to move forward,
to help them purchase their first home.
The self-funded program invites Cavco employees
to voluntarily donate money through automatic payroll deductions to
help fellow employees who are HFOO graduates purchase their first
home. Cavco matches employee donations up to $200,000 annually, and
the money helps underwrite purchasing costs for HFOO graduates who
qualify for financial assistance to buy a home.
HFOO has been a dream of Cavco CEO Bill Boor’s
for years. “I wanted to make sure Cavco was doing everything
possible to address the affordable housing crisis,” said Boor. “And
I wanted to start close to home by helping our employees. Homes for
Our Own is a wonderful opportunity to put our commitment to address
affordable housing into action and support our employees’ long-term
success and prosperity.”
To date, the HFOO metrics are impressive,
especially considering the program is less than a year old. In nine
months, eighty-six employees have donated to HFOO, thirty-one have
completed the curriculum and 2 graduates have purchased their first
homes.
Said one of the HFOO homebuyers, a 23 year old
who works at Cavco’s Fleetwood Homes facility in Lafayette,
Tennessee, “I’m the first person in my family to own a home. For so
long, owning a home felt like an impossibility. Then HFOO came
along, and at the perfect time.”
Cavco’s second HFOO graduate and first-time
homeowner who works in Cavco’ building center in Hamlet, North
Carolina was able to move his wife and four children into their new
home on Christmas Eve 2023.
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 and
MidCountry. 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.
For additional information, contact:Colleen Rogers
SVP – Marketing & Communications
media@cavco.com
Phone: 972-763-5038
On the Internet: www.cavcohomes.com
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