MH News Briefs: Franklin Homes Acquired by Silver Canyon Group – Hud Marks 50 Years of Housing Program Featuring Manufactured Homes
Silver Canyon Group On August 21, 2024 Announced the Acquisition of Franklin Homes of Russellville, Alabama (Source: PR Newswire) – For over 50 years, Franklin Homes has produced manufactured homes, modular, residential and multifamily buildings. The company was founded by Jerry James over 50 years ago and is known for its quality and service.
Billie Killingsworth, previously the President and CEO of the Fulcrum Building Group in the AL/FL panhandle will take the lead as President at Franklin Homes and Blake Jackson, currently the company’s sales lead, will be promoted to General Manager. Mr. Killingsworth stated, “Franklin Homes has an impressive history of high quality and value in their homes, and we are very excited to be a part of the future of providing affordable housing with Franklin.” Silver Canyon plans to support the innovation and growth of the company to include additional plants.
About Silver Canyon Group:
Tim Kelleher, managing partner of Silver Canyon, said the equity firm “waited for the right opportunity to invest in the manufactured and modular home sector” and said the firm is “very excited to be working with the management and team to grow Franklin Homes.” The private equity investment firm has invested over $1 billion in 50+ companies over 30+ years.
HUD Commemorates 50th Anniversary Of Programs Impacting Quality Safe Low-Cost Housing Including Manufactured Homes.
Source: MortgagePoint (Andy Beth Miller). Enacted on August 22, 1974, the HCD Act was a cornerstone in the development of the nation’s largest housing program aimed at assisting low-income households. The Housing Choice Voucher program, commonly known as tenant-based Section 8, currently serves over 2.3 million households. Allowing them to access privately owned rental housing at affordable rates. Similarly, the Project Based Rental Assistance program that has helped more than 1.3 million households, secure stable, affordable housing by subsidizing private developers to build housing for very low-income families.
Beyond expanding access to affordable housing, HUD is also committed to ensuring that the homes provided under its programs are safe, durable and efficient.The Manufactured Home Construction and Safety Standards Act, also part of the 1974 legislation, established the HUD Code, a federal standard that has ensured the quality of manufactured homes for 50 years. Recently, HUD has proposed significant updates to the HUD Code, which will increase the safety and sustainability of manufactured homes while also making it possible to build single-family multi-unit homes under this code for the first time.
Looking Forward – As HUD looks back on 50 years of progress, the department is also setting its sights on the future. With new investments and ongoing reforms, HUD aims to continue its mission of providing safe,affordable housing to all Americans. Acting Secretary Todnan concluded, “We also know there is more to be done and that is why this administration has proposed ambitious new housing investments and we call on Congress to act to help to help people with current high housing costs.”
