Homelessness Among Seniors - The report highlights the growing issue of homelessness among Americans over 65, with over 42,000 experiencing homelessness last year [3] - Researchers estimate that the number of homeless seniors could exceed 100,000 by 2030 [3] - The report emphasizes the lack of affordable housing and the inadequacy of average social security checks in keeping pace with inflation as contributing factors [3] Challenges Faced by Homeless Seniors - Homeless seniors face significant challenges, including vulnerability to dehydration and heat-related illnesses [3][4] - Memory impairment is a common issue among aging individuals, making it difficult for them to access available support and resources [4] - The story of Vernon Wedge, a 73-year-old former security guard, illustrates the struggles of seniors experiencing homelessness [1][2][6] Support and Resources - The report acknowledges the existence of a safety net but suggests that it is insufficient to meet the growing needs of homeless seniors [5] - There is a need for more housing resources specifically tailored for seniors [5] - Senior-only homeless shelters are emerging across the country to address the increasing demand [5]

Economic Inequality & Policy Critique - From 1979 to 2019, US worker productivity grew by 59.7%, while wages only increased by 13.7%, creating a 46% gap in potential earnings [2][3] - The top 1% saw a 160% income increase, and the top 0.1% experienced a 3605% income increase over the same period [4] - The middle class share of total US household income dropped from 62% in 1970 to 43% in 2022, while the upper-income share rose from 29% to 48% [5] - Trade deals like NAFTA displaced approximately 683,000 US jobs, primarily in manufacturing [6] - Displaced workers often experienced an average annual pay decrease of $7,900 when forced into lower-wage work [7] Proposed Policy Solutions - Advocate for universal healthcare to reduce economic insecurity tied to jobs, noting countries with universal systems spend 30-50% less per person with better health outcomes [11] - Support universal and subsidized childcare, citing Quebec's model which increased female labor force participation and generated new tax revenues [12] - Propose a national affordable housing infrastructure plan with zoning reform and anti-speculation measures, noting investors account for 30% of single-family home purchases [13][14] - Recommend investing in resilient clean energy infrastructure to create union jobs and reduce vulnerability to climate shocks [15] - Suggest implementing a national carbon price and reinvesting revenues into transition assistance for workers in fossil fuel industries [16]

Housing Affordability Challenges - Regulatory issues, particularly at the state and local levels, contribute to the difficulty in loosening up housing market constraints [1] - Regulatory pressures, including impact fees and other costs absorbed by builders, significantly add to the cost of housing [2] - High land prices necessitate builders to renegotiate with land developers on option contracts to price homes more affordably [2] Potential Solutions and Considerations - Renegotiating land option contracts can help builders price homes more affordably [2] - Simply building more rental housing may not solve the inequality gap [3]

Core Points - The Federal Home Loan Bank of Indianapolis awarded Jason Blain the 2025 Community Spirit Award for his contributions to affordable housing and community development in Michigan [1][2] - The Affordable Housing Program (AHP) has provided over $9 billion in subsidies since 1990, impacting more than one million households [5] - In 2025, FHLBank Indianapolis allocated $29.6 million to its competitive AHP [5] Company Contributions - Jason Blain has led investments in eight Affordable Housing Program projects, facilitating approximately $4.5 million in grants [3] - His efforts have resulted in financing for over 500 units of affordable housing [4] - Blain's partnership with community development financial institutions (CDFIs) has enhanced access to low-cost capital through the CDFI Rate Buydown program [3][4] Community Impact - FHLBank Indianapolis will make a $5,000 charitable donation to a nonprofit of Blain's choice, supporting Homes Giving Hope and Dream Team Northern Michigan [6] - The Community Spirit Award has recognized leaders in affordable housing since 2007, highlighting innovative strategies and commitment to community development [2] Organizational Overview - Independent Bank Corporation, the employer of Jason Blain, has total assets of approximately $5.3 billion and operates across Michigan [9] - FHLBank Indianapolis is part of the Federal Home Loan Bank System, focusing on providing low-cost funding to member financial institutions [10]

Housing Affordability Crisis - Tech giants pledged billions of dollars to address housing affordability in Silicon Valley [1] - Results of tech giants' pledges have so far fallen short of expectations [1]

Financial Data and Key Metrics Changes - Normalized FFO for Q2 2025 was $0.23 per share, unchanged from Q2 2024, with overall normalized FFO increasing by 16% or $2.6 million for the quarter and 20% or $6.4 million for the year [5][20] - Earnings per share were impacted by the issuance of $101.4 million of new GSE debt at a 5.855% interest rate [6] - The company increased its quarterly common stock dividend by 4.7%, from $0.02 to $0.025 per share, marking five consecutive years of dividend increases totaling a 25% increase [5][6] Business Line Data and Key Metrics Changes - Total revenue increased from $60.3 million in Q2 2024 to $66.6 million in Q2 2025, representing a 10% increase [11] - Rental and related income rose by 9% year-over-year, while community NOI increased by 119% for the six months ended June 30, 2025 [12][21] - Sales of manufactured homes reached a record $10.5 million for the quarter, with a 196% increase year-over-year [13] Market Data and Key Metrics Changes - The company operates 144 communities with 12,300 home sites, including 10,600 rental homes [10] - The Marcellus and Utica Shale strategy has led to significant appreciation in land and community values, supported by local energy projects [10][11] - The company reported an industry-leading total return of 17% over two years and 76.7% over five years [11] Company Strategy and Development Direction - The company is focusing on increasing affordable housing supply and is optimistic about legislative changes that could enhance growth opportunities [29][30] - There is a commitment to Greenfield development and joint ventures to enhance cash flows and operational results [15] - The company plans to actively pursue acquisitions and has $150 million available for growth initiatives [7][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the low end of prior guidance, citing strong demand for homes and potential increases in sales due to favorable financing conditions [35][36] - The company anticipates continued growth in rental income and occupancy rates, with expectations for same property NOI to increase [76][77] - Management highlighted the importance of recent HUD initiatives aimed at improving financing for manufactured housing, which could significantly impact sales [79][80] Other Important Information - The company ended the quarter with $79.2 million in cash and $260 million available on its unsecured revolving credit facility [27] - The weighted average interest rate on total debt was 4.63%, with 99% of the debt being fixed rate [22][23] - The company is committed to not increasing investments in its REIT securities portfolio and has been selling certain positions [28] Q&A Session Summary Question: Is the company withdrawing its prior guidance? - Management indicated that the low end of the prior guidance should hold, emphasizing confidence in the manufactured housing market and potential for increased sales [35][36] Question: What are the drivers of confidence in guidance? - Management noted that confidence stems from expected increases in rental income and potential sales growth, with a focus on operational performance [36][39] Question: How are new home prices trending? - Prices of new homes have remained stable, with strong demand for rental homes and ongoing setup of new units [40][42] Question: What is the expected CapEx for community upgrades? - The capital budget for community upgrades is approximately $20 million, focusing on infrastructure improvements [46][49] Question: What is the outlook for same property operating expenses? - Same property operating expenses are expected to grow in the 5% to 7% range, with a decrease noted in the second quarter [75][76] Question: How is the sales pipeline trending? - The sales pipeline is currently over $5 million, indicating strong sales momentum and positive demand for new homes [85][86]

Housing Market & Affordability - US housing shortage is intensifying, with home prices rising to all-time highs [1][6] - New Rochelle, New York, has made rent more affordable by building thousands of new apartments [1] - Prioritizing housing supply is seen as a way to boost affordability [8] Regulatory Environment & Policy - Red tape makes building more difficult, derailing new development and contributing to the national housing shortage [3] - New Rochelle is slicing through red tape, making it faster, easier, and cheaper for developers to build [4] - Some elected officials are starting to adopt New Rochelle's mindset, with California and Oregon loosening environmental laws and enacting new laws to make it easier for developers to build [6] - A bipartisan housing package including developer tax incentives and expedited environmental reviews is advancing to a Senate vote [7] - Complex regulatory webs extend development timelines, drive up costs, and disincentivize developers [10] - New Rochelle has created a form-based zoning program, assuring developers a 90-day approval process if they meet certain criteria [11][12]

Financial Data and Key Metrics Changes - Revenue increased by 9.5% year over year and 16.6% sequentially, reaching $556.9 million [5][15] - Operating profit rose approximately 50% compared to both the previous quarter and the same quarter last year [5] - Net income was $51.6 million, compared to $34.4 million in the previous year, with diluted earnings per share at $6.42 versus $4.11 [20] Business Line Data and Key Metrics Changes - Factory Built Housing segment net revenue was $535.7 million, up 17% from $458 million in the prior quarter, driven by a 14.7% increase in homes sold [15] - Financial Services segment net revenue increased to $21.2 million, up 8.2% from $19.6 million in the prior year, primarily due to higher insurance premium rates [15][19] Market Data and Key Metrics Changes - The Southeast region experienced a slight lag in orders, with Q1 shipments slightly below the preceding quarter [7][30] - Average selling price (ASP) increased due to a shift towards multi-section homes and true price appreciation, marking a significant upward move after a period of modest declines [10][11] Company Strategy and Development Direction - The company is focused on increasing production rates to meet demand, with a record of 5,416 homes shipped this quarter [6][7] - An agreement to purchase American HomeStar for approximately $184 million in cash was announced, expected to close early in the third quarter, aimed at cost reduction and product optimization [12][13] - The company continues its share repurchase program, having repurchased $50 million of stock this quarter, totaling 16.6% of outstanding shares since the program's inception [14][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of their plan despite uncertainties in future demand, noting that the current order trends remain positive [6][28] - The company acknowledged challenges in the Southeast region, particularly in Florida, but emphasized a steady performance in other areas [30][32] - Management highlighted improvements in financial services, attributing the turnaround to better underwriting criteria and favorable weather conditions [11][19] Other Important Information - Consolidated gross margin increased to 23.3%, up 160 basis points from the previous year [16] - The effective income tax rate decreased to 20.9% from 21.5% in the prior year [20] - The company generated $55.5 million in cash from operating activities, reflecting solid performance [22] Q&A Session Summary Question: Is the level of ordering continuing into fiscal Q2? - Management noted that while summer months may see a seasonal slowdown, there is a continuation of positive trends without indications of a drop [27][28] Question: Are there specific states in the Southeast experiencing softness? - Management clarified that Florida has been struggling, but other Southeastern states are performing steadily, with a focus on monitoring production levels [30][32] Question: What is the impact of tariffs on costs? - The estimated impact of tariffs on costs was about $700,000 for Q1, with potential increases expected if proposed tariffs are implemented [51][75] Question: What are the expectations for growth in Texas? - Management expressed confidence in Texas as a key market for manufactured housing, anticipating continued growth and opportunities for value creation [105][106]

Company Overview - Century Communities operates in 16 states and over 45 markets across the U S [9] - The company reported revenues of $4 3 billion for the LTM 2Q 2025 period[14] - As of June 30, 2025, the company has 68,701 lots[14] Financial Performance & Growth - Total revenues increased by 70% from $2 5 billion in 2019 to $4 3 billion in LTM Q2 2025[25] - EBITDA increased by 108% from $207 million in 2019 to $432 million in LTM Q2 2025[25] - Book value per share increased by 169% from $32 11 in 2019 to $86 39 in LTM Q2 2025[25] - Home sale deliveries increased by 36% from 8,000 in 2019 to 10,903 in LTM Q2 2025[25] - Community count increased by 23% year-over-year[23] - Book value per share increased by 10% year-over-year to $86 39[23] Business Strategy - 93% of total company home deliveries are priced below FHA limits[30] - 99% of total company home deliveries are spec builds[32] - The company maintains a strong balance sheet with significant liquidity of $858 million[43]

Core Points - A "builder's remedy" lawsuit has been filed regarding the former Mayfair Farms property in West Orange, NJ, following the township's failure to submit its Fair Share Housing Plan by the June 30 deadline [3][4][5] - The lawsuit allows developers to bypass local zoning laws to build higher-density residential projects, contingent on including affordable housing units [6] - West Orange is required to provide 409 "present need" units and 660 "prospective need" units over the next decade according to state regulations [6] Political Dynamics - Mayor Susan McCartney has accused the town council of inaction leading to the lawsuit, while council members have countered that the mayor is responsible for missing the deadline [5][8] - The council members claim they were only informed of the lawsuit after it was filed, indicating a lack of communication from the mayor's office [9] - The council asserts that the mayor has the sole authority to propose contracts and that the responsibility for the affordable housing plan lies with her [11][12] Project Details - The lawsuit proposes the construction of 421 new housing units on the Mayfair Farms site, including 82 affordable units and a 41-unit bonus, totaling 123 affordable unit credits [10] - This proposed development would fulfill over 15% of West Orange's Fourth Round "prospective need" obligation of 660 units [10] Next Steps - An executive session presentation on an affordable housing plan prepared by Heyer Gruel & Associates is scheduled for the town council meeting on July 22 [13]