The United States needs 7 million homes to solve its housing crisis, according to the National Association of Realtors. The price of the average home in the U.S. is up to 20.7% from a year ago, rising to be at $350.000 based on the latest update from Zillow. As a result, millions of Americans have experienced eviction, homelessness, and housing insecurity. Addressing to this critical situation, the federal government administration released the Housing Supply Action Plan which aims to boost the supply of affordable housing for low- and middle-income people. The Government’s 2023 Budget includes a mandatory spending proposal that would provide $25 billion grant program for affordable housing production and Federal Housing Finance Agency (FHFA) is requiring 50% of the Enterprises’ 2022 financing for multifamily affordable housing.
In a city with a deficit of nearly 400.000 homes at this time, Los Angeles has committed to investing $10 million into constructing new modular and prefabricated housing on County-owned or City-owned or leased properties. A month after the latest $48 million modular housing project in Los Angeles was finished, 232 units were completely occupied and gained an immediate return on investment, which was a six-month turnaround from idea to occupancy. With a potential of nearly 1.9 million affordable households that could be built combined with the financial aid by the primary Low-Income Housing Tax Credit (LIHTC), modularizing affordable housing is the way forward to combat the issue of homelessness. Companies are now scrambling to adapt modular methods to claim their stake of this multi-billion dollar business opportunity, and you should too if you do not want to miss out.
With the urgency of building affordable housing, Modular for Affordable Housing by Trueventus is aimed to create a premier destination for construction industry professionals to gain insights and experience first-hand on the latest innovations and opportunities in modern methods of construction to streamline workflows, improve productivity, expand the scope of projects, expand access to data, enhance collaboration and generate stronger profit margins. Also, understanding emerging construction technologies that are becoming increasingly leveraged to aid the design and development of modular construction.