“Across the state, there is a shortage of affordable, workforce housing,” said Indiana Lt. Governor Suzanne Crouch, who serves as board chair of Indiana Housing and Community Development Authority (IHCDA), said the Elkhart Truth. “This funding will allow for the construction of modular single-family homes built by Indiana-based manufacturers. To ensure this is done strategically, the respondents are using Blight Elimination Program lots and working with a broad spectrum of local and state partners.”
The Board of Directors for the IHCDA approved $500,000 each recently for Affordable Housing & Community Development Corporation and LaCasa, Inc. The two not-for-profits will use the money to help address Indiana’s workforce housing shortage, said WBIW.
Working with modular home builders, the two not-for-profit organizations will construct modular, single-family homes on Blight Elimination Program (BEP)* lots in Marion and Elkhart, Indiana.
Breymier said that “Indiana has seven factories producing attractive, quality constructed, affordable modular homes. The cost of modular homes is between 20 percent and 30 percent less per square foot than site-built homes.” There was no mention of HUD Code manufactured homes in the report, other than in the association’s name. It was a silent commentary, given that Elkhart is in some ways considered the birthplace of the mobile home and manufactured housing industry.
“A key advantage to the homeowner is modular homes are built in an indoor, quality controlled environment using the very same building materials as site-built,” said Breymier, who noted that “An added advantage is the home can be move-in ready in a matter of a few weeks as opposed to several months to construct site-built.”
WBIR said that “In 2014, IHCDA made $75 million available through the Hardest Hit Fund (HHF) to establish the nation’s first statewide BEP to reduce foreclosures and stabilize property values. Funding was awarded to more than 40 communities who have together demolished more than 2,500 vacant and blighted homes to date.”
Using a revolving housing fund, proceeds from the sales of newly constructed single-family modular homes will go to support additional single-family construction targeting homeowners earning 140% or less of the Area Median Income (AMI).
“The revolving housing fund gives us the ability to support the new construction of workforce housing both now and for years to come,” said Jacob Sipe, Executive Director of IHCDA. “In addition to funding, we look forward to supporting the respondents in their efforts to identify potential homebuyers.”
The City of Elkhart said they will be working with Next Modular, Heckmann Homes, and Kern and Kern Realty.
To ensure responsible homeownership, respondents are required to identify potential home buyers that will satisfy IHCDA’s underwriting review. The process includes homeownership education and counseling, as is common in similar programs in other states. Those interested in participating in such programs should contact the states where they are doing business.
As a reminder, there will be no market report today, as the markets are closed. ICYMI, for Friday’s report, click here. That’s your final installment on this Labor Day of insights for professionals, investors, and advocates found here on MHProNews — your home for “News Through the Lens of Manufactured Homes and Factory-Built Housing,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)
Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. Connect with us on LinkedIn here and here.
Related Reports:
Click the image/text box below to access relevant, related information.
Housing Crisis – Metro ABC News Media Spotlights Modular Home Solution
