Modular construction is growing in many segments national and internationally. The Modular Building Institute is working with the Canadian Mortgage Housing Corporation to create new opportunities in the next two years.
Although modular construction does not fit into the Canadian underwriting financial process, new underwriting guidelines are being developed. The Rapid Housing Initiatives (RHI) aims to assist with affordable housing for people and populations who are vulnerable.
These initiatives will provide capital contributions under two streams for faster delivery of affordable housing. RHI will support the creation of up to 3,000 new permanent affordable housing units
Cover the construction of modular housing, as well as the acquisition of land, and the conversion/rehabilitation of existing buildings to affordable housing
Aim to commit all funds before March 31, 2021, and ensure housing is available within 12 months of agreements.
Many new opportunities are being considered and with modular construction as the primary focus of execution.