Developments & Financial Constraints to Affordable Housing with Cubik
Audree Grubesic interviews Scott Gibson of Cubik. Scott explain their key to affordable housing is making design that is "site and manufacturing agnostic" meaning that it can be taken to a great number of manufactures and be easily made. This ability to duplicate and create scale is important to affordable housing.
Scott explains which financial tools can help building construction companies to develop these large affordable housing projects.
Scott Gibson with Cubik, LLC is a developer that specializes in affordable housing projects. They also took old buildings and rehabbing them. In that time, he realized a new solution and discovered three years that modular or offsite construction made sense. He wanted to create a sustainable product that could be used for several purposes. Scott has a big heart and wanted to help others with housing, especially affordable housing. The primary goal over the past three years internally was to create housing solutions for people that are in the area medium income from 60-120 percent area medium income. There are many financial tools in the toolbox that assists developers to constructing and leveraging resources to build in the affordable housing space.
They are also building with two systems for wood frame and steel frame designs. It's all based on the build site and saving money on different applications when it comes to fire suppression (especially with steel frame designs).
When you have a solid team to guide, it helps to streamline this process and understand the financial details needed to apply for tax savings and other solutions. On the finance side, how to do the construction draws work for conventional lenders work, inspections and it's one of the biggest hurdles. There are 2 different programs for credits for applications for submissions. He suggests use the one that's more flexible.
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