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Investors and builders tell committee capital and underwriting must adapt for modular housing to scale
Summary
Investors, lenders and manufacturers told an Assembly select committee that manufacturer failure, deposit timing, tax‑credit schedules and lack of demand aggregation raise financing risk; witnesses proposed predevelopment capital, construction‑to‑perm certainty, loan guarantees and state backstops.
Speakers from the investor community, developers and manufacturers described financing frictions that keep many modular factory projects from reaching scale.
Cecile Charifo, head of community development banking for the West at JPMorgan Chase, said her team has financed more than 30 modular projects nationally and roughly 25 in California but that lenders still assign higher risk to early‑stage modular projects. "Risk major risk for us are experience...the manufacturer going out of…
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