Frank Farricker Examines How Technology is Playing a Role in the Development of Affordable Housing
There is no doubt that the role of technology in society has been rapidly expanding in recent years. This is especially true in the world of affordable housing. From reducing the administrative costs of a loan through new software to new construction techniques, tech is making it possible for more people to have access to quality, affordable housing. Frank Farricker, Principal of Lockwood and Mead Real Estate in Greenwich, Connecticut, has seen firsthand how technology is playing a role in the development and preservation of affordable housing. In this article, Frank Farricker will explore some of these advancements as well as explore some of the challenges that come with using technology in this sector.
Advancements in Software
One large way that technology is making a difference in affordable housing is through the use of new software tools. For example, there are now many online platforms that allow people to search for affordable housing. These platforms make it easy for people to find available units in their area, and they also provide information on the availability of subsidies and other assistance programs. In addition, there are now many software tools that can help lenders reduce the administrative costs of a loan.
Other types of software advances include architectural design software and the use of cloud software to instantly transfer information, which reduces the cost and time of designing and permitting for new housing. For example, software template programs allow architects to design buildings without having to build them from scratch or physically draw a design. In addition, cloud computing has made it possible for developers and lenders alike to instantly transfer information about a property, which can speed up the permitting process.
Creative Construction Techniques
Another way that technology is making a difference in affordable housing is using new construction techniques. For example, there are now many modular construction companies that can build high-quality homes quickly and at a lower cost than traditional construction methods. Frank Farricker of Greenwich, Connecticut says that this is thanks to the advancements in technology that have been made in recent years.
Another example is the use of prefabricated panels in construction. These panels can be assembled quickly and without the use of heavy machinery, which reduces both the time and cost of construction. This makes it possible for developers to build more affordable housing units than ever before.
Changes in Construction Materials
Finally, another way that technology is making a difference in the world of affordable housing is through the use of new construction materials. For example, there are now many companies that make high-quality prefabricated homes out of lightweight materials like metal and plastic.
Frank Farricker notes that metal buildings were primarily used for only industrial applications up until the late 1990s. However, in recent years, there has been a surge of interest in using metal buildings for residential and commercial construction projects. This is because metal buildings are very strong and can be erected quickly and at a lower cost than traditional construction methods.
Plastic buildings are also starting to gain popularity, especially with the rise of 3D printing. These buildings are typically made out of recycled materials, which makes them more affordable and environmentally friendly. 3D printed plastic parts also reduce the lead time for construction projects, which makes it possible to build more affordable housing units in a shorter amount of time.
Challenges with Technology
While technology is making a big impact on the development and preservation of affordable housing, there are also some challenges that come with using technology in this sector. For example, many people feel that the use of new software tools can be overwhelming and confusing for some people. There is also a fear that the use of technology will replace jobs in the affordable housing sector, which could have a negative impact on employment rates across this country.
Another challenge with using technology in affordable housing comes from the fact that many low-income families do not own computers. This means they cannot access online platforms to find affordable housing or apply for subsidies and other assistance programs.
What We Can Expect in the Future of Affordable Housing
Frank Farricker predicts that as technology continues to advance, it will likely play an even bigger role in the development of affordable housing. For example, there are already some software companies that have created tools specifically for this sector. These tools could help make it easier for people to search for available low-income apartments or apply for subsidies and other assistance programs.
We can also expect to see more advances in innovative construction materials and techniques in the future. This will make it possible for developers to build even more affordable housing units at a lower cost. Finally, we may see an increase in the use of prefabricated panels and metal buildings, which will further reduce the time and cost of construction.
