Keiser Industries President David Cutler told Rep. Mike Michaud on Monday that the inability of people to get financing is what is hurting the manufactured home industry the most. Keiser Industries builds modular homes in Oxford, Maine.
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| Keiser Industries President David Cutler told Rep. Mike Michaud on Monday that the inability of people to get financing is what is hurting the manufactured home industry the most. |
“The financing is what kills the housing industry. People with good credit just can't get the loans,” Cutler told Michaud during a 45-minute tour of the plant on Route 121.
Despite a recent $2 million contract with Maine Housing Authority and the state's attempt to make Maine a better place for businesses, Cutler told the congressman that “it's the private investor we survive on and the homeowner. It's tough. We see federal programs that come through but for us they've done little.”
Cutler said that until people feel confident in the economy they will not make capital investments in homes. Instead, they will pay rent to ensure they don't invest a large amount of money only to lose it.
“They know they can stop tomorrow if they have to,” he said of people's decision to pay high monthly rents rather than risk losing their home if they lose their job.
Although the company recently landed a multimillion dollar contract in Massachusetts to build a 53-unit apartment complex, Cutler said in order for the company to continue keeping its workforce going the it must have people who are willing to buy.
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