Building financing is set to expand so builders can provide more rental homes across the country, the Department of Housing and Urban Development’s (HUD’s) Federal Housing Administration has announced.
In a statement published on Oct. 14, HUD said that build-to-rent communities will now be eligible for Federal Housing Administration (FHA) financing.
Build-to-rent communities refer to manufactured homes and multifamily properties that include family homes, duplexes, and triplexes.
This credit expansion is expected to boost the availability of rental homes in the United States.
“America needs more affordable housing,” HUD Secretary Scott Turner said in the statement. “We’re eliminating barriers to spur development, expand rental options, and improve housing affordability for hardworking American families.”…