Financing for build-to-rent development has effectively halted across the country as lenders wait to see whether a seven-year property sale mandate in the 21st Century ROAD to Housing Act will survive congressional negotiations. Phoenix-based Hancock Builders, which has built 35 BTR communities totaling 7,200 units since 2016, says it may face layoffs for the first time in its history as new projects are unable to secure funding. Industry leaders, including Arizona Congressman David Schweikert, are pushing for a conference committee to strip the provision before it reaches the president’s desk, arguing it would devastate one of the fastest-growing and most productive segments of the housing market.
