Financing for the wildly popular build-to-rent product is coming to a screeching halt, as capital has stopped flowing to these projects while a federal housing bill works its way through Congress.
"An entire industry nationwide is shut down," said Greg Hancock, founder of Phoenix-based Hancock Builders, which has built 35 BTR communities totaling 7,200 units across the metro since 2016.
With seven BTR projects currently under construction, Hancock said it's unclear whether completed projects or those under construction will be grandfathered into the 21st Century ROAD to Housing Act.
Meanwhile, Hancock is among several BTR developers who may have to lay off workers if proposed projects are unable to secure financing.
Read more of this story from the Business Journal.
