Current Reports

Affordable Housing Trends Report Spring 2024

As housing costs spiral, rental affordability has become a more urgent issue, burdening a greater number of Americans. Arbor’s Affordable Housing Trends Report Spring 2024, developed in partnership with Chandan Economics, examines the major policies and programs shaping the marketplace at a time when overdue federal funding expansions have increased agency budgets.

Articles

What Is Driving Lifestyle Renter Demand?

Lifestyle renters — those who have the means to own but prefer to rent or are willing to pay more for apartments with amenities — have become a key driver of rental demand in single-family rental homes, build-to-rent communities, and other types of high-quality multifamily housing. With this small yet influential demographic growing, our research teams examine and explain the factors driving lifestyle renter demand.

Articles

Build-to-Rent Well-Positioned to Fill Housing Market Gap

With nearly one-fifth of multifamily properties now over 65 years old, it’s time to consider solutions for rejuvenating the rental housing stock in the U.S. While building rehabs are a tried-and-true solution, build-to-rent (BTR) is an alternative that is well-positioned to expand as Americans increasingly favor renting over homeownership.

Articles

U.S. Added 514,000 New Rental Households in 2023

In a year when inflation and elevated interest rates weakened affordability, the rental housing sector strengthened and expanded. An analysis of newly released U.S. Census Bureau Housing Vacancies and Homeownership data shows the number of rental households climbed in 2023.

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Home | FHA Multifamily | FHA 241(a)
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FHA® 241(a):

SUPPLEMENTAL LOAN FOR REPAIRS, ADDITIONS OR IMPROVEMENTS TO HUD FIRST MORTGAGE PROPERTIES

HUD-Insured second mortgage provided by Arbor to finance repairs, additions and improvements to multifamily properties and healthcare facilities with existing HUD-insured first mortgage.

Loan Term Generally co-terminus with the HUD first mortgage
Amortization Fully amortizing
Maximum Loan Amount Will be the lessor of:

  • 90% loan to cost
  • 90% loan to value
  • 1.11 Debt Service Coverage Ratio (combined first and second)
Rate Structure Fixed rate
Eligible Properties Apartment properties and healthcare facilities with an existing HUD-insured first mortgage
Eligible Borrowers Single asset entity (nonprofit entities eligible)
Recourse Nonrecourse, subject to HUD Regulatory Agreement
Prepayment Typically 10% year one, declining 1% per year; other prepayment options available subject to market conditions
Assumable Subject to Arbor and HUD approval and payment of assumption fee
HUD Mortgage Insurance Premium Annual MIP Rates (Multfamily):

  • Market Rate Properties: 0.95%
  • Affordable Properties: 0.35%
  • Broadly Affordable or Energy Efficient Properties: 0.25%

 
 

Annual MIP Rates (residential healthcare):

  • Without LIHTC: 0.72%
  • With LIHTC: 0.45%

 
 

Annual MIP Rates (hospitals):

  • 0.65%
Davis Bacon Applicable, if the original underlying HUD first mortgage was subject to Davis Bacon

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