A surge in multifamily production resulted in overall nationwide housing starts rising 11.3% to a seasonally adjusted annual rate of 1.23 million units, according to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Single-family starts dropped 4% to a seasonally adjusted annual rate of 795,000 units.
A-Mill Artist Lofts in Minneapolis was named Community of the Year and Bozzuto Development, based in Greenbelt, Md., the Multifamily Development Firm of the Year on Tuesday during the NAHB Multifamily Pillars of the Industry Awards.
The Federal Housing Finance Agency (FHFA) today announced that the 2017 multifamily lending caps for Fannie Mae and Freddie Mac (the Enterprises) will remain at the same level they were for 2016. This means that each Enterprise will be subject to a cap of $36.5 billion of multifamily purchase volume next year.
NAHB’s Multifamily Production Index (MPI) posted a gain of three points to 53 in the third quarter. The MPI has been at 50 or above since the beginning of 2012.
HUD today published a final rule to use Small Area Fair Market Rents (Small Area FMRs) in place of the current 50th percentile rent for certain metropolitan areas. Small Area FMRs are based on U.S. Postal Service ZIP codes rather than an entire metropolitan area.