Summary

Creates a Small Business Administration pilot program that makes title V loans to State development companies to finance build-to-rent multifamily housing projects led by small business builders. The pilot funds construction, renovation, expansion, and management of build-to-rent multifamily units, requires projects to add at least one dwelling unit, and includes specific lender due diligence and program definitions. The Administrator may deploy up to $1B in FY2026, $2B in FY2027, and $3B in each of FY2028–FY2030; the pilot authority ends five years after enactment.

• Creates an SBA pilot to fund build-to-rent multifamily projects through State development companies under title V rules.
• Targets "covered persons" — small business concerns that build-to-rent and manage multifamily housing.
• Loans can finance construction, refurbishment, expansion, improvement, or management of build-to-rent multifamily housing.
• Exempts these loans from the SBIC job-creation requirement and certain leasing/limitation provisions of title V.
• Lenders must verify end-user status, track record, and adequate assets through due diligence.
• Each assisted project must add at least one dwelling unit (new build or acquisition+renovation that increases units).
• Authorizes the Administrator to use up to $1B (FY2026), $2B (FY2027), and $3B each FY2028–FY2030 for the pilot.
• Pilot authority ends five years after enactment.
• Includes statutory definitions to clarify covered activities and eligible borrowers.