FHA multifamily loan originations at record high

(Reuters) - The Federal Housing Administration has backed a record $10.5 billion in multifamily rental housing loans during its 2011 fiscal year, the agency said on Tuesday.

The rise in loans for multifamily units reflects an underlying trend in demand for rental property.

The FHA has endorsed nearly 1,100 multifamily loans this fiscal year, which runs until October 1, more than seven times the amount it backed three years ago. For the second time, loan activity exceeded $10 billion.

"FHA has never been more relevant in making sure the multifamily apartment marketplace continues to function even during these tough economic times," Carol Galante, FHA's acting commissioner, said in a statement.

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