Importance Currently, one of major problems of the social policy is to ensure the affordability of housing. The crisis depresses the opportunities for citizens to purchase residential property; therefore, it is particularly important to develop the rental market. The problem of financing the tenement house construction is very urgent, and requires analyzing various sources of funding. Objectives The study aims to consider various aspects of financing the tenement house construction, and determine the most promising options. Methods The study employs the methods of historical analysis to define salient features of the modern residential property market. Methods of economic analysis helped identify major areas and volumes of the Russian budget expenditure for tenement houses construction. The specification method enabled to perform a detailed analysis of all financing options, and the integrated approach – to conclude on implementation of their financing. Results Based on the analysis, I identified three scenarios of the construction financing; all of them take into account the possibility of using credit resources under various methods of subsidy assistance from the federal budget (principal or interest payment). Conclusions and Relevance The market of rental housing demonstrates gradual development of tenement buildings. Active involvement of developer investors in construction programs will partly solve the housing problem. Various financing options of the construction may expand the pool of participants of such programs.
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