Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 37

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 37
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 beyond our control and the development of competing communities;                                                                 |
| · | we may be unable to                                                                                                                         
 obtain financing, including construction loans, with favorable terms, or at all, which may cause us to delay or abandon an opportunity;     |
| · | we may abandon opportunities                                                                                                                
 that we have already begun to explore, or stop projects we have already commenced, for a number of reasons, including changes in            
 local market conditions or increases in construction or financing costs, and, as a result, we may fail to recover costs already incurred    
 in exploring those opportunities;                                                                                                           |
| · | we may incur liabilities                                                                                                                    
 to third parties during the development or redevelopment process, and we may be faced with claims for construction defects after            
 a property has been developed;                                                                                                              |
| · | we may face opposition                                                                                                                      
 from local community or political groups with respect to the development, construction, or operations at a particular site;                 |
| · | health and safety incidents                                                                                                                 
 or other accidents on site may occur during development;                                                                                    |
| · | unexpected events or                                                                                                                        
 circumstances may arise during the development or redevelopment process that affect the timing of completion and the cost and profitability 
 of the development or redevelopment;                                                                                                        |
| · | loss of a key member                                                                                                                        
 of a development team could adversely affect our ability to deliver developments and redevelopments on time and within our budget;          |
| · | government restrictions,                                                                                                                    
 standards or regulations intended to reduce greenhouse gas emissions and potential climate change impacts may increase in the future        
 in the form of restrictions or additional requirements on development in certain areas; and                                                 |
| · | environmental, social,                                                                                                                      
 governance and other sustainability matters and our responses to these matters could impact development.                                    |

Some
of these development risks may be heightened given current uncertain and potentially volatile market conditions. If market volatility
causes economic conditions to remain unpredictable or to trend downwards, we may not achieve our expected returns on residential communities
under development and we could lose some or all of our investments in those properties. In addition, the lead time required to develop,
construct, and lease-up a development property may increase, which could adversely impact our projected returns or result in a termination
of the development project.

The construction of real
estate projects entails unique risks, including risks that the project will fail to conform to building plans, specifications, and timetables.
These failures could be caused by labor strikes, weather, government regulations, and other conditions