The Biden administration is encouraging the conversion of empty office space to affordable housing
The Biden administration is launching a multi-agency effort to encourage states and cities to convert more empty office buildings into housing units, with billions of federal dollars available to help spur such transitions
WASHINGTON — The Biden administration is launching a multi-agency effort to encourage states and cities to convert more empty office buildings into housing units, with billions of federal dollars available to help spur such transitions.
The new initiative, announced Friday morning, involves the departments of Housing and Urban Development and Transportation, along with the General Services Administration and the Office of Management and Budget in a multi-pronged effort to address both the national shortage of affordable housing and the post-pandemic surplus of vacant office buildings.
“This presents an area of opportunity to both increase housing supply while revitalizing main streets. It's a win-win,” said Lael Brainard, director of the National Economic Council. “We're utilizing resources from across the government.”
Several of the new measures will be designed to specifically encourage the creation of new affordable housing units near transportation hubs like bus terminals and subway stations. Secretary of Transportation Pete Buttigieg said his department will issue new guidance to states and municipalities on how to access funding through a pair of federal programs — the Transportation Infrastructure Finance and Innovation Act and Railroad Rehabilitation & Improvement Financing.
Buttigieg said that “over $35 billion in lending capacity” will be made available to provide below-market rate loans to finance both new housing construction and office conversions near transportation hubs.
“These
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