White House announces new guidebook to funding office conversions nationwide

2023-10-28T08:00:00-04:00

The Biden Administration has announced a new initiative aimed at financing office conversions in an effort to combat the growing problem of high vacancy rates and housing affordability in markets large and small across the country.

The announcement comes as vacancy rates have skyrocketed to 30-year highs, according to the White House. Some cities like Washington, D.C. have seen rates as high as 50% in their CBD areas, prompting desperate appeals from politicians to enact wholesale changes to the built environment that’s backed up by funding from the federal level. Now, in unison with the Department of Housing and Urban Development (HUD) and Department of Transportation (DOT), the government has officially published its guidelines for obtaining available funding through the Transportation Infrastructure Finance and Innovation Act and Railroad Rehabilitation & Improvement Financing, and other programs.

The White House press release says: “Converting commercial real estate to housing a...

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White House announces new guidebook to funding office conversions nationwide