Biden administration focuses on converting commercial properties to residential use in new affordable housing steps
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Large swaths of offices nationwide sit empty while thousands can’t find housing—it seems logical to convert the space, but costs are usually culprit in preventing this transition. The Biden administration announced help in making it easier to do, particularly in dead downtowns and near transit. Specifically, “The White House will also release a Commercial to Residential Federal Resources Guidebook … detailing over 20 federal programs across six federal agencies with eligible resources, including low-interest loans, loan guarantees, grants and tax incentives for residential conversion projects.” The Department of Housing and Urban Development and HUD also say they’re going to help developers repurpose commercial properties and finance conversions.
