The White House kicked off a multiagency push on Friday to help finance real-estate developers convert more office buildings in big cities emptied by the pandemic into affordable housing, taking aim at the nation’s housing crisis.
The initiative looks to harness an existing $35 billion in low-cost loans already available through the Transportation Department to fund housing developments near transit hubs, folding it into the Biden administration’s clean energy push.
It also opens up additional funding sources and tax incentives, offering a new guidebook to 20 different federal programs that can be tapped by developers and offers technical assistance in what can end up being tricky and expensive conversions.
A third peg of the program will see the federal government draw up a public list of buildings it owns that could be made available for sale to help bolster development.
It’s a major redo to get plumbing, stove/dryer outlets, and individual heating control to each unit, but it’s not blow up the building difficult. Conversions are a big decision, but not difficult. (You also usually lack a balcony, which is a not so small loss for tenants.)
No balcony is pretty common in new apartment/townhouse builds now.