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.
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. In addition, the GSA will work with the Office of Management and Budget to identify surplus federal properties that could similarly be transferred for development into affordable housing units.
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