The White House is opening up $45 billion in federal funds to developers looking to turn big-city office buildings into homes.

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.

  • @someguy3
    1•1 year ago

    Yes it’s a lot of work. No it doesn’t need government funding.

    You are combining many things that are separate. Many things are expensive, that does not mean it needs government funding or incentive.

    This is straight forward work. It’s not like we don’t know how to do it. It’s very straightforward electrical, HVAC, plumbing, interior walls work that we do all the time. All the time. So very often. Everywhere. Like every building you’ve been in. Expensive does not mean that it’s not straightforward. It’s just a lot of work. You’re hoping for some Deus ex machina solution that does not exist.