Biden Administration Pushes Commercial-to-Residential Conversions
The Biden administration has announced new actions to increase housing supply and improve affordability by converting high-vacancy commercial buildings to residential use. The actions include new financing options, technical assistance, and the sale of federal properties.
The White House released a guidebook developed in partnership with the Department of Housing and Urban Development (HUD) and other federal agencies that will help communities and housing providers identify federal resources to finance these conversions to residential and mixed-use developments. The guidebook includes over 20 federal programs across six federal agencies that can be used to support conversions. These programs range from low-interest loans and loan guarantees to grants and tax incentives.