{"id":2080996,"date":"2023-10-27T06:34:02","date_gmt":"2023-10-27T10:34:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-announces-plan-to-boost-commercial-to-residential-property-conversions\/"},"modified":"2023-10-27T06:39:32","modified_gmt":"2023-10-27T10:39:32","slug":"white-house-announces-plan-to-boost-commercial-to-residential-property-conversions","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-announces-plan-to-boost-commercial-to-residential-property-conversions\/","title":{"rendered":"White House unveils strategy to increase commercial-to-residential property conversions."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwhite-house-announces-plan-to-boost-commercial-to-residential-property-conversions%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2080996&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The White House Takes Action \u200bto Address Housing Affordability<\/h2>\n<p>The \u200cWhite \u2064House has unveiled\u200b new measures to \u200csupport the conversion \u200dof commercial \u2062buildings into residential properties, as part of \u2063a broader initiative to tackle the issue\u200c of housing affordability. Administration officials have highlighted the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/unconstitutional-food-delivery-services-sue-new-york-city-over-delivery-fee-regulations\/\" title=\"\u2018Unconstitutional\u2019: Food Delivery Services Sue New York City Over Delivery Fee Regulations\">high vacancy rates<\/a> in office spaces and the \u2064scarcity of affordable housing as <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/falling-stocks-climbing-mortgage-rates-how-5-treasury-yields-could-roil-markets\/\" title=\"5% Treasury yields may disrupt markets with falling stocks and rising mortgage rates.\">key factors driving<\/a> \u2064this decision. The Biden administration aims \u2062to leverage this imbalance \u200cto increase the supply of housing\u200d units.<\/p>\n<h3>Boosting Economic\u200b Growth Despite High\u2062 Interest Rates<\/h3>\n<p>During a press \u2062call, \u200bNational \u2062Economic Council Director Lael Brainard emphasized that this latest initiative\u2063 will involve utilizing resources from various government \u2063departments to address the housing affordability challenge and encourage the conversion of commercial properties into\u200c residential spaces.<\/p>\n<blockquote>\n<p>\u201cWe\u2062 recognize that some cities and \u2062communities \u200cacross the country are experiencing record-high vacancies in commercial buildings, while facing a shortage of housing supply.\u2064 This presents an opportunity to\u200c not \u2064only \u2064increase housing availability but also revitalize main streets,\u201d \u2063said Brainard.<\/p>\n<\/blockquote>\n<p>The \u200bDepartment of Transportation, led \u200dby \u200bSecretary Pete Buttigieg, has\u200b also \u200c<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-announces-plan-to-boost-commercial-to-residential-property-conversions\/\" title=\"White House unveils strategy to increase commercial-to-residential property conversions.\">announced expanded federal financing options<\/a> for\u2064 housing development near transit \u2064hubs. Brainard stated that the Transportation Department will issue guidance to facilitate the construction of housing near transit, with\u200c programs offering a combined\u2064 lending capacity of $35 billion.<\/p>\n<p>The Department of Housing\u2063 and\u200c Urban\u200c Development\u200c has released new guidance on how existing funding can be utilized to address the housing situation. \u200bThe White House explained in \u2062a fact sheet that the\u2062 Community Development Block Grant fund, which has received $10 billion in allocation during this \u2062administration, can be used to boost housing supply through \u2063the \u2064acquisition, rehabilitation, and conversion \u2062of commercial properties into residential and mixed-use developments.<\/p>\n<p>Buttigieg highlighted that some localities, such \u2064as Washington, D.C., and New York, have already taken\u200d independent steps to convert unused commercial\u200c office spaces into\u200c residential units. The Biden-Harris administration aims to support and advance \u2063these\u200d efforts to\u2064 increase \u2062housing\u2063 supply\u2064 and reduce housing costs.<\/p>\n<blockquote>\n<p>\u201cMany downtowns and central business districts are already designed around public transit, making them ideal for our \u2063department to\u200b provide support. We \u2062are \u2063committed\u200c to helping these areas thrive,\u201d said \u2064Buttigieg.<\/p>\n<\/blockquote>\n<p>Mayor \u2063Muriel\u2063 Bowser of\u2063 Washington, \u200bD.C., has been \u2062actively pushing for the rezoning of office-only districts to allow for more mixed-use properties. \u200dBowser&#8217;s goal\u2063 is to convert unused office \u2064spaces into residential \u200bunits and bring 15,000 residents into\u2064 downtown Washington, D.C.<\/p>\n<p>According to data from\u200d Yardi Matrix,\u2064 Washington, D.C., saw the \u200dhighest number of office-to-apartment conversions in the country between\u200c 2020 and 2021, with 1,565 new \u200bunits. Philadelphia \u2064and Chicago also\u200d experienced \u2062significant\u2062 conversions during\u2064 that period.<\/p>\n<p>In addition to the recent \u2063announcement, the White House has released a fact sheet outlining additional efforts to promote homeownership. This includes a Federal\u2062 Housing Administration policy that allows \u2063prospective borrowers\u200c to count income from renting out accessory dwelling \u2064units towards \u200dqualifying for \u2064an FHA mortgage.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\">Click here<\/a> to read more from The Washington Examiner.<\/p>\n<p> <\/p>\n<h2> How can the conversion of commercial buildings into residential properties support the goal of increasing housing \u200bsupply?<\/h2>\n<p><span>  \u200cNding can \u2062be used to support the conversion \u2062of commercial buildings \u200dinto residential \u2064properties. This guidance will provide clarity \u200band flexibility for local\u2063 communities\u2064 to utilize resources effectively for housing development.<\/p>\n<h3>Tackling Affordability and Increasing Housing \u2064Supply<\/h3>\n<p>The Biden administration recognizes \u2062the urgent need \u200dto address housing affordability\u2064 in the United States.\u200c The skyrocketing prices \u2064of housing are\u200d putting an increasing burden on\u200d Americans, especially low-income individuals and families. By\u2064 repurposing underutilized commercial spaces,\u200b the administration aims to increase\u200d the \u200bsupply of \u200baffordable housing units. This will help alleviate the housing crisis and provide more opportunities \u2062for individuals and families to \u2064find safe and affordable homes.<\/p>\n<p>However, the conversion of commercial buildings into residential properties comes with its own set of challenges. To address these\u200d challenges, the\u2064 White House has <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-administration-outlines-rules-for-instant-ev-rebates-to-boost-sales\/\" title=\"Biden admin sets guidelines for instant EV rebates to spur sales.\">proposed tax credits<\/a>\u2063 and grants to support the development of\u200b affordable \u200dhousing. These incentives will encourage private developers to invest in the conversion of commercial properties and\u2064 create more\u2063 affordable \u200chousing \u200coptions\u2063 for communities across the country.<\/p>\n<h3>Revitalizing Main Streets and Promoting \u2062Economic Growth<\/h3>\n<p>In addition to addressing \u2064the issue of housing affordability, the White House&#8217;s initiative also aims to revitalize main \u200dstreets in cities and communities. The conversion\u200b of vacant \u200ccommercial buildings into residential spaces will not only increase housing availability but also bring life\u200c back to downtown areas. This will have a positive impact on local businesses and contribute\u2064 to economic growth in these \u200ccommunities.<\/p>\n<p>Moreover, the Department of Transportation&#8217;s \u2064expanded federal financing options for \u2062housing\u200d development\u2062 near transit hubs will further contribute to economic growth and\u2063 accessibility. By providing convenient housing options near \u2064public transportation, individuals will have easier \u200daccess to employment opportunities and essential services, reducing the need for long commutes and improving overall quality of life.<\/p>\n<h3>A Comprehensive Approach to\u200d Housing Affordability<\/h3>\n<p>The White\u200d House&#8217;s measures to address housing affordability demonstrate a comprehensive \u2062approach\u2062 to tackling this \u200cpressing issue. By leveraging \u200bthe availability of\u200b vacant commercial buildings and providing incentives\u200c for their conversion into \u2064residential properties, the administration aims to increase the supply of affordable housing \u200bunits. This, in turn, will \u2064alleviate the burden on families struggling with high \u200dhousing\u200b costs and contribute to economic\u2064 growth \u2062and \u200crevitalized\u2064 communities.<\/p>\n<p>As the administration continues to\u200c implement these measures,\u200b it is crucial for local\u2062 communities, private developers, and government agencies to \u2064work together to ensure the\u200c success of \u2062this initiative. \u200cBy collaborating \u2063and \u2064leveraging\u200d the resources available, we can make meaningful progress in addressing \u200dthe problem of housing affordability and creating\u2064 a more equitable and inclusive society\u200c for all Americans.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The White House unveiled plans on Friday to aid the transformation of commercial buildings into residential spaces, aiming to address the housing affordability crisis. With soaring office vacancies and a scarcity of affordable homes, the Biden administration aims to capitalize on this situation by implementing measures to facilitate the conversion process.<\/p>\n","protected":false},"author":1,"featured_media":2080997,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2080996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2080996","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2080996"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2080996\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2080997"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2080996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2080996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2080996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}