{"id":2081977,"date":"2023-10-28T05:03:02","date_gmt":"2023-10-28T09:03:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-unveils-plan-to-convert-vacant-downtown-commercial-buildings-into-affordable-housing\/"},"modified":"2023-10-28T05:11:31","modified_gmt":"2023-10-28T09:11:31","slug":"white-house-unveils-plan-to-convert-vacant-downtown-commercial-buildings-into-affordable-housing","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-unveils-plan-to-convert-vacant-downtown-commercial-buildings-into-affordable-housing\/","title":{"rendered":"White House reveals strategy to transform empty downtown buildings into affordable housing."},"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\">24<\/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-unveils-plan-to-convert-vacant-downtown-commercial-buildings-into-affordable-housing%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=2081977&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\u2062 Biden\u2063 Administration Aims to Convert Vacant \u200dCommercial Buildings into Affordable Housing<\/h2>\n<p>The Biden\u2062 administration is taking steps to increase affordable housing options in downtown \u2063areas by converting vacant commercial\u2064 buildings into residential units, according to officials. In an\u200b effort to address the shortage\u2064 of affordable \u2064housing units\u2063 and high office \u200cspace vacancies, the\u200b administration has announced federal financing and\u2063 incentives to convert high-vacancy commercial buildings across the country into residential use.<\/p>\n<blockquote>\n<h3>Related Stories<\/h3>\n<ul>\n<li>\n      <a href=\"http:\/\/www.theepochtimes.com\/real-estate\/housing-affordability-gets-crushed-as-qualifying-income-to-buy-home-doubles-to-over-100000-post-5517439?ea_src=author_manual&#038;ea_med=related_stories\"><strong>Housing Affordability Gets Crushed as Qualifying Income to Buy Home Doubles to \u200cOver $100,000<\/strong><\/a><br \/>\n      <br \/>\n      <span class=\"text-comp-caption\">10\/26\/2023<\/span>\n    <\/li>\n<li>\n      <a href=\"http:\/\/www.theepochtimes.com\/us\/californias-housing-shortage-double-national-average-5516925?ea_src=author_manual&#038;ea_med=related_stories\"><strong>California\u2019s Housing Shortage Double National Average<\/strong><\/a><br \/>\n      <br \/>\n      <span class=\"text-comp-caption\">10\/25\/2023<\/span>\n    <\/li>\n<\/ul>\n<\/blockquote>\n<p>A White House fact sheet states, &#8220;Office and commercial vacancies across \u2063the country are \u200baffecting urban downtowns and rural main streets. A\u2064 new blog released today by the Council of Economic Advisers finds \u200cthat office\u200b vacancies have reached a 30-year high from coast-to-coast, placing a strain on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/manhattan-sees-record-high-office-vacancy-rate-as-businesses-flee\/\" title=\"Manhattan Sees Record High Office Vacancy Rate As Businesses Flee\">commercial real estate<\/a> and local economies.&#8221;<\/p>\n<p>The plan aims to tackle the long-standing issues of affordable housing\u2062 shortages, high rental costs, and the \u200cneed for emission reduction strategies.\u2063 Lael Brainard, director\u2064 of the National Economic Council, described converting vacant downtown office spaces into affordable housing \u2063as a\u200b &#8220;win-win&#8221; \u200dsolution. She believes\u2064 it will revitalize downtown areas while increasing the number of\u200b affordable housing units.<\/p>\n<p>Ms.\u200d Brainard emphasized the\u2064 urgency of the \u200csituation, stating, &#8220;We know that commercial building vacancies are at an all-time high in some cities\u200c and communities across the country, while housing supplies in \u200cthose same communities remain constrained. This presents an area of opportunity \u200dto both increase housing supply while\u2064 revitalizing Main Street.&#8221;<\/p>\n<p>The Biden administration has released\u200c new guidance on how state and local officials can obtain financing and\u2063 technical assistance to convert commercial space into \u2063residential space. These actions will be supported in part through the sale of federal \u200bproperties. Additionally, the Department of Transportation\u2063 will provide guidance \u2062for over $35 billion in loans designated for transportation-oriented development projects.<\/p>\n<p>The administration believes that the guidance from the Department of Housing and Urban Development will not only boost housing supply but also \u2062incentivize state and local governments to improve their zoning, \u200dland \u2062use, and transit-oriented development policies.<\/p>\n<p>To \u2063support these efforts, the White House has unveiled a guidebook \u2064detailing over\u200d 20 federal programs that offer resources such as low-interest loans, grants, and tax incentives for \u200cconverting commercial properties into residential spaces. These \u2063resources will be accessible through\u200c the Transportation Infrastructure Finance and Innovation Act and\u200b Railroad \u200bRehabilitation and \u2064Improvement Financing \u200bprograms.<\/p>\n<p>The new program aims to address the\u2063 issue of people either living too far\u200b from work in affordable areas\u2063 or living in unaffordable\u2063 areas \u200dclose to\u2063 work. The Biden administration hopes that \u200dthese investments \u200dwill help alleviate \u200cthese conflicts.<\/p>\n<p>A <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/from-impossible-to-credible-how-the-legacy-media-is-desperately-spinning-their-wuhan-lab-flip-flop\/\" title=\"From \u2018Impossible\u2019 To \u2018Credible\u2019: How The Legacy Media Is Desperately Spinning Their Wuhan Lab Flip-Flop\">fact sheet released<\/a> by the White House states, &#8220;These announcements will\u2062 create\u2064 much-needed housing \u200dthat is affordable, energy-efficient, near transit, and good jobs,\u2064 and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/more-investment-needed-in-oil-and-gas-production-or-well-live-shorter-more-miserable-lives-report\/\" title=\"Investment in Oil and Gas Production Crucial for Our Well-being: Report\">reduce greenhouse \u2063gas emissions<\/a>, nearly 30 percent of which \u200dcomes from the building sector.&#8221;<\/p>\n<p>While overall inflation \u200bhas decreased in the United \u2064States, housing costs have remained high. In August, housing expenses rose by 7.2 percent\u2062 annually, surpassing the 3.7 percent headline inflation rate.\u2064 The 30-year\u2063 fixed-rate \u2063mortgage is currently at a 20-year high of\u2064 7.5 percent, leading to \u2063increased expenses for homebuyers.<\/p>\n<p>According to \u2064data from the National\u2062 Association of Realtors, home \u200csales hit a 13-year low in September\u200c due to\u200d high interest rates and escalating home prices. \u2063Low housing inventories have\u200c also \u2062contributed to rising \u200bprices.<\/p>\n<p>Transportation Secretary Pete Buttigieg highlighted \u2064the \u200cimpact of the pandemic on work, living, \u200cand commuting patterns, as well as \u200dthe <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> \u2063in downtown office spaces. \u200bHe stated, &#8220;We\u2019re \u2063seeing decades-high levels of\u2062 office vacancies in many downtowns, while at the same time, many of America\u2019s cities \u2063and towns face a steep shortage of housing, and families are struggling to afford housing and \u200ctransportation.&#8221;<\/p>\n<p> <\/p>\n<h2> How does converting commercial buildings \u200cinto <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-unveils-plan-to-convert-vacant-downtown-commercial-buildings-into-affordable-housing\/\" title=\"White House reveals strategy to transform empty downtown buildings into affordable housing.\">residential units support emission reduction strategies<\/a>\u2062 and promote sustainable housing\u2064 options<\/h2>\n<p><span>  Ies. This aligns\u200c with the administration&#8217;s larger goal of creating more \u2062sustainable and equitable communities.<\/p>\n<p>One of the key benefits of converting vacant commercial buildings into \u2063affordable housing is the potential to revitalize downtown areas. Many downtowns have \u2063been struggling due \u200bto the shift towards remote\u2062 work\u2062 and the economic impacts of the pandemic. By repurposing vacant office spaces into residential units, the administration hopes to attract more residents and businesses back to these areas,\u200b creating\u200b a more vibrant and economically viable downtown environment.<\/p>\n<p>In addition to revitalizing \u2062downtown areas, this initiative also directly \u200baddresses\u200b the shortage of affordable housing units. The cost\u2064 of housing has been \u200csteadily\u200d increasing, making it difficult for many individuals and families \u2062to find affordable places to live. By converting vacant \u2063commercial buildings, \u2062the administration aims to increase the supply of affordable housing, helping\u2064 to alleviate the housing crisis in many communities.<\/p>\n<p>Furthermore, converting commercial buildings into residential units can contribute to emission reduction strategies. Residential buildings typically have lower energy consumption compared to commercial \u200dspaces. By repurposing these buildings, the administration aims to promote more energy-efficient and sustainable housing options, contributing to\u2064 the fight against climate change.<\/p>\n<p>To support these efforts, the Biden administration has announced federal financing and incentives. State\u2062 and local officials can obtain \u2064financing and \u200dtechnical assistance\u2062 to convert commercial space into residential space, with the sale of \u200cfederal properties \u2062helping to fund these initiatives. The Department of Transportation will also provide guidance for transportation-oriented development projects,\u2062 further encouraging sustainable and connected communities.<\/p>\n<p>The guidance from the Department of Housing and Urban Development will not only \u200bincrease housing supply but also incentivize\u2064 state \u200dand local\u200c governments to improve their zoning, land use, and \u200dtransit-oriented development \u2062policies. This comprehensive approach recognizes the interconnectedness of\u200c housing, transportation,\u2064 and land use planning, and aims to create communities that are more accessible and equitable.<\/p>\n<p>Overall, the Biden administration&#8217;s initiative to\u200b convert vacant commercial buildings into affordable housing demonstrates \u2063their commitment to addressing housing shortages, reducing rental costs, and promoting sustainable communities. By repurposing vacant office\u2063 spaces, they aim \u200bto revitalize downtown \u200bareas, increase\u200b the supply of affordable housing,\u2063 and contribute to emission reduction strategies. This comprehensive approach seeks \u200bto create more vibrant, inclusive, and \u200bsustainable\u2064 communities across the country.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Biden administration plans to convert empty commercial buildings into residential units in downtown areas, aiming to expand affordable housing options. Officials announced federal financing and incentives to transform vacant commercial buildings into residential spaces, addressing the housing shortage. The initiative targets high-vacancy commercial buildings nationwide.<\/p>\n","protected":false},"author":618,"featured_media":2081978,"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":[543],"tags":[],"class_list":["post-2081977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"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\/2081977","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\/618"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2081977"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2081977\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2081978"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2081977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2081977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2081977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}