The Biden-Harris Administration is actively working to increase the availability of affordable housing through the conversion of commercial properties into residential units.
Today, the Biden-Harris Administration is unveiling a series of measures aimed at promoting the transformation of underutilized commercial structures with high vacancy rates into residential properties. These initiatives encompass fresh funding opportunities, technical support, and the sale of federal properties. These endeavors are poised to generate much-needed housing that is not only affordable but also energy-efficient and conveniently situated near public transit and employment opportunities, all while significantly curbing greenhouse gas emissions, a substantial portion of which emanate from the building sector.
Commercial and office vacancies have proliferated in urban downtowns and rural main streets nationwide, reaching a 30-year peak. This trend is straining both the commercial real estate market and local economies. Concurrently, the United States has grappled with a protracted dearth of affordable housing units, propelling rental costs to soaring levels. Communities are actively seeking innovative strategies to reduce emissions, particularly from existing buildings and transportation, in response to the pressing need to address environmental concerns.
A few highlights include:
HUD has issued a notification regarding its Community Development Block Grant program, underscoring its flexibility in supporting the acquisition, revitalization, and transformation of commercial properties into residential and mixed-use developments. In particular, states and municipalities stand to benefit from low-cost loan guarantees of up to five times their annual program funding allocation to finance these conversion initiatives.
Additionally, the GSA has partnered with this announcement by introducing a strategy to facilitate the sale of surplus federal properties suitable for housing redevelopment.
In a complementary effort, the White House has released a comprehensive resource guide detailing access to twenty funding programs across six federal agencies. Furthermore, officials have outlined plans to conduct training workshops this autumn, focusing on federal funding opportunities.
The Treasury Department has contributed to these initiatives by publishing a blog that outlines tax incentives for multifamily housing construction. Simultaneously, the Energy Department has introduced a toolkit aimed at promoting the development of zero-emissions housing.
And today, Treasury is posting a blog that describes tax incentives for builders of multifamily housing. Through the Inflation Reduction Act, several tax incentives may support eligible builders of multifamily housing to lower the investment costs associated with energy efficiency upgrades, clean electricity generation projects, or even the new or substantial reconstruction and rehabilitation of homes meeting certain Energy Star or Zero Energy Ready Home Program energy efficiency standards. Source: Whitehouse.gov
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