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.
“These downtowns and central business districts that we are taking about today often already designed and orientated around public transit,” said Transportation Secretary Pete Buttigieg, in a press briefing. “Our intention is to make the most of this opportunity to add more housing near transit in ways that not only reduces the cost of housing, but also often reduces the cost of transportation.”
Cuz people and corporations that own land in metropolitan areas desperately need government handouts. Let them take a loss or a mortgage, like anyone else.
Keyword affordable
Oh right. Doesn’t this usually mean they’ll make like 3 units “affordable” for a few years, then renovate those into a single unit they can charge market for as soon as possible? Basically the minimum they can get away with to close the grift.
Pretty certain its a percentage of the units offered. So if a landlord wants to make more money, make more units.
Yeah that aspects sucks, but if it gets more housing made in the US, this sounds like a good enough solution for now. We can work on sharing landlord and corporate profits while this gets rolled out.