54-Page Guide Outlines Federal Resources Available to Developers and Landlords
CoStar News
Amid a housing shortage in U.S. cities, various initiatives are looking to convert underused office spaces in central business districts into residential units to address affordability concerns. The Biden administration released a guidebook, “Commercial to Residential Conversions: A Guidebook to Available Federal Resources,” offering information on federal funding, tax incentives, and programs to support the conversion of office spaces into housing. Such conversions have gained momentum, particularly in older office buildings, with an increasing number of projects being converted into residential use. The guidebook highlights multiple federal resources, including tax incentives, energy efficiency improvements, and grants, available for developers and landlords undertaking these conversions. However, while conversions can help alleviate housing shortages, they may not fully solve the problem, as the focus is primarily on older office buildings, and challenges exist regarding structural issues, zoning, and scale.