White House Joins Effort to Convert Empty Offices Into Housing

As cities across the US continue to struggle with climbing office vacancies and unaffordable rents, the White House on Friday released a new plan to help property owners convert empty offices into apartment units.

By opening up significant financing resources to office-to-residential conversions, as well as by providing technical assistance, the Biden administration aims to make it easier for these challenging rehab projects to advance — with an eye toward both sustainability and affordability.

The Department of Transportation will make such projects located near public transit eligible for below-market financing programs that account for billions of dollars in loans, for example. ...