High vacancy rates in large downtown buildings offer affordable residential opportunities.
President Biden’s administration has proposed that commercial buildings with high vacancy rates in urban areas be converted into affordable housing. National Economic Council Director Lael Brainard called the concept a “win-win” opportunity.
She said, “Housing affordability is a challenge for many American households, so the president has asked us to take a whole-of-government approach to making sure that we have affordable and accessible housing.”
The White House announced that financing will come through the Transportation Infrastructure Finance and Innovation Act and Railroad Rehabilitation & Improvement Financing programs. The Department of Housing and Urban Development is releasing guidelines on the Community Development Block Grant program.
As the Lord Leads, Pray with Us…
- For wisdom for administration officials as they implement plans to convert commercial spaces into residential areas.
- For Secretary Marcia Fudge as she heads the Department of Housing and Urban Development.
- For Americans who are having difficulty finding affordable housing.
Sources: The Hill, Wall Street Journal
