The federal government has launched a new initiative to help boost housing affordability. This initiative hopes to encourage commercial-to-residential property conversions, which involve converting commercial property to develop, permit, and construct residential properties.
The goal of this initiative is to create more affordable housing, particularly for low-income households. It will also reduce pressure on current residential markets, particularly on the rental market. The initiative is designed to use public and private resources to develop and convert commercial property to residential, including apartments and townhouses.
The initiative is also meant to help stretch the housing dollar further for those who need it the most. It includes measures to improve the quality of housing units and to ensure that they are safer, healthier, and more energy efficient.
• Federal Initiative – To create more affordable housing, particularly for low-income households, by converting commercial properties to residential.
• Uses public and private resources – To develop and convert commercial property to residential units such as apartments and townhouses.
• Reduces pressure on current residential markets – Particularly on the rental market.
• Improves quality of housing units – Ensuring they are safer, healthier, and energy efficient.
You can read this full article at: https://www.housingwire.com/articles/white-house-federal-agencies-urge-more-commercial-to-residential-property-conversions/(subscription required)
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