To date, no loans have closed through a federal program meant to spur office-to-residential conversions.
Regulatory and financial barriers have prevented developers seeking to take advantage of the federal government’s office-to-residential conversion incentive program from closing on any loans, reports Kriston Capps in Bloomberg CityLab. The funds are being directed to office-to-housing projects near transit and funded via the U.S. Department of Transportation.
According to Capps, “Lengthy approvals, strict environmental reviews and tight credit criteria — standards designed with interstate rail projects in mind — have put this financing out of reach for many developers.” Although no loans have closed, three projects are currently in an underwriting phase.
The program requires a $1 million non-refundable deposit and a costly National Environmental Policy Act (NEPA) review, which developers argue is unnecessary for a building conversion. In some cases, projects that are located near certain types of transit don’t qualify under federal guidelines.
FULL STORY: Why a White House Plan to Fund Office-to-Housing Conversions Isn’t Working
How Office Conversions Could Benefit San Francisco
The city could emulate Calgary, New York, and other cities in supporting office conversions as a way to boost floundering downtown economies and provide much-needed additional housing.
Office Conversion Sees No Sign of Slowing
The adaptive reuse of office buildings for residential and other uses will grow by as much as 63 percent in 2024 over last year.
How the Post-Covid Reality Is Reshaping Central Business Districts and Urban Centers
U.S. cities are working to redefine their downtowns in response to the “donut effect:” people and businesses abandoning city centers and flocking to suburban areas and beyond.
Trump Administration Could Effectively End Housing Voucher Program
Federal officials are eyeing major cuts to the Section 8 program that helps millions of low-income households pay rent.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Ken Jennings Launches Transit Web Series
The Jeopardy champ wants you to ride public transit.
Driving Equity and Clean Air: California Invests in Greener School Transportation
California has awarded $500 million to fund 1,000 zero-emission school buses and chargers for educational agencies as part of its effort to reduce pollution, improve student health, and accelerate the transition to clean transportation.
Congress Moves to End Reconnecting Communities and Related Grants
The House Transportation and Infrastructure Committee moved to rescind funding for the Neighborhood Equity and Access program, which funds highway removals, freeway caps, transit projects, pedestrian infrastructure, and more.
From Throughway to Public Space: Taking Back the American Street
How the Covid-19 pandemic taught us new ways to reclaim city streets from cars.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Heyer Gruel & Associates PA
Ada County Highway District
Institute for Housing and Urban Development Studies (IHS)
City of Grandview
Harvard GSD Executive Education
Toledo-Lucas County Plan Commissions
Salt Lake City
NYU Wagner Graduate School of Public Service