TSN): The Department of Housing and Urban Develiopment has announced an frist-of-its-kind $85 million grant to extend housing supply in jurisdictions with the greatest needs around the nation. The program uniquely offers an office-living space conversion component that will allow empty office real estate to be transfromed into apartment units.
The enhanced protections allow more opportunities for first time homeowners to bid on homes. The Biden-Harris Administration is building on the framework pf the [reviously released blueprint for housing and announcing a series of new, concrete actions to protect renters, which include:
- Ensuring all renters have an opportunity to address incorrect tenant screening reports;
- Providing new funding to support tenant organizing efforts; and
- Requiring that renters are given fair notice in advance of eviction.
Additionally, HUD is ensuring ther tenant screening rules keep the process fair in home purchasing.
One importantant improvement is that applicants who are turned down for home loans will reiceve information telling them why that haopend and
Information about how the program works and how to apply is included in the full announcement below. . .
HUD Announces Research Grant Opportunity and Event Focused on Office-to-Residential Conversions
WASHINGTON - On Friday, the U.S. Department of Housing and Urban Development (HUD) released a notice of funding opportunity (NOFO) to study office-to-residential conversions. Later today, HUD’s Office of Policy Development and Research (PD&R) will host a virtual event featuring developers, researchers, and local officials to discuss the challenges of executing these conversions and how policies can help overcome those challenges.
The NOFO provides up to $860,000 to compile case studies of conversion projects that have taken place since the start of the pandemic, improve understanding of the financing limitations associated with conversions and the policy reforms and subsidies that can make projects more economically viable, propose metrics to evaluate conversions on housing affordability and other outcomes, and develop a guide for local leaders and development practitioners. Proposals are due on October 12.
“There has been a surge in interest in office-to-residential conversions since the pandemic-induced shift to remote work and as many cities face a softening demand for office space and escalating demand for housing,” said Solomon Greene, Principal Deputy Assistant Secretary for Policy Development and Research. “Research highlighted at the event and supported by this NOFO will help the field to understand the financial and structural barriers associated with conversions and will provide key stakeholders with examples of how best to overcome them.”
This NOFO and event are the latest in HUD’s effort to support researchers, community residents, practitioners, and policymakers to work together to unleash housing supply.
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