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this post was submitted on 27 Oct 2023
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politics
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This is the best summary I could come up with:
The Biden administration announced new steps Friday to ensure access to affordable housing, launching a slew of resources to convert high-vacancy commercial buildings to residential use.
The effort is an attempt to address what the administration says is a dearth of much-needed, affordably priced, conveniently located and energy-efficient homes.
As part of Friday’s announcement, the Department of Transportation will release new guidance on more than $35 billion in lending available for transportation-oriented development projects.
According to a fact sheet shared with CNN ahead of the announcement, the administration estimates the guidance “will increase housing supply, while encouraging state and local governments to improve their zoning, land use and transit-oriented development policies.”
“The pandemic really changed the patterns of how many Americans work and live and commute, and right now, across the country, we’re seeing decades-high levels of office vacancies in many downtowns, while at the same time, many of America’s cities and towns face a steep shortage of housing, and families are struggling to afford housing and transportation,” Transportation Secretary Pete Buttigieg told reporters on a call previewing the announcement Thursday.
HUD will begin accepting applications for $85 million in funding through the Pathways to Removing Obstacles to Housing program, which makes money available for the development of adaptive reuse strategies and the financing of conversions.
The original article contains 568 words, the summary contains 216 words. Saved 62%. I'm a bot and I'm open source!