Oct 302023

White House Announces Plan to Use Transportation Funding to Convert Commercial Properties Into Residential Use

Samuel B. Boxerman and Aaron L. Flyer
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On Friday, October 27, 2023, the White House announced an effort to utilize over $35 billion in federal assistance for affordable housing projects using funding appropriated under the Transportation Infrastructure Finance and Innovation Act and Railroad Rehabilitation & Improvement Financing programs. The White House, through the Department of Transportation, is now seeking to use these programs, which provide lending support for transit-oriented development projects at below-market interest rates, to convert properties no longer needed for transit into residential properties and develop residential properties near public transportation hubs. The White House suggests that these conversions and development projects will not only provide necessary affordable residential housing capacity but also reduce greenhouse gas emission by repurposing existing structures and siting residential housing projects near public transportation hubs.

This post is as of the posting date stated above. Sidley Austin LLP assumes no duty to update this post or post about any subsequent developments having a bearing on this post.

Samuel B. Boxerman

Washington, D.C.

sboxerman@sidley.com

Aaron L. Flyer

Washington, D.C.

aflyer@sidley.com

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