The Biden administration recently announced a variety of federal action actions to lower housing costs and boost the supply of affordable Housing. As part of this government-wide effort, the General Services Administration (GSA) will launch an effort to identify and market surplus federal properties that represent the best opportunities for commercial-to-residential conversions to create affordable housing. The GSA initiative will continue to convene developers, municipalities, and other stakeholders to learn about opportunities and challenges.
The General Services Administration (GSA) should prioritize sales and leases of U.S. owned surplus real estate to private sector developers who can efficiently bring affordable housing to market.
According to the White House, ongoing conversion projects from GSA dispositions are currently producing over 1,000 new housing units.
A July 2023 White House statement announced that the General Services Administration (GSA) will launch an effort to identify under-utilized and surplus assets in the federal real estate portfolio that present the โbest opportunitiesโ for public-private partnership, commercial-to-residential projects.
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