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The Biden administration recently announced federal 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 identify and market surplus federal properties that represent the best opportunities for commercial-to-residential conversions. The GSA initiative will continue to convene developers, municipalities, and other stakeholders to learn about opportunities and challenges.
The 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.
A July 2023 White House statement announced that the GSA will launch an effort to identify under-utilized and surplus assets in the federal real estate portfolio that present the “best opportunities” for public-private partnership, commercial-to-residential projects.
According to the White House, ongoing conversion projects from GSA dispositions currently produce over 1,000 new housing units.
For more information and recent updates, reference our resources below.
