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White House opens $45 billion in federal funds to developers to covert offices to homes

desiboys

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Biden administration turns to developers to help ease U.S. housing crisis

The White House kicked off a multiagency push on Friday to help finance real-estate developers convert more office buildings in big cities emptied by the pandemic into affordable housing, taking aim at the nation's housing crisis.

The initiative looks to harness an existing $35 billion in low-cost loans already available through the Transportation Department to fund housing developments near transit hubs, folding it into the Biden administration's clean energy push.

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