The U.S. Department of Housing and Urban Development (HUD) issued a funding opportunity notice (NOFO) on July 21, 2023. This NOFO pertains to a study focused on the transformation of office spaces into residential areas. Today, HUD’s Office of Policy Development and Research (PD&R) will conduct an online event where developers, researchers, and community leaders will gather to deliberate the difficulties associated with carrying out such conversions. The discussions will also revolve around potential policy measures aimed at effectively addressing these challenges.
The notice of funding opportunity (NOFO) offers a maximum of $860,000 for the compilation of case studies highlighting conversion endeavors that have occurred post the pandemic’s onset. Its objective is to enhance comprehension regarding the financial constraints linked to such transformations, explore potential policy adjustments and financial aids that could enhance the feasibility of projects, suggest criteria to assess the impact of conversions on housing affordability and other results and create a manual intended for community leaders and professionals involved in development. The submission deadline for proposals is October 12, 2023.
Solomon Greene, Principal Deputy Assistant Secretary for Policy Development and Research, noted that a significant uptick in enthusiasm for office-to-residential conversions has emerged in the wake of the pandemic-triggered transition to remote work. This trend coincides with numerous cities encountering reduced demand for office spaces alongside a mounting need for housing solutions.
Greene emphasized that the forthcoming event will showcase research that underscores the pressing relevance of these conversions. The support offered by the NOFO will contribute to a better grasp of the intricate financial and structural obstacles linked with such conversions. Ultimately, this research will serve as a valuable resource, furnishing essential insights to key stakeholders on effective strategies for surmounting these barriers successfully.
The notice of funding opportunity (NOFO) and the associated event represents the most recent endeavors by HUD to foster collaboration among researchers, community members, professionals, and policymakers. Their collective aim is to facilitate the expansion of housing availability.