Why a White House Plan to Fund Office-to-Housing Conversions Isn’t Working Yet
February 29, 2024 by The Biden administration’s $35 billion program, the Railroad Rehabilitation and Improvement Financing program (RRIF), aims to convert underused office buildings into housing, but lengthy approval processes and strict criteria have made it difficult for developers to access these funds. This program is a part of the Build America Bureau funds, which has become available for transit oriented development. Pittsburgh’s Gulf Tower, a prime candidate for conversion in Pittsburgh, faces obstacles such as a $1 million non-refundable deposit, extensive environmental reviews through the National Environmental Policy Act, and other requirements created for railroads, making the federal program impractical for many. Developers across the U.S., including in Cincinnati, are struggling with similar issues, highlighting the need for program adjustments to make financing more accessible and effective for revitalizing downtown areas with office leases that will be expiring.