MBA Statement on the Biden Administration’s Announcement on Commercial Property Conversions to Housing

WASHINGTON, D.C. (October 27, 2023) — Bob Broeksmit, CMB, President and CEO of the Mortgage Bankers Association (MBA), released the following statement on the Biden administration’s guidance announced today on commercial property conversions:   

“MBA shares the Biden administration’s commitment to increasing housing supply and appreciates its willingness to engage with us and the industry on ways to incentivize lenders and borrowers to rehab, repurpose, and convert more obsolete commercial properties into affordable rental housing and other usable spaces. 

“Housing providers are grappling with higher interest rates and rising labor and construction costs at a time when our nation’s housing supply remains inadequate. The initiatives announced today should help facilitate more commercial-to-residential projects. We encourage state and local governments to ensure zoning laws, tax credits, and subsidies are aligned to take full advantage of these programs.

“We will work with the Administration, members of the House and Senate that have crafted related legislation, and other engaged stakeholders to fashion cost-effective ways for multifamily borrowers, developers, and lenders to increase the nation’s rental housing stock.”