A proposed tax abatement program would promote the conversion of office buildings to housing.
A new Washington, D.C. tax abatement program will promote the conversion of office buildings into residential units. As Venable’s Zachary G. Williams and Alexaida Collet Echevarría explain, “The program provides a 20-year tax abatement—beginning upon issuance of the certificate of occupancy—as an incentive for property owners to convert all or a portion of their property to residential uses.”
The proposed rules require that a project create at least 10 housing units, 10 percent of which must be affordable. “In addition to the above, property owners must agree to contract with a Certified Business Enterprise for at least 35 percent of the contract dollar volume of construction and operations and execute a First Source Agreement (which prioritizes employment of District residents) for operation of the development project.”
The program is designed to grow the District’s housing stock and utilize office buildings that have lower demand after the pandemic.
California Law Would Streamline Adaptive Reuse Process
A bill passed by the state senate would ease the permitting process for office conversions in central city neighborhoods.
Minnesota Seeks State Support for Office Conversions
The 30% “CUB credit” would support the conversion of buildings 15 years or older into any use that “will return that vacant area to an income-producing, habitable condition.”
Over 71K Office-to-Apartment Units in the Pipeline for 2025
Adaptive reuse projects are continuing to bring thousands of new housing units onto the market as demand for office space remains low.
Study: Maui’s Plan to Convert Vacation Rentals to Long-Term Housing Could Cause Nearly $1 Billion Economic Loss
The plan would reduce visitor accommodation by 25,% resulting in 1,900 jobs lost.
North Texas Transit Leaders Tout Benefits of TOD for Growing Region
At a summit focused on transit-oriented development, policymakers discussed how North Texas’ expanded light rail system can serve as a tool for economic growth.
Using Old Oil and Gas Wells for Green Energy Storage
Penn State researchers have found that repurposing abandoned oil and gas wells for geothermal-assisted compressed-air energy storage can boost efficiency, reduce environmental risks, and support clean energy and job transitions.
Private Donations Propel Early Restoration of Palisades Playground
Los Angeles has secured over $1.3 million in private funding to restore the Pacific Palisades playground months ahead of schedule, creating a modern, accessible space that supports community healing after recent wildfires.
From Blight to Benefit: Early Results From California’s Equitable Cleanup Program
The Equitable Community Revitalization Grant (ECRG) program is reshaping brownfield redevelopment by prioritizing projects in low-income and environmental justice communities, emphasizing equity, transparency, and community benefits.
Planting Relief: Tackling Las Vegas Heat One Tree at a Time
Nevada Plants, a Las Vegas-based nonprofit, is combating the city’s extreme urban heat by giving away trees to residents in underserved neighborhoods, promoting shade, sustainability, and community health.
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