Often the best-laid plans of mice, men, and magistrates go astray. When it comes to affordable housing, it definitely went wrong in 2024 when obstacles made it too expensive to see projects through, according to a New York Times report.

The program in question was one of a number that the Biden administration initially pushed last year. The Department of Transportation released guidance on using the Transportation Infrastructure Finance and Innovation Act (TIFIA) and Railroad Rehabilitation & Improvement Financing (RRIF) programs to finance housing development near transportation. That would include conversion projects.

Resia, a South Florida multifamily housing developer, heard about the program and was interested in how it could help underwrite a 948-unit building near a rail station. All good, except for some of the specifics. A required investment-grade credit rating would have cost almost $800,000 and Resia would have had to pay $250,000 to the government upfront for financial and legal advisors.