The government is considering adding $50 million in grants for companies that could renovate and transform buildings on the National Mall.
The money would help pay for such renovations.
The White House announced the plan on Thursday.
The move is part of a broader effort by the government to boost public spending on public works projects and facilities that will benefit millions of Americans in the coming years.
The program is called the Public Facilities Investment Program, or PFI, and it was established in 2007 under the George W. Bush administration to help fund public works and other projects that were essential to the nation’s economic vitality.
The White House has said it hopes to begin accepting applications for the $50-million grant program this summer.
The announcement comes on the heels of President Trump’s proposal to cut funding to federal government departments by about 25% over 10 years, which could potentially lead to major delays in getting infrastructure projects funded.
At a briefing with reporters on Thursday, White House Press Secretary Josh Earnest said the White House is working to “address the concerns that have been expressed.”
“This will be a multi-year program and will have the potential to significantly accelerate the pace of funding of infrastructure projects,” Earnest added.
Earlier this month, the White Trump Organization received approval from the Office of Management and Budget to expand the construction of a luxury hotel, restaurant and resort complex in Virginia that was planned to open in 2021.
The project, dubbed Trump International Hotel and Tower, would be the second-largest hotel and resort in the world after the $4 billion Grand Hyatt in Paris.
A spokesman for the Trump Organization said the company is still evaluating the project and expects to submit its final plans to the OMB later this year.