The re-use of old and broken hotels, achieved through conversion to affordable workforce housing space, and designed for low-income households provides several benefits, not the least of which is their ability to change lives for the better.
Affordable Workforce Housing developments provide multiple benefits
According to Maxwell Drever, affordable workforce housing developments have multiple benefits. Primary among them are substantially lowered construction costs, affordable rents starting at $500 per month, and the potential to ease the affordable housing shortage of approximately six million units that currently exists in the United States. The apartments created through affordable workforce housing conversions generally contain several highly desirable options. Included in this list are great urban locations, clean and comfortable living spaces, swimming pools, health clubs, common spaces, and other luxurious amenities.
The process of conversion
The process of converting a broken hotel into an affordable workforce housing complex begins with stabilization of the original hotel structure and preparatory conversion work. Next, the initiation of renovation, including a check of the condition of partitions, ceilings, fixtures, and the mechanical system throughout the facility. These structures are either repaired, or new ones are installed. Items such as windows and doors, plus fire escapes are repaired or refurbished according to current community codes. Framing for fresh walls, and new insulation, which is installed once all repairs have been made to the structure. Finally, the finishing of the framing portion of construction leads to drywall hanging on each of the floors.
Potential historic tax credits and more
Many historic structures carry the potential for high value historic tax credits. The financial benefits that emanate from these types of credits add immense value to the property. While the cost of such credits to small communities may seem large, the addition of so many new taxpayers more than offsets the expense. The value of a thriving community can be viewed by analyzing its growing tax base. Why? Because healthy communities possess the means to increase municipal services. This includes building quality schools and excellent police departments. Healthy and growing communities have the ability to attract entrepreneurial individuals to open new businesses. Increased budgets enable older communities with formerly impressive main drags to revitalize them. Businesses like new restaurants and bars encourage people from surrounding communities to visit and spend!
Restoring old and broken hotels is not the only way to improve a community. But a structurally sound facility is a great and inexpensive way to begin the process.
When the goal of providing affordable workforce housing can be met at a lower cost through the purchase of a structurally sound broken hotel or motel, an opportunity exists not to be missed for communities looking to grow for the first time or revitalize. As noted by Maxwell Drever at the beginning of this article, affordable workforce housing can change lives. But to end this article, let’s add one more piece – it can change communities as well.