How To Buy Convert An Existing Apartment Community Into Affordable Housing

by | May 26, 2020 | Uncategorized

In recent years, affordable housing has become a key issue across the US. More and more people are looking to live in urban areas, so more housing is needed. With wages stagnating and the cost of living rising, finding the right housing is becoming much more difficult.

There are many developers who are looking to transform older buildings into affordable housing, and this brings a lot of benefits. As the homes are built into existing buildings, they’re much cheaper to develop. They don’t require planning and building from the ground up, and they can be completed much quicker. Here’s how you can do this too with an existing apartment community.

Getting Funding

Depending on your location in the country, you may be eligible for grants and loans to help you achieve this goal. For example, in Denver, Colorado, a $10 billion Revolving Affordable Housing Loan Fund has been launched. This gives developers access to funds they didn’t have before, so they can revitalize older buildings.

Maintaining Historic Status

The great thing about revitalizing older buildings is that they get to stay in the community, rather than being destroyed to make way for new homes. Buildings like older churches and schools are commonly turned into housing, giving them new purpose. If you do this, you’ll need to be sure that you’re maintaining and preserving the historic nature of the site as you convert it.

A Modern Equivalent to Single Room Occupancy

Single room occupancy homes were popular in the past, but restrictions on building them have made these homes much harder to come by. Converting existing apartment buildings into something similar means the concept is coming back, in a new and modern way. Buildings are adapted to suit modern building codes, and the people in the community have access to affordable housing.

Benefits of Converting Apartments

There are so many benefits to adapting an existing building, such as apartments, into affordable housing. It’s a boon to the community, as the housing is available faster, and gives them a great option for lower income housing. For you as the developer, you’ll see there’s lots of incentives and opportunities to build in your city.

Converting an older building into affordable housing is easier than you’d think and makes a lot of sense. You can get funding for it, so you can create housing that the community needs.