An old Days Inn hotel has just been purchased by a construction company in Los-Angeles. This hotel was purchased alongside other shuttered hotels, fulfilling its objectives to make failing commercial spaces into low-income housing.
This company foresees that these kinds of fixes can address the shortage of low-income housing in the nation. A studio and one-bedroom apartments were built by just breaking through certain walls. These apartments would go for $495-$695, a low-income budget for a standard house.
These spaces are upgraded with good amenities. The founder of Repvblik, Richard Rubin, began these kinds of conversions in South Africa, his home country. He believes the Missouri Days Inn units’ price fall into the budget of those who “might not be poor enough to get subsidized housing.”
However, the term ‘affordable’ doesn’t mean slumlike or barren. The Days Inn project features different kinds of amenities like a gym, smart tvs, onsite laundry, laminated wood floors, and basketball court.
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The need for low-income housing is on the increase, and it is not just in states like California, where the lack is noticeable, but across the nation. Rubin is trying to accomplish the projects without any federal funding, he revealed this in a recent article with Fast Company.
We were told with this market that it couldn’t be done. Everyone said, ‘You can’t do it without low-income housing tax credits,’ which is completely incorrect. You absolutely can.Rubin
Rubin said he battled to get investors to purchase old commercial spaces and sell them cheap to higher-risk renters, however, good-guy investing is alive, and Repvblik is now juggling 10 more properties whict amounts to 2,000 units.