It is not a vast architectural leap from hotels into apartments. With a bathroom, bed, and little space for a desk or table, hotel rooms may provide the virtual environment of residence. There are old hotels and properties, which even come with a kitchen area that further blurs the distinction between hotels and residential units. All across the globe, hotel owners and real estate developers are delving deep into supportive housing programs to help individuals on the verge of homelessness. Yes, you heard it right. There are individuals on the brink of eviction. These are the workforce population.
Now you must be reckoning about who these individuals are? They are the service providers like teachers, police officers, healthcare professionals, and others. These individuals have stagnant wages and do not have the resources to invest in high rent of houses. As a result, they try to discover affordable residential units near their job location for best results. In response to this growing tendency of the workforce population, various hotel owners have tried to repurpose their properties into affordable housing units.
What is the role of hotel owners?
First and foremost, every hotel owner must assess their property to understand where they require replacement and repair. Maxwell Drever states that they must ensure that their properties are conducive and suitable for the conversion process. When they see everything is in place and the property can get converted into an affordable housing unit, they can move forward with a plan.
Bring renovation quickly
The renovation of old hotels into residential units is time-consuming and challenging. Hence, they require a supportive team of professionals to develop a proper blueprint of the affordable housing unit. More so, the location plays an imperative role. Hotel owners must ensure that their properties are close to the city centers. If they do not have one, they can purchase properties in the industrial hub. It’s because you will have more clients and customers in these areas.
Hotel owners can initiate unique projects if the hotel has a desirable neighborhood. After getting assistance from professionals, Maxwell Drever says it’s time to delve into the building code, tax credit, governmental regulations, and much more. Following this, an evaluation of the size, layout, and special features of the building is vital. Governments are now encouraging different projects and programs by providing funds, creating trust, coming up with tax evasion; they impetus this transformation procedure.
Amalgamation of endeavors
The need of the hour is an amalgamation of efforts of the public and private sectors. These projects will come into vogue only when there is a positive approach from different sections of society. Hotel owners must work with governmental officials to reap the benefit of supportive housing programs. Along with this, governments must provide land resources and funds to hotel owners and landlords to make this issue of affordable workforce housing a reality.
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