Older Motels As Condos & Affordable Apartments

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While there aren’t as many as there used to be, there are still plenty of them around – and chances are you know where some of them are.  We’re talking about the old motels that used to be a ubiquitous presence along our roadways and in our small towns.  Many of them have been torn down or replaced however a recent article on Realtor.com tells us how the older ones being turned into affordable housing in markets with tight demand.  They even say that for the homeless and disabled “these adaptive reuse projects have been a godsend.”  They do point out that in some areas there is some push back from local governments and banks. Indeed.

“Though the residential conversion of failing motels is growing, there’s still a long way to go until it catches on nationwide. Banks don’t fully understand the concept, so many of the big players are reluctant to write loans on these conversions. City zoning and local building ordinances need to be rewritten.”

Click here to read the full story at Realtor.com.

 

 

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Director of Education & Outreach, National Real Estate Investors Association

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