Development group plans for affordable housing alternative

Affordable housing continues to be a hot topic in conversation. Many people across the United States struggle with finding a balance between their earned income and where they can lay their heads. However, New Mexico is soon to see more options. PEG Companies, based in Provo, Utah, plans to turn the existing Santa Fe Residence Inn into apartments.

The concept of converting older hotels into housing options has taken root in other states over the past year as PEG recognized that they could do something about the housing crisis. The Residence Inn rooms already have stoves and refrigerators. And if you think about the cost of renovating an existing building versus starting from scratch, you may agree with PEG’s strategy for providing more rental options under $7oo per month.

What do the members of the Forbes Real Estate Council say?

In matters of affordable housing, the experts agree it takes a community effort to address the social issue. Among other ideas, they suggest that those in the real estate industry can:

  • Develop partnerships
  • Contribute to the community
  • Continue to develop mobile home parks
  • Work with home buying programs
  • Make the land cost affordable

PEG’s plans also include building a new hotel to replace the one they will renovate. And although the conversion is not scheduled to begin until the new hotel opens, you might look forward to choosing from a one-bedroom, two-bedroom or studio apartment option if you are looking for a place to live once the renovation is complete.

No Comments

Leave a comment
Comment Information
  • Best Lawyers | Best Law Firms | U.S.News | 2018
  • 2019 | Family Friendly Business
  • BBB | Accredited Business | BBB Rating: A+
  • Martindale-Hubbell | Peer Rated | For Ethical Standards and Legal Ability | 2019
  • Martindale-Hubbell | AV Preeminent | Peer Rated for Highest Level of Professional Excellence| 2019
  • Rated By Super Lawyers | George Giddens, Jr. | SuperLawyers.com
  • Rated By Super Lawyers | Christopher M. Gatton | SuperLawyers.com
  • Avvo Rating | 8.9 Excellent | Featured Attorney Bankruptcy
Review Us

Office Location:
10400 Academy Road NE
Suite 350
Albuquerque, NM 87111

Phone: 505-273-3720
Fax: 505-271-4848
Map & Directions

Phone Numbers: