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.