Multifamily & Affordable Housing Business: Transforming Vacant Spaces into Affordable Housing

April 25th, 2024

As cities across the US face a growing housing shortage, adaptive reuse offers a sustainable and innovative solution. This trend is exemplified by the transformation of properties like Nashville's Kings Inn and Super 8 motels into affordable housing, with significant support from BlueHub.

A feature in Multifamily & Affordable Housing Business highlights how converting underutilized properties into residential spaces is not just a trend but a necessity. With 19.6% of office spaces vacant and a record high of 55,300 apartment units being converted from offices to residential use, adaptive reuse is more relevant than ever. Cities like New York, Washington, DC, and Dallas are leading the charge, turning urban landscapes into thriving community environments.

BlueHub Loan Fund has been instrumental in financing these adaptive reuse projects. For instance, the Kings Inn Motel in Nashville has been converted into a 53-unit workforce housing community, offering affordable living options for low-income workers affected by the city's rising cost of living. Similarly, the Super 8 Motel has been transformed into workforce rental housing, providing 97 studio units, 40% of which are reserved for households earning up to 75% of the area median income.

Karen Kelleher, president of BlueHub Loan Fund, underscores the importance of these initiatives: “Public-private partnerships make really interesting things happen. Community development financial institutions (CDFIs) play a key role in funding these types of projects, but we’re at our best when we’re engaged at the project level and working with public leaders.”

Learn more about how these projects leverage existing structures to meet critical housing needs and foster community revitalization in the full article on Multifamily & Affordable Housing Business.