Renovation: Benefits

Reiner Communities believes that public housing policy should include the renovation or re-use of existing housing as a part of its long term affordable housing strategy. The reasons are simple and compelling.

Environment - The recycling of existing housing minimizes environmental impacts.

Reduced Costs - The total cost per unit of renovated affordable housing can be achieved at a fraction (typically 20% to 30%) of the cost of new construction.

Efficient Execution - Renovated units typically can be on-line in six months, while it can be years before the first move-in for newly constructed units.

Reduced Financial Risk - The construction exposure is greatly reduced and the lease-up requirements are very minimal, as the tenants stay in place during the renovation.

Decreased Subsidy Requirements - Reduced costs, more efficient execution, and reduced financial risk translate to lower subsidy costs per unit.