Abandoned no more: Schools become housing
Communities are looking at old and empty schools with an eye toward new homes and revenue.
It's becoming a common sight in many U.S. towns and cities: Old, sturdy and sometimes quite beautiful former public school buildings are being converted into housing.
Prices for the new homes can run the economic spectrum, from publicly funded low-income apartments to top-dollar condominiums.
While we Americans are often criticized for our throwaway culture, we’ve also employed some interesting creative and financial ideas to give former schools a new purpose and identity in their neighborhoods.
The U.S. Department of Education says that while 1,826 new schools were opened nationwide in the 2009-10 school year, 1,822 were closed as community demographics and finances changed.
But rather than stand empty for years or get torn down, shuttered schools are coming back to life as many communities consider alternatives.
The federal government began providing tax incentives for historic preservation projects in 1976. And among those projects, the conversion of defunct public schools into housing has grown in popularity.
"Unused public school buildings can be a great resource for increasing a community’s affordable housing supply," the Department of Housing and Urban Development says on its website. "When the buildings have cultural or historic significance, their redevelopment can also help revitalize and strengthen the community."
HUD notes that the renovation projects often bring real-estate developers, community members and local governments together in ways that can bring long-term economic benefits to a district.
The former Kellogg Elementary school in Wichita, Kan., has been converted into stylish rental apartments for $1.6 million. The developers say they originally considered getting the government tax reductions for restoring a historic building but ruled that out, saying it would have slowed the project’s completion.
The Wichita Business Journal says the apartments -- which run in price from $800 to $1,500 a month -- include upgraded amenities like granite countertops. But the developers also took advantage of the building’s existing and highly coveted architectural features, like hardwood floors, large windows and high ceilings. They also incorporated bits and pieces from the school’s history into some apartments, such as leaving old chalk boards and bathroom tiles in place.
Creative funding can also come into play with some school conversions.
Provo, Utah, saved its landmark Maeser School from destruction and helped to revitalize a neighborhood. Built in 1898, it was the oldest operating public school in Utah when it closed in 2002.
The local school district tried to sell the property but had no success. "They were on the verge of tearing the school down -- two weeks away from the wrecking ball -- when we agreed to purchase the building and the entire city block at their asking price," Douglas Carlson, with the Provo City Housing Authority, told Affordable Housing Finance at the time.
Carson said the city was challenged by the extensive renovation work needed to convert the school into 31 units of affordable housing for low-income seniors.
To stay on budget, the Provo Housing Authority got financing from 14 funding sources and raised $5.2 million, including from HUD grants, low-income housing tax credits and state historic tax credits.
The Maeser School Apartments, completed in 2006, are considered a prime example of what a successful school conversion can do for a community’s housing needs while preserving local history and reviving local neighborhoods.
More on moneyNOW
I thank the old schools would make good welfare housing. I have long contented anyone on welfare should not have better housing than a working person. My thoughts are they could convert each class room in to living space for one family they would not need food stamps DHS could provide food in the lunch rooms they could put in a laundry room for everyone to use and also they could use the bathrooms that are already there just need to add some showers. If they want their own housing then go to work.
I attened Queen Anne High School in 1961-62 when the Worlds Fair with the Space Needle was constructed. The usual view of Seattle shows the space Needle in the fore ground and downtown Seattle in the background, this is the view from Queen Anne high school (as it is on "Frazier"). My high school annual shows pictures of the Worlds Fair under construction, and I used to ride past it on the bus back to Magnolia Bluff where I lived. Additionally, it is a short commute into downtown. I'll bet these are expensive.
Copyright © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Financial Information.
Tired of constantly dying batteries, she came up with a device that could revolutionize energy storage -- and won $50,000 from Intel.
- Detroit in hot water over proposal to sell art
- Sears spirals toward oblivion
- Why aren't heads rolling at the IRS?
- Do we pay attention to roads and bridges now?
- Yahoo may be going after Hulu
- Apple's first computer could fetch $450,000
- AT&T adds sneaky fee onto its wireless bills
- Soaring ER use adds more pain to health costs
- Netflix gets 'Arrested Development' stars cheap
[BRIEFING.COM] Stocks entered the weekend on a mixed note as the S&P 500 shed 0.1% while the Dow ended with a gain of 0.1%.
The major averages began the day on a lower note as nine of ten sectors saw losses of more than 0.5%.
The consumer staples sector was the lone exception as the group spent the entire day in positive territory thanks to the relative strength of Dow component Procter & Gamble (PG 81.89, +3.19). The second-largest staple stock advanced ... More
More Market News
Try as the bears might, they couldn't break U.S. stocks. But investors still face frothy prices and considerable headwinds.