Hotel to Apartment Conversions address immediate housing needs: The fund invests in hotels and motels located in areas throughout the US with a strong demand for workforce housing (intended for 80% to 120% area median income), with a focus on budget and midscale hotels that can be converted in a cost-effective manner due to existing infrastructure, general floor plan, and common area amenities. The Fund’s objective is to acquire hotels and motels in favorable locations and convert them to apartments.