Google Maps Travel Inn, 2011.
Phoenix officials approved on Wednesday a loan of up to $2.5 million that will help transform Travel Inn Apartments into 90 studio apartments for homeless and low-income individuals.
Part of the loan agreement ensures that 38 of those remain earmarked as affordable rental units for at least 40 years.
The money to rehabilitate the vacant hotel comes from the HOME program, the federal government's largest block grant designed to create affordable housing. Each year, states, cities and towns across the country receive about $2 billion from the feds.