Novogradac, Journal of Tax Credits, Sept 2016
CONNECTICUT -- School Apartments in New Britain, Conn., has a long track record of addressing the community’s most pressing needs–first, as New Britain’s only secondary education campus for 65 years, then as a stronghold of affordable senior housing since 1978.
Published by Novogradac & Company LLP
PROVIDENCE – Vitus Group, a national developer and owner of affordable housing, recently announced a planned renovation of the Evergreen-Pleasant Ridge and Providence New City apartments, including upgrading of facilities and improved energy efficiency.
Vitus Group to Revamp Six Affordable Housing Properties “Vitus Group is set to add roughly 1,200 units to its portfolio in the last six months. The six properties are located in St. Paul, Minn.; Atlanta; Providence, R.I.; East Orange, N.J.; Miami Beach, Fla.; and Danville, Ill. The developer plans to renovate the multifamily communities and maintain their affordability.
Seattle—Vitus Group is set to add roughly 1,200 units to its portfolio in just six months. The six properties are located in St. Paul, Minn.; Atlanta; Providence, R.I.; East Orange, N.J.; Miami Beach, Fla.; and Danville, Ill. The developer plans to renovate the multifamily communities and maintain their affordability. The modernization process will include adding active design features to each property, giving residents opportunities for healthier choices and physical activity, energy efficiency upgrades and resident services.
ATLANTA — Affordable housing developer Vitus Group has acquired Abernathy Towers, a 99-unit affordable housing complex for seniors, with plans to renovate the community. Details of the transaction were not disclosed.
The renovations will include improved outdoor gathering space with gardens and a gazebo, exercise equipment, addition of high-efficiency appliance to reduce resident utility bills, and installation of new kitchens, bathrooms and windows. The project will preserve the affordability of the apartments for 20 years, according to Vitus.
Vitus Group, a national developer and owner of affordable housing, announced the preservation and planned renovation of Abernathy Towers at 1059 Oglethorpe Ave. SW—99 units of housing for low-income older adults. The acquisition will preserve the affordability of the apartments for another 20 years.
This year’s AHF 50 owners hold an impressive 6,351 developments with 590,989 affordable housing units across the country.
That’s a 4.8% increase in developments and a 5.5% hike in units over last year’s list of the top owners...
...Vitus Group plans to include “active-design” amenities such as community gardens, indoor and outdoor activity spaces, and improved pedestrian pathways at all the properties it closed financing on in 2015. The Seattle-based company also said residents will have access to on-site health programs.
Vitus Group is preserving a 210-unit affordable housing development for seniors in a highly desirable neighborhood of Miami.The 15-story Four Freedoms House of Miami Beach is on Collins Avenue, which runs along the coast and is characterized by hotels and market-rate residential developments. It is the sole affordable housing high-rise development in the area, according to Vitus leaders.
The Four Freedoms House affordable senior housing complex in Miami Beach sold to a New York company for $10.39 million.
FFMB Housing Partners, an affiliate of Vitus Group, acquired the 210-unit building at 3800 Collins Ave. from nonprofit Four Freedoms House of Miami Beach Inc. The deal included $2 million in seller financing and a $9.64 million senior loan from Citibank.
Meadowbrook Apartments, a 448-unit affordable housing development originally built in 1970 is renovated while preserving the affordability of its units. This San Diego property formerly perceived as a rough neighborhood is now safe, clean and affordable for its residents.
PROVIDENCE, R.I. — Anticipating $39.7 million in Hardest Hit Fund foreclosure prevention money from the U.S. Treasury Department, in addition to the $9.68 million award announced in February, Rhode Island Housing plans to hire 19 temporary employees for up to 36 months to help people avoid foreclosure and stabilize the housing market.
Five hundred ninety units of affordable senior housing in two Philadelphia neighborhoods are being given a new lease on life.
Vitus Group, which has offices in Seattle and New York, is upgrading the apartments, development director Scott Langan said, "to make them solid and stable for the next 30 years."
A developer is making its first inroads into the city of Philadelphia, as Vitus Group has announced that it has agreed to a contract for preservation and renovation of two senior housing complexes.
Stephen Whyte discusses how and why his firm is encouraging healthier behaviors.
Join us and the other Active Design Verified partners in the fight to build a healthier future by making the healthy choice the easy choice for children, families, individuals and seniors across the nation. Americans of all socioeconomic backgrounds should have access to choices that allow them to live a long and healthy life.
Real estate and land use professionals are increasingly being called upon to address the rise in obesity, chronic diseases, and health care costs by designing homes, workplaces, and communities with human health in mind.