CHATTANOOGA, TENN. – A Seattle-based developer and operator of affordable housing projects has acquired the Ridgeway Apartments on Chattanooga's downtown Westside and will begin a $4.5 million upgrade of the 53-year-old complex in early 2019.
MULTI-HOUSING NEWS – In an exclusive video interview, Vitus Development Director Scott Langan discusses the firm's first Colorado acquisition: a low-income and homeless housing property that the affordable housing developer will renovate.
TAX CREDIT ADVISOR – Vitus, a national developer and owner of affordable housing, has announced the preservation and planned renovation of Renaissance 88, an affordable housing complex in the northeast quadrant of the Denver metropolitan area. Renaissance 88 is the company’s first project in Colorado and will provide relief for residents at a time when a lack of affordable housing is posing a significant threat to the economic security of families across the state.
CHATHAM CO., GA (WTOC) – A major renovation is coming soon for residents of an affordable housing complex just outside Savannah. Millions of dollars generated by revenue bonds will go toward much-needed improvements for the Westlake Apartments.
Remember Archie Bunker? Not really? That’s OK—it’s an old reference.
Archie Bunker was the protagonist of the hit 1970s sitcom All in the Family. As the series name implies, he was a family man—hardworking, gruff, charming, and bigoted in a way that wouldn’t fly on television today.
But that’s not the only thing about Archie that doesn’t stand the test of time. Because in the 1970s, on his salary as a New York loading-dock foreman, Archie and his family rented a home in Flushing, Queens. In today’s world, that math doesn’t work. Archie would earn a salary of roughly $50,000 per year now, enough to realistically afford a rent of about $1,250 per month. The Bunkers’ home would rent for at least twice that. And don’t get me started on the rent-controlled fantasies of Friends or Seinfeld!
GAINESVILLE, GA – Cathy Pulliam moved into the Linwood Apartments in Gainesville in 2013 to care for her ailing mother. Their unit was better maintained than some, she said, though the kitchen sink pipes would frequently leak.
Since laying her mother to rest in February, Pulliam has remained in the apartment the two shared. Now, she could be one beneficiary of about $5 million in renovations planned for Linwood, a project that will upgrade low-income housing at a time when quality, affordable housing in Gainesville has grown scarce.
ENUMCLAW, WA – Stories abound regarding the housing crisis plaguing American cities both large and small, where even working-class families can have difficulty finding an adequate and affordable place to rest their heads.
Sometimes, those big-picture issues can be seen at the grassroots level, played out locally. That’s the case in Enumclaw, for example, where an apartment complex is owned and managed by Vitus, a Seattle-based company that is actively involved in a nationwide effort to combat runaway costs.
TACOMA, WA – The median price of homes sold in March was just under $350,000 in Pierce County, but it's also worth noting how much rents continue to rise in Tacoma and the surrounding area. Multiple reports show they are continuing to go up following a hefty year-over-year increase of more than 8 percent from 2016 to 2017. Amid all this, Home1, a national campaign is pushing to spread the word about the housing crisis.
“For the first time in our nation’s history, people with good jobs can’t afford homes,” Stephen Whyte, founder and managing director of Seattle-based Vitus, said in a statement for Home1’s launch. “In my 25 years in affordable housing development, I have seen this issue grow from a conversation into a full-blown national crisis."
NAPERVILLE, IL – Sixty-three-year old Angela Adkins received a Christmas-in-April surprise this month when her new landlord spent $4 million renovating the apartment complex she lives in. She and her Ogden Manor neighbors are reaping the benefits of the development’s purchase by a private company, Vitus Group, in November 2017.
LOS ANGELES – This year, a new coalition of housing groups and non-profits wants to make sure affordable housing becomes a focus of the midterm political debate. Via a series of promotions and videos, as well as a feature-length documentary coming out this fall, the Home1 advocacy campaign seeks to sound a clear warning about the scope of this problem and make this “silent crisis” part of the larger debate.
According to Stephen Whyte, founder and managing director of Vitus, an affordable housing developer and member of Home1, “We need to do a better job, as advocates and part of the industry, to put together a better message and stop being so technical.” He says, “Home1 will raise awareness, so the man on the street knows it’s a crisis and an issue to be worked on. Hopefully, this awareness translates into more support for the tools that continue to make affordable housing possible.”
ATLANTA — Vitus, a national developer and owner of affordable housing, has announced the purchase of Heritage Station, a multifamily complex in Atlanta’s Pittsburgh neighborhood offering low-income housing to both seniors and families. This is the third acquisition Vitus has made in the Atlanta market in the past 18 months and the developer plans to buy two additional low-income properties in the state of Georgia before the end of 2018.
ATLANTA — Vitus has acquired Heritage Station, a 370-unit affordable housing community in downtown Atlanta’s Pittsburgh neighborhood, for $26.3 million. The name of the seller was not disclosed. All of the units are reserved for residents making 60 percent or less of the area median income, and 40 percent of the units will be set aside as designated seniors housing.
NAPERVILLE, IL. — A low-income housing complex in Naperville owned by DuPage County is being sold to a private company that plans to spend $4 million renovating the development.
The DuPage County Board on Tuesday authorized the sale of Ogden Manor, at Ogden Avenue and Mill Street, to the Vitus Group, which specializes in redeveloping low-income housing.
"I'm going to call this a win-win-win situation," said Kenny Coles, DuPage Housing Authority's executive director.
Everyone knows physical activity is good for the body. Elia Mrak has always believed it could do so much more than improve physical health.
He believed it could improve relationships. Build self confidence. Break down social barriers. Restore vitality. He was sure it could do all that and so much more.
So when the Seattle-based dance coach was asked by affordable housing developer Vitus to bring a dance and movement program to San Diego’s Meadowbrook Apartments, he leapt at the chance.
PHILADELPHIA – A redesign of the 50-year-old John Fox Tower by its new owner aims to get residents out of their units and actively engaged with one another.
The building that opened 50 years ago as the Sidney Hillman Apartments at 22nd and Ludlow streets has a new name, a new owner and a new mission: To maximize the happiness of its older residents.
PHILADELPHIA—Vitus will preserve and renovate John Fox Towers, a 273-unit community for low-income seniors at 22 S. 22nd St. in Philadelphia. The 16-story building, formerly known as Sidney Hillman Apartments, is owned by Philadelphia Joint Board, Workers United, and managed by Prudent Property Managers. Prudent has operated and maintained the property’s affordable housing since its construction in 1967.
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.