While our business model has expanded and evolved over the years, our team of experts remains committed to creating quality affordable housing solutions that benefit partners, communities, and residents.
OUR SUCCESS STORY
Vitus began in 1993 as Pacific Housing Advisors, a consulting practice assisting for-profit and nonprofit affordable housing developers with complex affordable housing projects.
GROWING WITH THE INDUSTRY
Our company has evolved along with the affordable housing industry. We started out by pioneering an affordable housing financing approach based on the relatively new provisions of the Tax Reform Act of 1986.
In the 1990s we began to focus on the emerging need to recapitalize and “preserve” existing HUD projects, which were in danger of being converted to market rate housing as real estate values continued to rise. We found that our skills and experience with more complex projects were well-suited to the complicated regulatory and financial issues presented by Preservation projects. Over time, we began to offer a host of sophisticated financial tools and techniques for affordable housing development.
Ultimately, we also began developing housing projects ourselves, applying our well-regarded knowledge and expertise to creating high-quality affordable housing.
A LEADER IN AFFORDABLE HOUSING
We continued on a path toward industry leadership by adding new offices, expanding our geographic footprint, frequently participating in national conferences, and focusing more on direct development.
With a continued focus on lead development, we refined the HUD preservation template and pioneered the Rural Development preservation template for projects originally developed under the FmHA 515 program.
We added solar energy technology to many of our projects, as part of the emerging emphasis on green development and sustainability.
As affordable housing funding sources and partnerships have changed over time, we’ve begun to partner more closely with communities. We know that scarce housing dollars must be invested in projects that truly satisfy local needs and provide long-term affordable housing solutions.
VITUS — OUR WORK MOVING FORWARD
In June 2010, Modern Realty, parent company of Pacific Housing Advisors and Allied Pacific Development changed its name to Vitus. Pacific Housing Advisors will become Vitus Financial Advisors, and our development affiliate has changed its name to Vitus Development. Our business has evolved into a nationwide company focused primarily on direct affordable housing development, and our former names no longer reflected the successful work that we are doing to bring high-quality affordable housing to communities across the country. We look forward to continuing to develop quality affordable housing as Vitus, using the unparalleled expertise and pragmatic problem solving our company was founded on to improve lives and communities across the country.