Release Date: August 23, 2018
Contact: Sherry Tyler, 206.832.1306, email@example.com
VITUS ACQUIRES FIRST REDEVELOPMENT PROJECT IN COLORADO
National affordable housing developer partners with Colorado Coalition of the Homeless to provide residential units for both low-income and homeless families in the Denver area
DENVER, Colo. – 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.
Currently, half of all Colorado renter households are cost burdened, meaning that rent takes up more than 30 percent of their total household income. Through an extension of the Housing Assistance Payment contract with the Department of Housing and Urban Development, all of the 180 units of Renaissance 88 will be occupied by residents paying no more than 30 percent of their household income on rent.
“It is a tough time to rent in the Denver area. Nearly a quarter of renters are spending half or more of their income just to keep a roof over their head,” said Scott Langan, development director for Vitus. “Our team specializes in protecting and extending the useful life of properties in markets like Denver where there is a real need for affordable housing. We look forward to serving Colorado residents and helping revitalize the neighborhoods they call home.”
The Renaissance 88 building was previously managed by the Colorado Coalition of the Homeless (CCH), an organization that works toward preventing homelessness and creating lasting solutions for homeless and at-risk families, children and individuals throughout Colorado. In order to continue serving the local community, Vitus has partnered with CCH to maintain onsite integrated health care, counseling and residential services for homeless and at-risk families and individuals at the property. Additionally, the waiting list at Renaissance 88 will give precedence to families and individuals who are homeless, with 24 apartments prioritized for chronically homeless with a disabling condition, and 36 apartments reserved for homeless families.
“Colorado Coalition for the Homeless deserves a lot of credit for the work they’ve done in the community over the last ten years,” said Langan. “We are proud to partner with CCH to provide support for the area’s most vulnerable residents on an ongoing basis.”
The planned renovation for the Renaissance 88 building will include two stages of redevelopment. The initial stage has a budget of $1 million and will include numerous interior and exterior improvements such as renovation of damaged walkways and parking lots and replacement of appliances in the community room and business center. In 2023, Vitus will conduct a large-scale renovation with a budget six to eight times the size of the initial stage that will include replacement of roofing, windows and siding and installation of new flooring, window coverings and cabinets as well as energy-efficient lighting, plumbing fixtures and appliances. The initial stage of renovations at Renaissance 88 are planned to be completed by early 2019. The project is expected to create only minimal disruption for residents and the surrounding community.
At Vitus, our mission is to create positive impact – one community, one family and one life at a time. Since 1996 we have partnered with lenders, investors and public agencies to preserve and extend the life of existing affordable housing across the country in markets with the greatest need. Through holistic renovation, we focus on the well-being of residents and rejuvenating the surrounding community to both improve the overall quality of each property and incorporate features that promote physical activity, community gathering and energy efficiency. To date, our team has provided stable homes for more than 25,000 residents in 23 states. www.vitus.com