Release date: July 14, 2016
Contact: Sherry Tyler, 206.832.1306, email@example.com
VITUS GROUP MAINTAINS AFFORDABILITY FOR 165 HOUSING UNITS IN PROVIDENCE
Affordability preserved and upgrades planned for 165 units in Providence
PROVIDENCE, R.I. -- Vitus Group, a national developer and owner of affordable housing, announced the preservation and planned renovation of the Evergreen-Pleasant Ridge and Providence New City Apartments. A full 99 percent of the 165 units spread across 35 parcels of land in Providence will remain affordable through extensions of Housing Assistance Payment contracts with the U.S. Department of Housing and Urban Development. Residents will pay no more than 30 percent of their household income on rent.
“Vitus Group is excited to be doing our first redevelopment project in Rhode Island. These properties are scattered through two distinct neighborhoods and we expect this level of rehabilitation will be a boon to the properties themselves, and also both of the neighborhoods,” said Scott Langan, Development Director for Vitus Group. “Working with Rhode Island Housing Finance Agency was a fantastic experience as they really helped us achieve not only a quick closing and a very complicated financing, but also what will be a strong finished product of better quality housing for the residents.”
The Evergreen Pleasant Ridge apartments are located just a half mile away from the Brown University Stadium; the Providence New City Apartments are located farther south, close to the Rhode Island Hospital complex.
The newly revitalized 165 units will receive essential renovations that improve the properties’ safety: new railings, sprinklers and fire alarms. ADA improvements include repaired sidewalks and converting existing ground-level units to be accessible with modified kitchens, bathrooms and door frames. The properties will benefit from various energy efficiency upgrades to bring down energy usage and utility bills, including new roofs, windows, siding and insulation. In addition to these essential upgrades, Vitus is planning cosmetic improvements, including new paint and flooring, replaced kitchen cabinets and countertops and renovated bathrooms. Disruption to residents will be minimal during the renovation, as they will be able to remain in place during construction.
Approximately $40,000 per unit will be spent in hard costs on the renovations. The projects were funded by Citi Community Capital and R4 Capital with Rhode Island Housing serving as a key partner.
ABOUT VITUS GROUP
Vitus Group’s mission is to create positive social impact – one community, one family, and one life at a time. As an innovative leader in affordable housing across the nation, Vitus specializes in the preservation of affordable properties in market areas where the need is greatest. With an emphasis on the well-being of its residents, Vitus provides access to healthy choices by offering spaces for physical activity, community gardening, enhanced walkways and stairwells, bicycle storage, and a variety of health and wellness programs. These active design elements establish wellness-centered communities that encourage healthy lifestyles. Since 1996, Vitus has developed and/or acquired more than 10,000 units of affordable housing in more than 100 properties, located across 21 states. A combined total of almost 25,000 residents now live in Vitus affordable housing developments across the country. www.vitusgroup.com