VITUS GROUP ENSURES 177 UNITS OF ST. PAUL-AREA APARTMENTS REMAIN AFFORDABLE

Release Date: July 14, 2016

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
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 fo existing affordable housing across the country inmarkets with the greatest need. Through holistic renovation, we focus on the well-being of residents and rejuvenationg the surrounding community to both improve the overall quality and incorporate features that promote physical activity, community gathering and energy efficiency. To date, our team has provided stable homes to more than 25,000 residents in 23 states. www.vitus.com