VITUS GROUP PRESERVES AFFORDABLE HOUSING FOR OLDER ADULTS IN MIAMI BEACH

Release Date: APRIL 7, 2016

MIAMI –Vitus Group, a national developer and owner of affordable housing, announced the preservation of Four Freedoms House of Miami Beach. This 15-story rental building provides 210 units of affordable housing for low-income older adults and is located at 3800 Collins Avenue in Miami Beach. Collins Avenue runs along the coast and is characterized by hotels and market-rate residential buildings; Four Freedoms House of Miami Beach is the sole affordable high-rise in the area. In addition, Vitus is in the process of installing a state-of-the-art cooling system. Four Freedoms House is Vitus Group’s first acquisition in Florida.

All of the units serve low-income residents and all residents are expected to remain. Eighty-five percent of the units benefit from a Housing Assistance Payment contract with the United States Department of Housing and Urban Development (HUD), which limits the amount of rent that a resident pays to 30 percent of their income. To benefit the residents in the remaining units, Vitus secured funds from the Miami Housing Authority to subsidize their rent. On average, residents pay approximately $330 in monthly rent, as compared with an average market rent of approximately $1,065.

“Florida is a dynamic market which has multifaceted housing needs, characterized by rapidly increasing rents in core urban areas. We think it’s extremely important to preserve housing such as Four Freedoms House of Miami Beach and maintain long-term affordability for seniors in such a high-growth neighborhood,” said Stephen Whyte, managing director for Vitus Group. “Vitus is pleased to join the affordable housing development community in Miami, and looks forward to providing more high-quality affordable housing such as Four Freedoms House of Miami Beach and other properties to follow.”

At Four Freedoms House of Miami Beach, a service coordinator is on staff to provide residents services that enable them to remain self-reliant and age in place. The service coordinator works to identify, access and coordinate services to meet residents’ needs, such as support for the routine activities of daily living. The service coordinator is also charged with forming community-based partnerships with other nonprofits and volunteer groups to bring new programs on site, such as workshops to promote health and wellness and food pantry programs.

“Linking our residents with onsite services supports their independent living and quality of life,” said Sara Wall, social impact manager of Vitus Group.  “And, with policy makers looking for ways to reduce healthcare costs, delivering home and community- based services is a proven strategy.” Vitus owns over 3,000 units of affordable housing serving older adults, many with onsite resident services.

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