VITUS MAINTAINS AFFORDABILITY OF 176 HOUSING UNITS FOR LOW INCOME RESIDENTS IN ATLANTA

Release Date: May 25, 2017

Renovation and new ownership will focus on promoting the health of the residents 

ATLANTA, Ga. — Vitus, a national developer and owner of affordable housing, announced the preservation and planned renovation of Paradise East Apartments, apartments for low-income residents in Atlanta, Georgia. The 176 units, located at 1504 Bouldercrest Road, will become the second multifamily property in Atlanta Vitus has renovated, alongside Abernathy Tower. Through an extension of the Housing Assistance Payment contract with the Department of Housing and Urban Development, 95 percent of the units will be occupied by residents paying no more than 30 percent of their household income on rent.

“At Vitus, we seek out communities like Atlanta where the availability of quality affordable housing is at risk,” said Stephen Whyte, Managing Director for Vitus. “We work hard not just to acquire and preserve housing, but also to improve the lives of residents. We are excited to expand our affordable housing offerings in Atlanta beyond Abernathy Tower and to bring Paradise East Apartments residents the same improvements and amenities that improve health and wellness.”

Disruption to residents will be minimal – they will be able to move to onsite hotel units during renovations. Along with being updated into a secure, gated community, Vitus will install “active design” amenities at Paradise East Apartments. Features will include new landscaping, bike racks, an updated playground structure, covered outdoor gathering spaces, a new arts and crafts room, community room, computer lab, and updated management office. The apartments will receive new kitchen appliances, including refrigerators and natural gas kitchen ranges, low flow faucets and updated cabinetry. Nine units will also be updated for ADA accessibility.

Out of the 176 units, 160 units have a Housing Assistance Payment (HAP) contract, 14 units are non-section 8 and 2 units are non-revenue maintenance units. As part of this transaction, the HAP contract will be renewed.

As one of the first affordable housing developers to commit to the Partnership for a Healthier America (PHA), Vitus works to build healthier communities across the country by incorporating active design elements into at least 80 percent of its future projects. PHA, founded in conjunction with former First Lady Michelle Obama’s Let’s Move! program, works with the private sector to make the healthier choice the easy choice.

Improvement projects will start at Paradise East in May 2017 and are expected to be completed by April 2018.

 

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