Release Date: August 22, 2022
Developer reaches 100th property rehabilitation milestone with completion of construction
NORTH CAROLINA – Vitus, a national developer and owner of affordable housing, announced the completion of substantial renovations across the Thetford Portfolio, a group of seven properties totaling 560 units in six cities across North Carolina. In addition to revitalizing these properties, Vitus is preserving them as affordable housing for decades to come. With the conclusion of construction, Vitus has also reached a major milestone, having renovated more than 100 existing affordable housing properties nationwide, including 10 in North Carolina.
“The development of the Thetford Portfolio was a challenge, with seven properties concurrently undergoing extensive renovations. We owe our success to our collaboration with strong partners. Our construction team, especially, helped us quickly tackle any issues that came up along the way,” said Brooke Kim, Director of Development at Vitus. “Across the Portfolio, we revitalized these buildings, which we hope will improve the quality of living for residents, make North Carolina communities stronger and extend the useful life of these buildings for many years to come.”
Non-profit Affordable Housing Institute, Inc. assisted Vitus with the development and ongoing coordination amongst local organizations and governmental bodies. They are also co-owners and a general partner. The construction work was completed by Empire Corporation of Tennessee Inc. with architectural services provided by Ross Deckard Architecture and True Craft Architecture. These projects were financed by a combination of HUD 221 (d)(4) mortgage loans serviced by Merchants Capital Corp. and Low-Income Housing Tax Credit equity provided by TenSixFive Capital. The projects also utilized a pooled bond issuance of multifamily housing revenue bonds from the Burlington Housing Authority. The properties are currently managed by Multifamily Select Inc.
“The Thetford Portfolio will help safeguard housing options in an area that is becoming increasingly expensive for low-income residents,” said Affordable Housing Institute President, Bryan Hartnett. “Ensuring that existing affordable housing stays affordable and provides high-quality homes for families and seniors is essential.”
The significant rehabilitation work across the Thetford Portfolio is evident in the approximately $55,000 spent per unit. With this investment all units received kitchen and bathroom remodels, new flooring, efficient LED lighting upgrades, ENERGY STAR appliances and energy-efficient HVAC systems. The building exteriors also saw improvements, including new roofing, siding and energy-efficient windows along with sidewalk and asphalt repairs. Additionally, some properties were enhanced with amenities such as playgrounds or new on-site laundry facilities.
Vitus purchased the Thetford Portfolio in May of 2021 through a tax credit acquisition and construction was officially complete August 1, 2022. All 560 units will be preserved for residents earning 60% of area median income for the next 30 years through the Low-Income Housing Tax Credit program administered by the North Carolina Housing Finance Agency. 508 of the units are controlled by a Section 8 Housing Assistance Payments Contract, which was extended at closing for a period of 20 years. These units are also all restricted to residents earning 60% area median income or lower.
At Vitus, our mission is to create positive impact – one community, one family and one life at a time. Since 1993 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 30,000 residents in 29 states. vitus.com