Market Overview

Vitus Acquires First Redevelopment Project in Colorado


National affordable housing developer partners with Colorado
Coalition of the Homeless to provide residential units for both
low-income and homeless families in the Denver area

a national developer and owner of affordable housing, has announced the
preservation and planned renovation of Renaissance 88, an affordable
housing complex in the northeast quadrant of the Denver metropolitan
area. Renaissance 88 is the company's first project in Colorado and will
provide relief for residents at a time when a lack of affordable housing
is posing a significant threat to the economic security of families
across the state.

Currently, half of all Colorado renter households are cost burdened,
meaning that rent takes up more than 30 percent of their total household
income. Through an extension of the Housing Assistance Payment contract
with the Department of Housing and Urban Development, all of the 180
units of Renaissance 88 will be occupied by residents paying no more
than 30 percent of their household income on rent.

"It is a tough time to rent in the Denver area. Nearly a quarter of
renters are spending half or more of their income just to keep a roof
over their head," said Scott Langan, development director for Vitus.
"Our team specializes in protecting and extending the useful life of
properties in markets like Denver where there is a real need for
affordable housing. We look forward to serving Colorado residents and
helping revitalize the neighborhoods they call home."

The Renaissance 88 building was previously managed by the Colorado
Coalition of the Homeless
(CCH), an organization that works toward
preventing homelessness and creating lasting solutions for homeless and
at-risk families, children and individuals throughout Colorado. In order
to continue serving the local community, Vitus has partnered with CCH to
maintain onsite integrated health care, counseling and residential
services for homeless and at-risk families and individuals at the
property. Additionally, the waiting list at Renaissance 88 will give
precedence to families and individuals who are homeless, with 24
apartments prioritized for chronically homeless with a disabling
condition, and 36 apartments reserved for homeless families.

"Colorado Coalition for the Homeless deserves a lot of credit for the
work they've done in the community over the last ten years," said
Langan. "We are proud to partner with CCH to provide support for the
area's most vulnerable residents on an ongoing basis."

The planned renovation for the Renaissance 88 building will include two
stages of redevelopment. The initial stage has a budget of $1 million
and will include numerous interior and exterior improvements such as
renovation of damaged walkways and parking lots and replacement of
appliances in the community room and business center. In 2023, Vitus
will conduct a large-scale renovation with a budget six to eight times
the size of the initial stage that will include replacement of roofing,
windows and siding and installation of new flooring, window coverings
and cabinets as well as energy-efficient lighting, plumbing fixtures and
appliances. The initial stage of renovations at Renaissance 88 are
planned to be completed by early 2019. The project is expected to create
only minimal disruption for residents and the surrounding community.


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
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 25,000 residents
in 23 states.

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