Vitus, a national affordable housing developer and owner, has announced the preservation and planned renovation of an affordable housing complex in Thornton, Colo., 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, according to officials.
Vitus declined to disclose the sales price.
Through an extension of the Housing Assistance Payment contract with the Department of Housing and Urban Development, residents at the 180-unit development will pay no more than 30% 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, in a statement. “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.”
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. Vitus has partnered with CCH to maintain on-site 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.
“CCH deserves a lot of credit for the work they’ve done in the community over the last 10 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 property was acquired from Renaissance 88 Apartments LLP, of which Hearthstone Housing Foundation was a general partner.
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 the renovation of damaged walkways and parking lots and replacement of appliances in the community room and business center, according to Vitus. The initial stage of renovations at Renaissance 88 is planned to be completed by early 2019.
The company said it's planning a large-scale renovation in 2023, with a budget six to eight times the size of the initial stage that will include replacement of roofing, windows, and siding, and the installation of new flooring, window coverings, and cabinets as well as energy-efficient lighting, plumbing fixtures, and appliances.
