
Vitus, LIHC Preserve Affordable Units in Santa Fe Springs
Vitus, a national developer and owner of affordable housing, and LIHC Investment Group, one of the country’s largest affordable housing owners, completed extensive renovations at the 34-unit Villa Verde Apartments in Santa Fe Springs. The companies have agreed to keep Villa Verde affordable for another 50 years, through at least 2073.
“The revitalization of Villa Verde Apartments will help preserve long-term affordable housing for a community of low-income residents,” said Samantha Cullen, director of development at Vitus. “We are committed to making sure that affordable housing stays affordable while also offering a higher quality of living for families with new resident services and design improvements.”
As a result of the preservation agreement with HUD, Vitus and LIHC were able to fund extensive upgrades and climate-friendly “greening” at Villa Verde, which was built in 1982. The upgrades cost approximately $75,000 per unit.
- ◦Development