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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).