<body><div><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=2Tohvg_155OaGBE00" alt="https://img.particlenews.com/image.php?url=2Tohvg_155OaGBE00" width="1600" height="1280" >A combination of new construction and rehabilitation helped preserve a longstanding affordable housing development in El Paso, Texas.After acquiring Columbia Apartments from a nonprofit organization in 2022, Vitus has ensured the 200-unit community will remain affordable housing for decades to come.Built in 1970, the property needed major renovation. One of the development’s 10 residential buildings even sat vacant because of issues with the foundation, according to the firm.Vitus, a national company specializing in affordable housing preservation, demolished the condemned building and built a new one to bring back 20 units to the affordable housing stock, says Brooke Kim, director of development.“We were not only able to preserve an existing asset but add to the total pool of affordable housing by bringing back those 20 units,” says Kim. “This project is helping make sure that people are able to continue to live and work in El Paso.”Vitus completed the project earlier this year, just as the city has been experiencing strong population growth and rent increases, making affordable housing even more critical. In June, Ziprent reported that rents for a one-bedroom home increased 23% year over year, while the increase for a two-bedroom was 15.5% in El Paso.The addition of new construction was one of the unique components of the project. Vitus also had the challenge of rehabilitating nine other buildings, which were constructed with CMU block. Each unit received about $70,000 in improvements, including upgraded kitchens and bathrooms, and a large solar installation that significantly offsets electric usage at the site, according to Kim.The development features one- to four-bedroom apartments to serve larger families. Ongoing resident services are also provided on-site—recent activities include a food pantry event, homework help, and a football mini-camp for young residents.Ten units were converted to be Americans with Disabilities Act (ADA) compliant. A community building was also upgraded. Residents can also enjoy a new gazebo and a renovated basketball court.Vitus’ nonprofit partner on the $40 million project, which includes about $18.5 million in construction costs, was the El Paso Housing Finance Corp., which provided its local knowledge and issued tax-exempt bonds for the project. The Texas Department of Housing and Community Affairs allocated 4% low-income housing tax credits. Regions Bank and its affordable housing group provided debt and equity.The team also extended the Section 8 rental assistance contracts, ensuring the homes remain affordable decades to come.Vitus is one of the nation’s largest owners of affordable housing with more than 15,000 units.</div></body>

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A combination of new construction and rehabilitation helped preserve a longstanding affordable housing development in El Paso, Texas. After acquiring Columbia Apartments from a nonprofit organization in 2022, Vitus has ensured the 200-unit community will remain affordable housing for decades to come. Built in 1970, the property needed major renovation....

Vitus Revives Aging Texas Development

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A combination of new construction and rehabilitation helped preserve a longstanding affordable housing development in El Paso, Texas. After acquiring Colum

Vitus Revives Aging Texas Development

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