Vitus and LIHC Investment Group, two prominent players in the affordable housing market, have successfully completed a major renovation project at Villa Verde Apartments in Santa Fe Springs. This development is part of their commitment to providing long-term affordable housing options for low-income residents.
According to Samantha Cullen, Vitus’ director of development, the revitalization efforts at Villa Verde will not only maintain its affordability but also improve the quality of life for its residents through new services and design enhancements. The companies have pledged to keep these units affordable for another 50 years until 2073.
Thanks to a preservation agreement with HUD (the U.S. Department of Housing and Urban Development), Vitus and LIHC were able to secure funding for extensive upgrades as well as environmentally-friendly “greening” initiatives at Villa Verde which was originally built in 1982. These upgrades came with an estimated cost of $75,000 per unit.
