From Yahoo! Finance:
Vitus, a national developer and owner of affordable housing, announced today that it is welcoming residents back into the newly restored Market North Apartments in Wilmington, North Carolina. Residents were originally forced to vacate the property after the apartments were severely damaged by Hurricane Florence in September of 2018.
Vitus acquired Market North Apartments in late July 2019 and immediately began major property renovations. In the aftermath of Hurricane Florence, there are still 1,200 affordable housing units in Wilmington that remain uninhabitable due to extensive damage. The re-opening of Market North Apartments will bring 204 of those desperately needed affordable housing units back into service.
“At Vitus, we work to provide affordable housing to the cities and regions that need it most,” said Scott Langan, principal and director of development for Vitus. “Hurricane Florence had a severe impact on the infrastructure and people of Wilmington and it means so much to be able to welcome our residents back into a place they can be proud to call their home.”
In order to keep Market North Apartments affordable – and allow residents to move back into their previous homes – Vitus partnered with the Wilmington Housing Authority, the U.S. Department of Housing and Urban Development (HUD) and the Affordable Housing Institute. Through these partnerships, Vitus was able to get the property covered by a section 8 Project Based Rent Assistance contract that ensures its residents will pay a maximum of 30% of their adjusted income on rent.
“The Wilmington Housing Authority, HUD and the Affordable Housing Institute have been instrumental in this process,” said Langan. “We look forward to growing these partnerships and continuing to expand the affordable housing options available to the people of North Carolina.”
Read Yahoo! Finance's article "Vitus Announces Re-Opening of Hurricane-Damaged Affordable Housing Property," featuring the Wilmington Housing Authority.