Vitus, a national developer and owner of affordable housing, has announced the preservation and planned renovation of Renaissance 88, an affordable housing complex in the northeast quadrant of the Denver metropolitan area. Renaissance 88 is the company’s first project in Colorado and will provide relief for residents at a time when a lack of affordable housing is posing a significant threat to the economic security of families across the state.
Currently, half of all Colorado renter households are cost burdened, meaning that rent takes up more than 30 percent of their total household income. Through an extension of the Housing Assistance Payment contract with the Department of Housing and Urban Development, all of the 180 units of Renaissance 88 will be occupied by residents paying no more than 30 percent of their household income on rent.
In order to continue serving the local community, Vitus has partnered with Colorado Coalition of the Homeless to maintain onsite integrated healthcare, counseling and residential services for homeless and at-risk families and individuals at the property. Additionally, the waiting list at Renaissance 88 will give precedence to families and individuals who are homeless, with 24 apartments prioritized for chronically homeless with a disabling condition, and 36 apartments reserved for homeless families.