A Seattle company is planning a 255-unit affordable housing development for a Dickerson Pike site.
The Metropolitan Development and Housing Agency Joint Finance and Development Committee on Tuesday approved a payment in lieu of taxes (PILOT) agreement with Vitus Group. The approval will allow MDHA to provide the company tax credits in an equity amount of about $17.97 million, with the project to unfold at
Vitus will still need full MDHA Board of Commissioners approval in June.
Founded in 1993, Vitus notes on its website it has preserved more than 100 affordable properties in 22 states. In Tennessee, the company has been involved with affordable housing efforts in Alcoa and Chattanooga.