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Posted: July 8, 2011
Langan to direct Vitus Group's New York City office
According to Vitus Group, it has appointed Scott Langan to direct the firm's local office and its overall operations throughout the metropolitan region.
In his new position, Langan will have overall responsibility for Vitus' growth in New York as a leading developer/owner of existing housing stock that is at risk of deterioration, abandonment by owners or conversion to market rate properties.
Stephen Whyte, managing director of Vitus Group, said, "Scott Langan is recognized as one of the nation's leading affordable real estate developers. He has acquired, developed and managed thousands of units of federally subsidized housing from Rhode Island to Florida. In addition, his financial skills as a real estate portfolio asset manager will provide Vitus with invaluable expertise and guidance for all of our holdings throughout the U.S."
Most recently, Langan served as principal of Identical Equities, LLC and as vice president of Apollon Group LLC.
Working in that capacity, he purchased and developed more than 1,000 units of U.S. Department of Housing and Urban Development (HUD) Section 236, Low Income Housing Tax Credit (LIHTC) and market rate housing units in New York, New Jersey and Tennessee. He also directed the asset management of 2,000 additional units, including New York City Mitchell Lama Cooperative, HUD Section 236 Co-op, and HUD subsidized Section 8 housing.
Within the last two years alone, Langan completed more than $10 million in capital reinvestment into affordable properties, thereby preserving vitally important housing stock.
He said, "The development and preservation of affordable housing is one of New York's greatest challenges. I am thrilled to work on that mission at Vitus Group, specializing in something I care the most about."
Langan holds a Bachelor of Arts degree from Fordham University.
His entire 25-year professional career has been within the affordable housing industry.
With offices in Seattle, New York, Hawaii and San Diego, Vitus Group has developed and owns more than 5,000 residential units at more than 60 properties in 13 states. Vitus actively develops properties nationwide. Vitus also serves as a lead consultant to developer clients who seek the best solutions in planning affordable housing projects, often working with partners in both the public and private sectors. For more on Vitus see www.vitusgroup.com.
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