--- title: "FTK Awarded $70MM Virginia LIHTC Rehab" type: "News" locale: "en" url: "https://longbridge.com/en/news/296174552.md" description: "FTK Construction Services has been awarded a $70.3 million contract for the rehabilitation of Stuart Gardens, a historic LIHTC affordable housing project in Newport News, Virginia. The renovation involves updating interiors, exteriors, and common areas across 491 units. The project is owned by Vitus Group, with architecture by True Craft Architecture and financing from Merchants Bank and HUD." datetime: "2026-08-18T04:04:35.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296174552.md) - [en](https://longbridge.com/en/news/296174552.md) - [zh-HK](https://longbridge.com/zh-HK/news/296174552.md) generator: "portal-rs" --- # FTK Awarded $70MM Virginia LIHTC Rehab FTK Awarded $70MM Virginia LIHTC Rehab FTK Construction Services, a nationwide General Contractor specializing in Affordable Housing/LIHTC projects, is honored to announce its latest contract award and the launch of an extensive LIHTC preservation project at Stuart Gardens in Newport News, Virginia. The total contract value for this project award is $70,365,223. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260817201518/en/ FTK Construction Services is honored to announce its latest contract award and the launch of an extensive LIHTC renovation project in Newport News, Virginia. Photo is provided by Vitus Group. The owner of the property is Vitus Group. The Architect for the project is True Craft Architecture. The lenders on the project are Merchants Bank and HUD. Stuart Gardens consists of 491 units throughout 109 garden-style buildings on 40 acres. It was originally built in 1941 as a defense housing project for military personnel and civilian wartime workers during World War II and is listed on the Virginia Landmarks Register as a notable historic wartime housing community. The enhancements included as part of this renovation are: - Interior units will have updated kitchens and baths with all new plumbing fixtures, fresh paint, new cabinetry, new countertops, new appliances, new flooring, new lighting fixtures, new bathroom upgrades including tub/shower surrounds, and new energy-efficient water heaters. - Exterior improvements will include new roofs, gutters and downspouts, new insulation and exterior repairs, 100% new sheathing, weather barrier and siding, new railings, new windows, doors and paint, new exterior lighting, and restructuring and repair of the crawl spaces. - Common area enhancements will include an updated community room with a new kitchen area, bathroom, signage, and new paint throughout. Postal facilities and playground enhancements with new equipment are also planned. - Additional site work will include asphalt, paving, concrete, sidewalk, and landscaping upgrades. Jim Goodman, CEO of FTK, shared, “This is an incredible project, 4 years in the making in collaboration with the great teams at Vitus Group and True Craft Architecture. The size and historic nature of the Stuart Gardens project make it truly unique, and our FTK Team is excited to start the transformation of this property. We’re very appreciative to be a part of this project and others with the Vitus Group Team.” Vitus Group is a Seattle-based developer of affordable housing focused on giving economically disadvantaged families and seniors a home to take pride in. They are one of the nation’s premier affordable housing preservation developers with over 130 properties in 30 states. **About FTK Construction Services** FTK Construction Services is a premier nationwide full-service General Contractor, with three divisions of Multifamily expertise: Affordable Housing/Low-Income Housing Tax Credit (LIHTC) preservation projects, Multifamily Renovations and Disaster Services/Insurance related property damage restoration projects. FTK has completed or has in-process projects in **36 states to date**, with over 8,500 rehabbed LIHTC units and over **31,000 unit restorations completed** in the last 25 years. Visit our website at ftkconstructionservices.com to learn more about our company. FTK Construction Services Kim Goodman Kim.Goodman@ftkmail.com Kayla Prine Kayla.Prine@ftkmail.com View source version on businesswire.com: https://www.businesswire.com/news/home/20260817201518/en/ ### Related Stocks - [MBIN.US](https://longbridge.com/en/quote/MBIN.US.md) ## Related News & Research - [Prudent Growth sells Virginia’s Chatham Centre for $2.95 million](https://longbridge.com/en/news/296258612.md) - [PointAI Unveils Physics-Based Simulation AI for Faster, More Accurate & Affordable Digital Fashion Commerce](https://longbridge.com/en/news/296478774.md) - [Trump issues 'unprecedented' threat to Iran — and any nation that helps the regime](https://longbridge.com/en/news/296486008.md) - [Building families shouldn't be this hard](https://longbridge.com/en/news/296634045.md) - [Sweetgreen opens first East Coast sweetlane drive-up location in McLean, Virginia](https://longbridge.com/en/news/296232851.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**