Vantage Announces Agreement with Attorney General About Affordable Housing Best Practices

NEW YORK, Feb. 11 /PRNewswire/ -- Vantage Properties released the following statement about the company's agreement with the Office of the New York State Attorney General:

"Vantage was founded with the goal of bringing positive and much-needed change to New York's ailing affordable housing industry. Today's agreement on affordable housing best practices represents another milestone for Vantage in our pursuit of this goal -- and will help set new standards for the residential housing industry in New York City. We encourage other real estate companies to join us in implementing these best practices, and we reaffirm Vantage's commitment to outstanding service and innovation on behalf of our residents."

In addition, Vantage attorney Orin Snyder of Gibson, Dunn & Crutcher stated: "By embracing historic reform, Vantage has agreed to be the industry leader. This is a great result, and reflects a landmark collaboration between the public and private sectors."

The following is additional background information about Vantage:

• Vantage is a young company (3-years-old) with a proven record of challenging outdated industry practices, innovating and improving services for its residents.

• Vantage has an unparalleled leadership record in purchasing what were previously neglected buildings and then turning them into top-notch housing by cleaning them up and providing excellent services to residents.

• Following its purchase of residential housing buildings, Vantage invested in improvements and resolved more than 10,000 violations that it had inherited from previous owners.

• Vantage has invested more than $100 million in much needed building infrastructure and systems -- making its buildings the best-in-class in their respective neighborhoods.  These upgrades ensure that residents of Vantage buildings don't have to choose between homes they can be proud of and homes they can afford.

• Vantage has implemented the industry's only advanced 24-hour security platform, which actively monitors almost 150 Vantage buildings and brings a modern level of safety to non-doorman properties.

• Vantage provides its residents with the industry's only 24-hour customer service hotline that allows residents access to 311-style assistance at convenient times.

• Vantage is very pleased to work closely with the Attorney General as the Company continues to take a leading role in implementing best practices for affordable housing.

SOURCE Vantage Properties