$12.9M Affordable Housing Project to Break Ground in Aurora
AURORA – Housing nonprofit Brothers Redevelopment Inc., will break ground on Wednesday, March 21, on Paris Family Apartments, a 39-unit apartment community for families at 1702 Paris St. The $12.9 million project fulfills a longtime goal of the City of Aurora’s comprehensive plan for affordable family housing.
Paris Family Apartments is designed to serve families, with 24 two-bedroom and 15 three-bedroom units available on the half-acre site. The development will offer affordable rental housing to households earning 30 percent to 50 percent or less of the Area Median Income, which currently ranged from $22,680 to $37,800 in gross annual income for a three-person household in Adams County in early 2018.
“Affordable housing is an important part of Aurora’s planning, and Paris Family Apartments offers a great example of how government, nonprofits, businesses and lenders can work together to build a welcoming, inclusive community,” said Aurora Mayor Steve Hogan. “By focusing on veterans and their families, this initiative honors those who have selflessly served our nation and reminds them that whatever struggles or obstacles they might face, they are not forgotten and have a home in our city.”
Shopworks Architecture designed the Paris Family building. Deneuve Construction Services will serve as the general contractor. When the community opens in March 2019, Brothers Redevelopment will provide services for the families who will call Paris Street home, thanks to a multi-year grant from Gary Community Investments. A resident services coordinator will link residents to training and employment opportunities at local institutions, including those on nearby Anschutz Medical Campus; help secure after-school tutoring and mentoring for students; and, connect residents with essential services offered by the city and other area nonprofits.
As a direct recipient of federal HUD funding, the city of Aurora demonstrated its support by committing $1.2 million in federal HOME funds and $620,000 in Neighborhood Stabilization Program (NSP) funds. Additionally, the city committed the land to the project, along with credited water tap fees.
Prompted by Aurora’s unprecedented investment, the project received contributions from an impressive array of public, private and philanthropic sources. The Colorado Housing and Finance Authority (CHFA) awarded the project Low Income Tax Credits in 2016. Long-established housing nonprofit Brothers Redevelopment secured funding and capital to build the project.
Wells Fargo Bank is serving as the construction lender, equity investor and provider of a $212,500 Priority Markets Program Grant, which is designed specifically for neighborhood revitalization projects such as Paris Street.
“Brothers Redevelopment is grateful to the City of Aurora, CHFA, Wells Fargo and others for the opportunity to meet a critical need among families for affordable housing and services in urban Aurora,” said Brothers Redevelopment president Jeff Martinez. “By leveraging the City of Aurora’s unprecedented investment to develop the site, and working closely with other community leaders and stakeholders, we will help the families who call Paris Family Housing ‘home’ find long-term sustainability and self-sufficiency.”
Rendering courtesy of Brothers Redevelopment Inc.