AHA to Begin Final Phase of Affordable Housing Project in Aurora

A rendering of Peoria Crossing II, courtesy of AHA.

On Wednesday, March 15 the Housing Authority of the City of Aurora (AHA) will begin construction of the second and final phase of Peoria Crossing. The 2.3-acre transit-oriented site is adjacent to Peoria Crossing I and will add 72 units of affordable housing to round out the multifamily campus to 154 units.

Boulder-based Deneuve Construction is serving as general contractor and ej architecture is the architect.

The multimodal project is located in the Morris Heights neighborhood on 30th and Peoria Street. It will include its own leasing office, package lockers, interior bicycle storage, gardens, public art, playground, and fitness center. It is within walking distance to RTD’s A Line at Peoria Station, the R Line at Fitzsimons Station, and bus lines. Employment sectors include the North Aurora healthcare district and Denver International Airport via the A Line. The close proximity to neighborhood schools, libraries, and recreation areas was an additional draw in planning the development for families.

The affordable housing project will serve households earning between 30 and 60 percent of the Area Median Income (AMI). 14 units will be reserved for project-based vouchers that will serve very low-income families.

“We are very excited to see Peoria Crossing II starting construction. We purchased this property over 10 years ago and we are excited the campus will be completed 16 months from now, “ said Craig A. Maraschky, executive director. “These deals take a great deal of collaboration, financial creativity and patience. But when they are done, we immediately see the positive contribution to people’s lives and the community as a whole.”

Tax credit equity will be provided by Regions Affordable Housing, also known as Regions Bank, construction and permanent financing from First Bank, soft funding support from the Colorado Division of Housing and the City of Aurora, and a deferred developer fee. This model represents tried and true partnerships with investors, lenders and governmental entities. The $30 million dollar development is an example of a public-private partnership that includes funding from federal and state low-income housing tax credits, federal HUD funds, the City of Aurora HOME funds, and State of Colorado HOME funds.

Related Posts

Scroll to Top