Village at Westerly Creek 3 Named Best Public Housing Redevelopment Project
Aurora Housing Authority(AHA) announced that Village at Westerly Creek 3 (VWC3), located at 10827 E Kentucky Ave in Aurora, was recently named 2019 Readers’ Choice Award Winner for Best Public Housing Redevelopment Project by
Affordable Housing Finance Magazine. The award recognizes developments based on innovation, impact, and creative problem-solving.
“It is an honor to be recognized by Affordable Housing Finance Magazine and its readers,” said Craig A. Maraschky, executive director of AHA. “As the final phase in the redevelopment of the former public housing site, VWC3 accomplished our goal of adding much needed units of quality, affordable housing for both families and seniors.”
AHA successfully redeveloped the 11-acre, public housing site by deploying multiple funding mechanisms in three phases. The campus now provides 144 units of affordable housing for seniors and 50 units for families. The project was financed with a combination of Low-Income Housing Tax Credits as well as taxable and tax-exempt debt. The total cost was approximately $51 million.