1702 Paris Street Apartments

Presentation at Colorado NAHRO Conference Pueblo - May 13, 2015

Aurora Demographics

    3rd largest city at 345,803 spanning 3 counties 55 th largest U.S. city, close in size to New Orleans, St. Louis, & Pittsburg Population increase of 118% since 1980 North Aurora:  “Opportunity Triangle” of Lowry, Stapleton, & Fitzsimons, future VA Hospital & 2 light rail stations  Home to over half of Colorado’s refugees  Emerging Arts District along Colfax Avenue

Income and Rental “Gap”

     Median Household Income for metro Denver is $79,300; Aurora is lower at $51,048. 1,800 rental units affordable to 13,700 households in poverty = 12,000 unit “Gap.” North Aurora: Zero% vacancy rate in Q1 2015 Aurora Housing Authority’s (AHA) Section 8 voucher waitlist closed in 2005. AHA has 1,706 vouchers = 49 per 10,000 people Aurora Public Schools (APS): 69% receive free/reduced lunch

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Homeless Families

2012-13: APS tracked 2,392 McKinney-Vento homeless students (lower than Jefferson’s 2,482, higher than Denver’s 2,063):  82% “Doubled up” (1,958)  9.5% Hotels/Motels (227)  7% Shelters/Transitional (171)  1.5% Unsheltered (36)  211 Unaccompanied Youth – highest in State 2014 Point-in-Time (PIT): 67% part of households with children. Of 926 counted, over 400 were children No Project Based Permanent Supportive Housing for families

17

th

& Paris St.

Project Overview

      Paris St & E. 17 th Ave. (Colfax & Peoria) One block from Fitzsimons campus Near Paris Elementary School & North Middle School Up to 44 units (20 two- & 24 three-bedrooms) on 0.55 acres 15 Permanent Supportive Housing units and remainder affordable family units (12 at 40% AMI & 32 at 50% AMI).

Preference for Veteran Families.

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Building Design

Five story Structured parking Community rooms Counseling rooms Play area & garden

Project Status & Budget

    Zoned Fitzsimons Boundary Area Development (FBAD): unlimited density for residential BRI is a Community Housing Development Organization: CHDO pre-development loan & operating grant Project Costs: $13,899,817   Land: Hard Costs: $600,000 $10,085,960  Soft Costs & Fees:  Reserves: Budget Sources:       $2,813,857 $400,000 $13,899,817 9% LIHTC (May 1, 2015): $10,327,582 Aurora Land Donation: $600,000 Aurora Grants: Arapahoe Co. Grants: Permanent Mortgage: Owner Equity: $1,700,000 $500,000 $725,000 $47,235

City of Aurora Community Development

Sponsor, Current Owner and Funder

 Grants totaling $1,700,000 ($1,200,000 HOME, $200,000 CDBG, & $300,000 NSP), & 23 water/sewer taps  Donating two parcels totaling 0.75 acres (value $600,000). Acquired through State Neighborhood Stabilization Program (NSP) and Land-banked

Partners

 Brothers Redevelopment, Inc. (BRI): Developer/Owner/Property Manager  Solvera Affordable Housing Advisors  Arapahoe County: $500,000 in HOME  Aurora Mental Health Center: Primary Service Provider  Mile High Behavioral Healthcare/ Comitis: Enhanced Service Provider  Aurora Housing Authority: 15 Section 8 vouchers & tax exempt status

Challenges & Benefits

Challenges:  Obtaining Project Based Section 8 Vouchers  Competition for 9% LIHTC  Political and planning support for new concept of PSH (reduced parking, etc.) Benefits:  Expanded Collaborative  Model for future PSH Toolkit projects  City & County participating in a meaningful way