Transcript Enterprise Zone Contribution Projects
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
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.
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