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1702 Paris Street Apartments Presentation at Colorado NAHRO Conference Pueblo - May 13, 2015

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

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1702 Paris Street Apartments Presentation at Colorado NAHRO Conference Pueblo - May 13, 2015

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  1. 1702 Paris Street Apartments Presentation at Colorado NAHRO Conference Pueblo - May 13, 2015

  2. Aurora Demographics • 3rd largest city at 345,803 spanning 3 counties • 55th 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

  3. 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

  4. 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

  5. 17th & Paris St.

  6. Project Overview • Paris St & E. 17th 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.

  7. Building Design • Five story • Structured parking • Community rooms • Counseling rooms • Play area & garden

  8. 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: $600,000 • Hard Costs: $10,085,960 • Soft Costs & Fees: $2,813,857 • Reserves: $400,000 • Budget Sources: $13,899,817 • 9% LIHTC (May 1, 2015): $10,327,582 • Aurora Land Donation: $600,000 • Aurora Grants: $1,700,000 • Arapahoe Co. Grants: $500,000 • Permanent Mortgage: $725,000 • Owner Equity: $47,235

  9. City of AuroraCommunity 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

  10. 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

  11. 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

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