1702 Paris Street Apartments Presentation at Colorado NAHRO

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

Aurora Demographics § 3 rd 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: Ø “Opportunity Triangle” of Lowry, Stapleton, & Fitzsimons, future VA Hospital & 2 light rail stations Ø Home to over half of Colorado’s refugees Ø 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 Q 1 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 Mc. Kinney-Vento homeless students (lower than Jefferson’s 2, 482, higher than Denver’s 2, 063): Ø 82% “Doubled up” (1, 958) Ø 9. 5% Hotels/Motels (227) Ø 7% Shelters/Transitional (171) Ø 1. 5% Unsheltered (36) Ø 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: $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 §

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 Model City Collaborative for future PSH Toolkit projects & County participating in a meaningful way