Brothers Redevelopment unveils latest affordable housing project.
Brothers begins construction of Paris Family Housing in Aurora next spring.
CHFA providing critical financing piece for $11.2 million development.
The nonprofit Brothers Redevelopment next spring will begin construction on a $11.2 million, 39-unit affordable housing development in Aurora.
Paris Family Housing is expected to open in early 2018 at 17th and Paris streets.
The affordable rental development has been awarded $553,397 in federal Low Income Housing Tax Credits by the Colorado Housing and Finance Authority.
“Brothers Redevelopment is grateful to CHFA for the opportunity to meet a critical need among families for affordable housing and services in urban Aurora,” said Jeff Martinez, president of Brothers Redevelopment.
Paris Family Housing is one of the latest affordable housing development by Brothers. Brothers, founded 45 years ago, provides affordable housing and housing-related services to low-income, elderly and disabled residents in Colorado and Wyoming.
CHFA’s allocation of LIHTC leverages $1.2 million in HOME Investment Partnership Act funds and $500,000 in Neighborhood Stabilization Program funds approved by the City of Aurora.
“By leveraging the City of Aurora’s unprecedented investment to develop the site and working closely with city staff, elected officials, and other community stakeholders, we will help the families who call Paris Family Housing “home”, find long-term sustainability and self-sufficiency,” Martinez said.
Paris Family Housing , being designed by Denver-based Shopworks Architecture, will feature a family-oriented design. For example, it will only have two-and three-bedroom units. Most market unit apartment being built in the metro area increasingly are featuring smaller studio and one-bedroom items. As rental rates rise, many renters increasingly are having trouble affording them. One way to keep monthly rents in check is to make units smaller.
Paris Family Housing will provide affordable rental housing to households earning 30 to 50 percent or less of the Area Median Income. That ranges from $21,630 to $36,050 in gross annual income for a three-person household in Adams County.
“There are families in this area of Aurora who are on one- to two-year wait lists to rent affordable housing similar to what Paris Family Housing will offer,” said Cris White, executive director and CEO of CHFA.
“The need this development will help meet is tremendous and CHFA is pleased to partner on this effort,” White added.
Brothers Redevelopment is collaborating with a number of community partners for Paris Family Housing.
- Gary Community Investments.
- Aurora Public Schools.
- And the Anschutz Community Campus Partnership.
The partners will help link residents to various community-based programs. They will provide on-site supportive services such as free tutoring, job sourcing, and other educational and job readiness programs.
In addition Wells Fargo Foundation awarded a $212,500 Priority Markets Program grant to support the development. Additional funding has also been committed by Arapahoe County, and additional support will be sought from the Colorado Department of Local Affairs-Division of Housing.
The construction of Paris Family Housing is estimated to generate $22.5 million in economic impact and support 140 jobs.
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