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 Q  Aurora Housing Authority’s (AHA) Section 8 voucher waitlist closed in AHA has 1,706 vouchers = 49 per 10,000 people  Aurora Public Schools (APS): 69% receive free/reduced lunch

Homeless Families  : 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: $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 Collaborative  Model for future PSH Toolkit projects  City & County participating in a meaningful way