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TO: Mayor Richard C. Irvin
FROM: Chris Ragona, Director of Community Services, Community Services Department
DATE: February 13, 2025
SUBJECT:
A Resolution Authorizing the Execution of a Modification to a Redevelopment Agreement Between the City of Aurora and Association for Individual Development (AID) to Modify Loan Terms for Project HOME-2012-01.
PURPOSE:
The City of Aurora receives approximately $500,000 annually in Home Investment Partnership (HOME) funds to create, preserve, and further affordable housing opportunities throughout the City. Since the City received HOME funding, nine projects have been completed that all require numerous legal documents to be executed and in some cases recorded against the properties assisted.
BACKGROUND:
As part of a re-examination of these legal documents, Community Development staff is recommending modifications to update the language to meet HOME regulations, match the HUD required completion dates in each legal document, and reduce the number of HOME units from 5 to 4 to match the actual number of units created in 2012. The additional space is currently utilized as 24/7 services required under Medicaid and Medicare support services through the Department of Mental Health.
DISCUSSION:
Even though the projects will not complete their affordability periods for many years, it is important to make these changes now so that a correct unit inspection schedule can be implemented and all of the legal document dates will match. As noted above, some of the projects will also require a modification to the agreement, regulatory land use restriction agreement (RLURA), mortgage, and notes to correctly state the number or type of HOME units along with the correct affordability period dates.
Project No.
Developer
Project
Expiration Date of HUD Affordability Period
Number of HOME Units
HOME-2012-01
AID Community Housing
523-531 N. Edgelawn Drive, Aurora, Illinois 60506
10/26/2030
Reduce from 5 to 4 HOME units
IMPAC...
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