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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 Community Housing Advocacy and Development (CHAD) to Modify Loan Terms for Project HOME-2010-01.
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 and to match the HUD required completion dates in each legal document.
DISCUSSION:
Even though 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
HOME-2010-01
Community Housing Advocacy and Development (CHAD)
1658 Blackwell Lane, 2517 Wild Dunes, 2958 Partridge
10/22/2028
IMPACT STATEMENT:
This action will have a positive impact on the City's community development efforts and reduce the long-term financial risk to the City of Aurora.
RECOMMENDATIONS:
Staff recommends that the affordability periods and required modifications for the proper...
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