TO: Mayor Thomas J. Weisner
FROM: Daniel Barriero, Chief Community Services Officer
DATE: January 8, 2014
SUBJECT: title
A Resolution Approving a Development Agreement for HOME and NSP Program Loans Between the City of Aurora and Brinshore Development LLC (DBA Boreas LLC) for Scattered-Site Housing Development in the City of Aurora.
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PURPOSE:
This staff report seeks approval of a Resolution to fund HOME and NSP Development Agreements with Brinshore Development LLC (DBA Boreas LLC for this Project) for $374,321 in HOME Investment Partnership Act funds and $150,000 in Neighborhood Stabilization Program funds ($524,321 total) to assist in the acquisition of ten (10) vacant/foreclosed single family homes in Aurora for the provision of decent, safe, and sanitary workforce housing. The City will lend funds into this project from mutually agreed terms in the attached term sheet (referenced as "Attachment One"). The HOME and NSP Agreements contemplated will not substantively deviate from the attached term sheet. In exchange for its loan proceeds, the City will receive 4 units of housing to be rented to persons who earn at-or-below 50% of the area median income, and an additional 6 units of housing to be rented to persons who earn at-or-below 60% of the area median income. All 10 units will be held as affordable rental housing with legal covenants for a period of 30 years.
BACKGROUND:
The history of interactions between the City of Aurora and Aurora Housing Authority regarding replacement of 146 housing units at the Authority owned Jericho Circle site are well known. The outcomes of discussions between the City and Housing Authority, combined with recommendations of the Mayor's Housing Task Force led to the partnership between the City, Housing Authority, and Boreas LLC that led to the current project concept.
DISCUSSION:
The Aurora Impact Initiative is a program designed to address the foreclosure crisis in Aurora, and provide affordabl...
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