Housing nonprofit Brothers Redevelopment Inc. will break ground at 10 a.m. Wednesday, Jan. 31, on Paris Family Apartments, a 39-unit apartment community for families at 1702 Paris St. in Aurora.
The $12.9 million project fulfills a longtime goal of the city of Aurora’s comprehensive plan for affordable family housing.
Built with unprecedented financial support from Aurora’s Community Development Division, which contributed the land and more than $2 million, Paris Family Apartments will give preferential consideration to income-eligible veterans with families who seek housing at this attractive modern complex.
“Affordable housing is an important part of Aurora’s planning, and Paris Family Apartments offers a great example of how government, nonprofits, businesses and lenders can work together to build a welcoming, inclusive community,” Aurora Mayor Steve Hogan said. “By focusing on veterans and their families, this initiative honors those who have selflessly served our nation and reminds them that whatever struggles or obstacles they might face, they are not forgotten and have a home in our city.”
Paris Family Apartments is designed to serve families, with 24 two-bedroom and 15 three-bedroom units available on the half-acre site. The development will offer affordable rental housing to households earning up to 50 percent of the Area Median Income, which currently ranges from $22,680 to $37,800 in gross annual income for a three-person household in Adams County.
The project received contributions from an impressive array of public, private and philanthropic sources. The Colorado Housing and Finance Authority awarded the project Low Income Tax Credits in 2016. Long-established housing nonprofit Brothers Redevelopment secured funding and capital to build the project.
Wells Fargo Bank is serving as the construction lender, equity investor and provider of a $212,500 Priority Markets Program Grant, which is designed specifically for neighborhood revitalization projects such as Paris Street.
“Wells Fargo and Brothers Redevelopment have collaborated on a number of neighborhood improvement projects over the years,” said Maria Sepulveda, Wells Fargo vice president of community development for Colorado. “We’re proud to be part of the Paris Family Apartments, which will provide the kind of quality affordable housing our military members and their families need and deserve. Our Priority Markets Program Grant is one of the many ways we support local communities. With local home prices rising dramatically and a limited supply of available affordable housing, we know this project will make a big impact in the community.”
The Colorado Division of Housing and Arapahoe County also provided key funding.
Shopworks Architecture designed the Paris Family building. Deneuve Construction Services will serve as the general contractor.
The construction of Paris Family Housing is forecast to generate an estimated economic impact of $22.5 million and to support 140 jobs, according to Denver Real Estate Watch.
When the community opens in March 2019, Brothers Redevelopment will provide services for the families who will call Paris Street home, thanks to a multi-year grant from Gary Community Investments. A resident services coordinator will link residents to training and employment opportunities at local institutions, including those on nearby Anschutz Medical Campus; help secure after-school tutoring and mentoring for students; and, connect residents with essential services offered by the city and other area nonprofits.
“Brothers Redevelopment is grateful to the city of Aurora, CHFA, Wells Fargo and others for the opportunity to meet a critical need among families for affordable housing and services in urban Aurora,” said Brothers Redevelopment president Jeff Martinez. “By leveraging the city of Aurora’s unprecedented investment to develop the site, and working closely with other community leaders and stakeholders, we will help the families who call Paris Family Housing ‘home’ find long-term sustainability and self-sufficiency.”
Founded in 1971, Brothers Redevelopment is a trusted nonprofit providing housing and housing-related services to low-income, elderly and disabled residents in Colorado. For information about Brothers Redevelopment, visit the website www.brothersredevelopment.org, or call the housing helpline, Colorado Housing Connects, at 1-844-926-6632.
Electa Draper is public relations coordinator for Brothers Redevelopment Inc.