Officials recently celebrated the opening of a new 100-unit affordable housing development in Aurora, Colorado.
Major Funding Sources
u00b7 First mortgage from Wells Fargo, $12.6 million;
u00b7 HOME loan from the city of Aurora, $750,000;
u00b7 Development grant/loan from the Colorado Division of Housing, $4 million;
u00b7 LIHTC equity from Wells Fargo, $16.6 million; and
u00b7 Funding from Aurora Housing Authority, $865,971.
Developed by the Housing Authority of the City of Aurora (AHA), Walden35 is an all-electric community with a mix of one-, two-, and three-bedroom units.
“The need for affordable housing in Aurora is growing,” said Craig A. Maraschky, AHA executive director, in a statement. “Today, we have an opportunity to reflect and celebrate adding a new building to the affordable inventory.”
The Colorado Housing and Finance Authority awarded low-income housing tax credits (LIHTCs) to help finance the approximately $36.7 million development. Wells Fargo invested in the housing credits and provided a first mortgage. Both the city of Aurora and the Colorado State Division of Housing provided key loans to the project.
AHA utilized the LIHTC program’s “income average” set-aside, which allows Walden35 to serve households earning between 30% and 70% of the area median income.
From the Hip Photo
On-site amenities include a fitness room, a community room, a computer lab, an outdoor play area, a gated dog run, bicycle storage, package lockers, and in-unit washers and dryers.
Officials added that the development aims to foster a sense of community through the built environment and through services provided by AHA’s Education Community Health and Opportunity staff.
Other project partners include ej architecture and Palace Construction.
