The recent opening of Village at Westerly Creek 3 (VWC3) marks the completion of an ambitious 15-year initiative to redevelop 130 units of physically and functionally obsolete public housing into a modern campus with 194 affordable homes and recreational space for families and seniors in Aurora, Colo.
The property had been public housing since the mid-1970s when the Housing Authority of the City of Aurora purchased the community out of foreclosure. The apartments, for seniors and the disabled, had no central air conditioning, no life/safety systems, no elevator, and an electric heating system that was expensive to operate.
Faced with the challenges of an aging property and unable to access federal HOPE VI dollars, the housing authority initiated a three-phase approach to finance the redevelopment.
After utilizing 9% low-income housing tax credits (LIHTCs) in the first two phases, the housing authority showed its ability to deploy a new resource for VWC3 when Colorado created its own state housing credit. The developers became an early user of the new state credit, combining it with 4% federal LIHTCs for the final 74-unit phase.
The $22.1 million VWC3 also provided an opportunity to respond to the community’s need for affordable housing for larger families and seniors. There are 50 two-, three-, and four-bedroom apartments for families as well as 24 one-bedroom senior units, with apartments set aside for residents earning no more than 30% and 60% of the area median income. This is a change from the original development, which consisted of small one-bedroom apartments for seniors.
Although the development was built in multiple phases, it was created as one community, with a cohesive design and ample outdoor and community space, and designed to meet Enterprise Green Communities standards.
“Many of the seniors have said, ‘I never imagined I would get to live in such a beautiful home,’” says Melissa Stirdivant, housing developer.
