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Community Investment Financing

The purpose of the Community Investment Financing application is to provide resources for developers and service providers interested in creating and/or preserving affordable housing opportunities in the city of Aurora. The city’s housing priorities are established in the recently adopted Housing Strategy and guided by six policies informed by best practices and extensive community input. Applications will be evaluated based on alignment with the policies and goals of the Housing Strategy.

Image of housing strategy policies

Types of Projects Funded: New rental or for-sale affordable housing, rehabilitation/preservation of existing affordable housing, permanent supportive housing, and homelessness service providers with infrastructure needs related to housing.

Funding Sources:
Amounts will vary from year to year based on changing federal grant allocations, program income received, and funding needs for other programs. Sources will include some or all of the following: HOME (Home Investment Partnership Program) funds and CDBG (Community Development Block Grant) funds. The city currently has approximately $21,050,797 in Private Activity Bonds (PAB), $2.5 million in HOME funds, and $1.5 million of CDBG funds for this spring round of financing.

General Application Components/Evaluation Criteria:

• Alignment with Housing Strategy
• Meets an identified housing need in the community
• Demographics to be served by the project reflect the principles of diversity, equity, and inclusion
• Average median income to be served by the project
• Cost-effectiveness: leveraging of funding, review of sources and uses, and funding sustainability
• Available city funding sources based on project type, developer or organization experience, and surrounding compatible uses.
Review Committee: City staff including Community Development, Homelessness Program, Finance, Planning, and Urban Renewal, and members of the Community Housing and Development (CHD) Committee.

Timeline:

• Request for applications released Monday, May 17, 2021
• Application due by Friday, May 28, 2021
• Review of applications, committee recommendations, and presentations to City Policy Committees - June 2021
• Announcement of financing awards - Late June to Early July 2021

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