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Housing nonprofit Brothers Redevelopment Inc. on Paris Family Apartments, a 39-unit apartment community for families at 1702 Paris St. 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 the City of Aurora, which contributed the land and more than $3 million in entitlement funds, Paris Family Apartments will give preferential consideration to income-eligible veterans with families who seek housing at this attractive modern complex.
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 30 percent to 50 percent or less of the Area Median Income, which ranges from $21,630 to $36,050 (To be updated) 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 (CHFA) 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 Priority Markets Grant, which assists veterans in their housing needs. 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.”
Please join us in marking this milestone in new affordable housing for the metro area at our groundbreaking. Speakers will include Aurora Mayor Steve Hogan.
We will serve our guests a continental breakfast.