Developers with an eye on addressing the housing crunch in Aurora, listen up. The city's Housing and Community Development Division is now taking applications for their Community Investment Financing Program. This opportunity includes a hearty sum of over $30 million up for grabs this spring – and it could help you make a difference in the affordable housing game.
Here's the skinny: Funding is available through grants or loans to bridge gaps in your project budget. However, get your paperwork ready fast because the cutoff for this round is at 10 p.m. MST, April 4, according to the City of Aurora. And it's not just a free-for-all, developers; your application will be judged on how well it aligns with the goals of the Aurora Housing Strategy, so make sure your proposal is tight.
If you're wondering whether your project is a good fit—or even how to begin—city staff are hosting a virtual meeting to explain it all. Mark your calendars for 11 a.m. Friday, March 14, for that online session. It's a chance to ask questions and get a full briefing on what they're looking for in successful applications.
Looking at the funds, the division has earmarked $2,053,715 from the HOME Investment Partnerships (HOME), $2,378,086 from the Community Development Block Grant (CDBG), and a whopping $25,743,930 from Private Activity Bonds. If you've got a project that could ease the squeeze on finding affordable places to live in Aurora, this could be your ticket to making it happen. Just remember, not everyone will get a slice of this financial pie.
