Brothers Redevelopment celebrates milestone July 12 with HUD Secretary Ben Carson,
Gov. Jared Polis and Sen. Cory Gardner
AURORA, CO – Brothers Redevelopment, Inc., cut the ribbon July 12 on Paris Family Apartments, its newest affordable community, with help from HUD Secretary Ben Carson, Gov. Jared Polis, Sen. Cory Gardner and Aurora Mayor Bob LeGare.
Colorado Housing Finance Authority Executive Director Cris White also lent a hand at festivities marking a landmark achievement in housing lower-income families and providing them supportive services. Brothers president Jeff Martinez hosted the grand opening of the 39-unit Paris Family Apartments, which drew more than 100 guests, including enthusiastic Brothers’ Board of Directors and staff, for tours of the sleek modern building at 1702 Paris St.
The $13.5 million project is a model for strong local, state and federal partnership in providing affordable housing. Nonprofit housing agency Brothers developed Paris Family Apartments with the extensive creative and financial support of the City of Aurora. Paris is Brothers’ first affordable housing development in Aurora and its first funded with competitive Low-Income Housing Tax Credits (LIHTC).
“Every dollar pays a dividend in the form of healthier and happier families who have a better shot at a better future,” Secretary Carson said.
Paris Family Apartments’ two- and three-bedroom units are available to families with children who have household income at or below 60 percent of Average Median Income (AMI), and many have incomes at 30 percent AMI or below. Supportive services will be offered to residents.
Gov. Polis said that the goal of his administration is to save families money, which means increasing the state’s investment in affordable housing.
Sen. Gardner said every “nook and cranny” of Colorado needs more affordable housing. “If we get housing right, we make so many other problems of people (are easier to solve),” Gardner said
Paris is made possible by federal funds from HUD that are administered by several local participating jurisdictions, including the City of Aurora, Arapahoe County and the Colorado Division of Housing. Federal funds were matched by both private and philanthropic grants that helped secure Low-Income Housing Tax Credit funds issued through the Colorado Housing and Finance Authority, provider of a permanent loan. Wells Fargo is the equity and construction lender.
“Every one of these partners is abundantly critical,” CHFA Director White said.
“This all had to start at the City Council level,” Mayor LeGare said. “Mayor Steve Hogan was very, very focused on the need for affordable housing. … And Brothers has been an amazing partner for this type of development. They take it from the ground up and they run with it.”
Established in 1971, Brothers Redevelopment is a nonprofit providing housing and many housing-related services to more than 5,000 low-income elderly, disabled and other households each year. Paris Family Apartments is Brothers’ 14th affordable community in the Denver Metro Area.