In a city where the average price of a home is now just over $311,000, compared to a national average of $219,000, a new initiative has been announced to increase the local affordable housing stock through the upgrading of existing properties.
The resulting units will be geared for people living at or below 80 percent of the area median income, which for a household of four in Aurora means no more than $74,000 annually.
Aurora has announced that it is partnering with a group called the Elevation Community Land Trust, which is based in Denver and dedicated to expanding affordable housing options.
In a statement, Stefka Fanchi, chief executive officer of the Elevation Community Land Trust, said that through the partnership “we will put homeownership within reach for more families and help create healthy, stable, inclusive neighborhoods in Aurora for today and tomorrow so that our families can earn the equity and opportunity that ownership provides.”
As planned, the joint effort will see the Elevation Community Land Trust in the next five years purchasing properties in Aurora that will then be remodeled and updated for qualifying residents.
The properties are expected to include everything from single-family homes to condominiums and townhomes.
The program will also help would-be homeowners with pre-purchasing counseling and home maintenance know-how, among other services.
Aurora Mayor Bob LeGare, who has frequently expressed his determination to expand affordable housing options in the city, said the partnership with the Elevation Community Land Trust could provide a model that may be duplicated across the region.
By Garry Boulard