This affordable workforce housing development encompasses two sites in the City of Aurora known as the Todd school and Lincoln school. Both sites include vacant schools that are currently owned by the West Aurora School District who will be donating the sites to the City, then the City will donate the sites to the Developer. The City of Aurora strongly supports affordable workforce housing at these two locations.
The project was notified of a successful 9% LIHTC award in May of 2021. H4A closed on the financing in Fall 2021 and construction is currently underway.
The Todd school is located at 100 Oak Avenue which is just northwest of downtown Aurora. The 25,000 square foot building was originally constructed in the early 1900s and was added on in the 1970s/1980s.
When complete, the renovated building will contain 11 units of housing. In addition, a small part of the existing building will include a health clinic for low-income families in the area.
The Lincoln school is located at 641 S Lake Street, which is just southwest of downtown Aurora. This 39,000 square foot building was originally constructed in the late 1800s and early 1900s. The scope of work on this site includes the extensive renovation of the existing school building into 14 housing units. This site has excess land and consequently a new two-story, 28,000 square foot newly constructed building will be built on this site and will contain 22 housing units.
Of the 47 total units, at least 30% will be for renters at 30% of area median income. The total development cost is expected to be $22 million. The project is anticipated to be financed with the 9% low-income housing tax credit, a permanent mortgage, a donation tax credit, and various incentives from the City of Aurora. A construction loan and bridge loan will be used as a temporary financing source. See the attached financial projections for further detail.
The project was notified of a successful preliminary project application in late 2020. The full application was submitted to IHDA on January 22, 2021.