Aurora City Council seeks affordable housing funding from HUD amid low vacancy rates

The Aurora Committee of the Whole meeting held on April 17, 2025, focused on the city's residential housing market and ongoing redevelopment efforts. The meeting began with a report highlighting the health of the residential market, noting a lack of vacancy in downtown Aurora, which includes both affordable and market-rate housing. There are currently waiting lists for affordable units at locations such as Todd and Lincoln and Senior Estates.

Mayor Richard Irvin, along with city officials, recently met with representatives from the U.S. Department of Housing and Urban Development (HUD) to request additional funding for affordable housing in Aurora. The discussions emphasized the city's commitment to balancing the need for both affordable and market-rate housing.

City officials reflected on past commitments made approximately seven years ago regarding the financial gap between project costs and completed values. While the gap has decreased, it remains a concern, exacerbated by inflation from the COVID-19 pandemic. The meeting addressed incentives for new housing projects, clarifying that no forgivable loans would be involved, and any incentives would either require no upfront funding or involve a return of a percentage of advanced funds.

Marty Lyons, a part-time consultant and former CFO, was introduced to present details on upcoming redevelopment projects. He emphasized the importance of ensuring that any agreements made are fair to taxpayers while also supporting the private sector's interests.

The meeting also included procedural elements, such as Alderman Worman recusing himself from discussions due to a conflict of interest. The council then moved on to review a resolution authorizing a redevelopment agreement with Lost on River LLC for a property located at 251 South River Street.

Overall, the meeting underscored Aurora's proactive approach to addressing housing needs and redevelopment, with a focus on collaboration between city officials and private developers. The next steps will involve further discussions on the proposed projects and continued efforts to secure funding for affordable housing initiatives.