City of Aurora Neighborhood Stabilization Program

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City of AuroraNeighborhood StabilizationProgram

• November 2008

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Aurora Foreclosure NumbersSource Arapahoe
and Adams County Public Trustee

• January, 2008 to September, 2008
• Arapahoe County 3,809 (Est. _at_ 85)
• Adams County 650 (Est. _at_ 15)
• Totals 4,459
• January, 2007 to September, 2007
• Arapahoe County 3,820 (Est. _at_ 85)
• Adams County 670 (Est. _at_ 15)
• Totals 4,490

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NSP funding

• 4,470,097 total
• 50 AMI Set-aside - 1,066,672
• Other funding sources
• HOME
• From partners

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Projects

• Acquisition, Rehabilitation, Resale
• Acquisition for Multi-family Rental
• Demolition
• Land banking
• Homeownership Assistance
• In conjunction with Resale or stand-alone
• Homeownership for 50 AMI

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Target Area(s)

• HUD foreclosure data much of Aurora is a risk
  factor of 9
• Original Aurora is primary target area
• Most vulnerable
• Densities of vacant properties, potential
  efficiencies
• Could expand into (Greater) Northern Aurora
• Redevelopment areas, Arts District, Fitzsimons
  and other Urban Renewal

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• Targeting
• Challenges
• 80010 and 80011 (Original Aurora) - 22.5 of
  foreclosures in 08.
• 80013 (south of Jewell and east of Chambers)
  accounted for 21.6

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Approach

• Strategic peal property acquisition
• Internal team coordination
• Vacant Property Coordinator working with Code
  Enforcement to identify worst-case properties and
  potential land assemblage opportunities
• Criteria will drill-down from geographic to
  site specific consideration
• Amenities, services, transit

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Approach(work in progress)

• Strategic real property acquisition
• Utilize existing core competencies
• Rehab program
• First time homebuyer program
• Package with existing resources and programs
• Market homes through existing network
• On-going work with local partners in identifying
  multi-family (or other) potential projects

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Next Steps

• Contract for acquisition services still needed
• Identify projects
• Other funding sources or leveraging
• Continue dialog with local realtors and lenders
• RFPs?
• Additional acquisition, rehab
• Rental projects