The city of Aurora is set to get more senior housing.
Northern Lights Development, the Aurora Housing Authority and a limited partnership of investors scored approval from a city council committee last week to build a 70-unit senior housing complex at 1449 Jericho Circle, according to the Aurora Beacon-News.
The city’s Building, Zoning and Economic Development Committee unanimously approved the plans to build the affordable complex, which will be restricted to residents aged 62 or older who make up to $45,000 annually.
The complex will rise on the same site as the former Jericho Circle public housing development, which was torn down about 10 years ago.
The Aurora Housing Authority is donating the land and will hand off management to a private company once the property is completed. Northern Lights is a nonprofit arm of the housing authority, which will hold a stake in the property.
Bank of America, the National Equity Fund and nonprofit lender IFF have together invested $23 million into the project.
The complex will have to remain senior housing for at least 30 years, under an agreement with the city. About $600,000 will be set aside for maintenance during that time period.
The plans come just two months after the committee also approved plans for a 214-unit complex to replace the Fox Valley Mall. Integrated Development, USAA Real Estate and Centennial Real Estate are building that property.
Elsewhere in the city, the historic former Aurora Hotel is being converted into an apartment complex for low-income seniors, after the city set aside $400,000 in grant funds for the project.
— Isabella Farr
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September 20, 2022 at 04:28PM