Fox Prairie Homes bring Alternatives to Apartment Living in Aurora
December 7, 2016
Illinois Housing Development Authority
At Home with IHDA
DEC 2016 Newsletter
Fox Prairie Homes Bring Alternatives to Apartment Living in Aurora
Brinshore Development was joined by Mayor Tom Weisner from the City of Aurora, as well as representatives from the Aurora Housing Authority, the Association for Individual Development, the Federal Home Loan Bank of Chicago, IFF, Red Stone Equity Partners and IHDA on October 24 to celebrate the grand opening of Fox Prairie Homes, a partnership that restored 40 vacant single-family homes in several neighborhoods along the Fox River in Aurora.
Following a similar effort in Bloomington, Brinshore acquired and rehabbed the scattered-site properties through IHDA's Low-Income Housing Tax Credit program, which was amended to help developers respond to the high number of foreclosed properties in the state. In partnership with the Aurora Housing Authority (AHA), Brinshore acquired the vacant two-, three- and four-bedroom homes and completely restored or rebuilt the blighted properties to like-new conditions, transforming the sites into affordable single-family rental homes for AHA clients. Made possible with additional funding from IFF and JPMorgan Chase, the initiative provides much-needed rental options in an area where more than half of all renters have housing cost burdens, while also addressing the issues caused by foreclosures and vacancies on key blocks.