The Aurora City Council has approved an amendment to the city’s HOME program to pave the way for the completion of two affordable housing projects.
The Aurora City Council recently approved an amendment to the city’s HOME program to pave the way for the completion of two affordable housing projects.
The projects are being developed by Oak Brook-based Visionary Ventures, and will be owned and managed by Fox Valley Apartments, which also will be the name of the buildings. According to Ragona, the amendment will “remove the developer from the flow of funds documentation so that the funds are shown as being provided by the city directly to the property owner.”
Ragona told the City Council recently the work at the former Lincoln and Todd schools should be finished by early January 2024, with full leasing of the properties by next spring.The housing is for working people, who must pass background checks and income-eligibility requirements, as authorized by the Illinois Housing Development Authority.
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