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Subscription Center2019 Development that Best Preserves Family Housing
Village at Westerly Creek 3
Developer: Housing Authority of the City of Aurora
Owner: VWC3 LLP
Location: Aurora, Colo.
The Village at Westerly Creek 3 (VWC3) in Aurora, Colo., is one of the largest public housing developments in the country to be completed without the use of HOPE VI funding. VWC3 is the third and final development in a three-phase rehabilitation process that converted 130 public housing apartments into 194 new units of affordable family and senior homes.
VWC3 provides an opportunity to respond to the community’s need for affordable housing for larger families and seniors. The development used a combination of tax-exempt private activity bonds and federal and state LIHTCs to provide nearly 52 percent of the construction cost. The VWC3 development sent aside 11 percent of its home for households earning less than 30 percent of the AMI, and 89 percent of the homes are for people earning up to 60 percent of the AMI.
“[It’s] impressive that they were able to do this without using HOPE VI funding,” said Michael Snowden, a DOD judge and vice president of asset management for Highridge Costa Housing Partners.