Written by News Bulletin News Sources
Wednesday, 02 October 2013 00:00
The City of Aurora has reauthorized a program for homeowners that provides forgivable loans of up to $30,000 to remove additional apartment units created in structures which were originally built as single-family residences.
This program will cover hundreds of older Aurora homes that were subdivided after World War II.
The Reconversion Incentive Program was initially established by the City in 1994, with a goal to reconvert homes to their original single family status.
Since its introduction, the program has funded approximately 140 projects and removed over 200 units. In recent years, the program was dormant due to staff and budget reductions.
“With the proven benefits this program has brought to Aurora’s older neighborhoods over the years, it’s great to again offer it to homeowners,” said Aurora Mayor Tom Weisner. “Not only does it reduce crowding and parking problems in established residential neighborhoods; it also helps lessen the burden on our public schools.”
The program is an incentive that will subsidize 90% of costs specific to returning a subdivided house back to single family usage.
A maximum of three units are allowed for subsidy at a $10,000 maximum subsidy per unit. Program funds can be used for engineering/architecture, building and planning fees; and construction costs related to a unit reconversion project. Homes that receive program benefits can never again be divided or rented.
The City will take program applications from Oct. 2, through 5 p.m., Nov. 1.
Application packages are available on the City of Aurora website at: www.aurora-il.org. An application package and supporting materials are required. Applications will be competitively ranked, and awards will be announced in December.
The City of Aurora’s Neighborhood Redevelopment Division will hold program information workshops at 4 p.m., October 2, and 6 p.m., October 8, at City Hall, 44 E. Downer Pl., in the 5th floor conference room.
--News Bulletin news sources
Last Updated on Tuesday, 01 October 2013 14:20