Aurora aims to sell NSP properties to housing non-profit
By Stephanie Lulay firstname.lastname@example.org October 14, 2013 5:36PM
Updated: November 16, 2013 6:20AM
AURORA — Aldermen will discuss the city’s plan to sell three Neighborhood Stabilization Program properties to Joseph Corporation, an Aurora non-profit, at a meeting Tuesday night.
The city aims to sell three properties, at 329 S. Lincoln Ave., 458 S. Union St. and 590 E. Downer Place to Joseph Corporation for $1 each, according to Alderman Bob O’Connor, chairman of the city’s Finance Committee.
O’Connor said the city has completed renovation of the 458 S. Union and 590 E. Downer properties. Those homes have been listed on the market but have not sold, he said. The city aimed to convert a four-unit building at the Lincoln Ave. property to a single-family home, but renovation has not been completed.
Joseph Corporation, a non-profit aimed at addressing affordable housing needs, will be well positioned to sell the properties and offer effective homeowner counseling to potential homebuyers, O’Connor said.
In August, City Council approved the sale of the three-bedroom 458 S. Union St. property for $80,000, but that deal later fell through. The home at 590 E. Downer Pl. was first listed on the market in 2012.
Under the Neighborhood Stabilization Program, the city received $3 million in U.S. Department of Housing and Urban Development funding to buy foreclosed homes in March 2009. The program was part of the federal Housing and Economic Recovery Act of 2008. About $2 million of those funds were used to purchase and rehab 10 homes around Aurora’s near East Side and $950,000 of the funding was funneled to the Community Housing Association of DuPage, according to 2010 and 2012 Beacon-News articles.
Four properties, at 194 N. Smith St., 593 Second Ave., 628 Bangs St., and 1044 Pearl St. have sold under the NSP program, according to the city’s website.
The city’s Finance Committee voted 3-0 to approve the proposed agreement with Joseph Corporation last week. Alderman will discuss the plan at 5 p.m. Tuesday at City Hall, 44 E. Downer Place.