Aurora Receives Tax Credit Award to Develop Downtown Arts Center

Lawndale News Chicago's Bilingual Newspaper - Business

The City of Aurora’s reputation as a Midwest destination for the arts was solidified with the announcement of a tax credit award worth over $15 million from the Illinois Housing Development Authority (IHDA) toward the development of the Aurora Arts Center at the former Waubonsee Community College Building downtown. The $35 million project will be developed by The Community Builders Inc. and consist of a first¬ class restaurant as well as a Paramount School for the Performing Arts to serve Aurora’s growing artistic community. Invest Aurora purchased the building earlier this year for $350,000 in order to facilitate the development of the Arts Center. The Aurora Arts Center would also include artist¬-targeted loft apartments similar to the successful Cornerstone Apartments, another development by The Community Builders located in Chicago’s Bronzeville neighborhood. Like Cornerstone, the Aurora Arts Center’s 38 rent restricted, loft¬style apartments will give a strong leasing preference to those working at least part time in the arts. Once completed, the newly built lofts will be made available to single artists with incomes up to $32,000 per year and $37,000 per year for couples. Residents are allowed to remain in their homes over time as their income improves.

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