Aurora aims to spur move to “Live Where You Work”

“We are determined to get more home ownership in my ward. The owner-occupancy rate is just not healthy.”

aurora » In an effort to put a dent in the extremely low homeowner rates in a part of north Aurora, a city councilwoman and a real estate broker have started an initiative to improve those numbers.

The 80010 ZIP code has a 64 percent tenant occupancy rate and just a 36 percent homeowner occupancy rate — a reversal of the national numbers.

In that area is the sprawling University of Colorado Anschutz Medical Campus, where doctors, lab technicians and many of the campus’ 17,000 workers commute from Denver and other parts of the metro area.

Councilwoman Sally Mounier and real estate agent Marianne Farrell have teamed to start the “Live Where You Work” program. The goal is to get owners of run-down apartment buildings that are rentals to rehabilitate those buildings, turn them into condominiums and sell them so working professionals at and near the medical and research campus and others can purchase them.

The incentive for the building owners is a federal tax-deferred exchange program that allows people who sell their properties to put off paying capital gains taxes on a sale.

“We’re not focusing on lowincome. We have enough low income,” Farrell said. “Wewant the middle-of-the-road people.”

Development in the immediate area surrounding the medical campus in the

seven years it has been open has been slow because of the Great Recession. Plans for condos and townhomes just haven’t materialized yet.

So Mounier, who represents that part of the city, and Farrell came up with an idea to encourage apartment owners to take advantage of the tax deferment program. Mounier said the low percentage of homeowners in that area is not acceptable.

“We are determined to get more home ownership in my ward,” she said. “The owner-occupancy rate is just not healthy.”

Mounier and Farrell haven’t approached any apartment building owners about the idea because it is still in its infancy. Right now, the two are studying similar programs across the country.

The University of Kentucky in Lexington started a Live Where You Work program about 10 years ago. It offers employees who qualify up to $15,000 toward a down payment.

Bart Miller, benefits officer for the University of Kentucky, said 41 people have taken advantage of the program, and all can walk to work from the homes they purchased.

“I think it’s making a positive impact on recruitment and retention,” he said.

CU and campus officials recently announced a Community-Campus Partnership, but that is focusing initially on giving people who already live near the campus the opportunity to

YourHub Aurora: Read more about the Aurora community and submit your own neighborhood news.

»

denverpost.com/aurora

work there.

Robert McGranaghan, director of the partnership, said he was aware of the Live Where You Work initiative, but the university does not have plans at this time to offer financial incentives to employees who want to purchase a home near there. That could change. “I’m open to hearing about it,” McGranaghan said. “It’s an intriguing concept for sure.”

Getting banks to finance first-time homeowners in that area also will be tricky, because it is a low-income area. Still, Mounier and Farrell believe the idea is key in revitalizing that part of Aurora.

“This programis going to take root and it’s going to blossom,” Farrell said. “I guarantee it.”