Juzyk excited to work with AHDC in providing needed multi-family housing units
by Kurt Johnson
Ground will be broken soon on two apartment complexes in the Streeter Subdivision, part of an on-going effort to increase and diversify the housing stock available in Aurora.
Jannelle Seim, president of the Aurora Housing Development Corporation, explained how AHDC partnered with a local builder/investor to launch the project utilizing a Rural Workforce Housing Grant received in 2023. Jeff Juzyk, owner of Juzyk Construction, agreed to work with AHDC to build a 4-plex and 8-plex apartment units, with construction expected to begin in April.
“We worked really hard when we were coming up with our initial plan to focus on single-family homes, and that’s how we got the homes and duplexes,” Seim explained of the housing units now visible in the Streeter Subdivision west of 1st Street. “Once that was an established process we really turned it to multifamily. We knew that we needed to diversify the housing stock that we have available in the community and this checks that box for us.”
Seim noted that Aurora has received two Rural Workforce Housing grants, each valued at $1 million. Combined with local matching funds that were required as part of the grant application, the AHDC now has more than $3 million available in revolving loan funds to apply toward various housing projects.
“The sole focus of the second grant we received in 2023 is for multi-family units in Aurora, as well as a couple of outlier projects in Hordville and Phillips,” she said. “We are really excited that Jeff is wanting partner with us on this project. The whole goal of this has been to increase housing stock in Aurora and Hamilton County, but the second goal is to get local investors, local builders and local developers intrigued and wanting to continue this. We want to build that bench so we can just keep doing this over and over and over.”
From his perspective, Juzyk said he is excited to be building apartments in the community, but said he would not have been able to take on this project without the AHDC’s role in accessing available grant funds.
“Essentially I am just an investor and my intention is to own these properties long-term,” he explained. “I like the idea of being able to invest here locally because this is where my business has been and it’s where I’ve been since I was a kid growing up here. So yeah, to be able to do a deal here locally is great for me and hopefully it works out well for the community.”
While Juzyk Construction will do some work on the two apartment complexes, Juzyk said he has hired Jordan McHargue to handle a majority of the construction. Once the units are completed, his sister, Michelle Juzyk, will manage the rental properties.
Juzyk emphasized how critical the AHDC was in his ability to say yes to this project.
“Essentially they are able to loan me a portion of the project cost at better than market rates,” he explained. “Otherwise, I never would have been able to make this project make financial sense if either I had to put 100 percent of my own cash into it or had to borrow part of the money at market rates, especially right now, just given the cost of construction and whatnot. There is just no way the project would cashflow without the AHDC’s part in it.”
Juzyk said he is hoping to be breaking ground within the next three weeks on the two apartment complexes, which will be located on Matson Street and Highlander Lane. He expects construction to take approximately six months.
In addition to the 4- and 8-plex apartments soon to be built, Seim reported that the AHDC board is also working on plans for a 20-plex apartment complex.
“We are working with a group that would like to invest in a 20-plex in the community, utilizing a trust fund grant opportunity through the Department of Economic Development, which is a separate funding mechanism than the Rural Workforce Housing grants we’ve already received,” Seim said. “This would bring in 20 units, but would also not require any funds that we have available for rural workforce housing. In fact, they don’t mix and so this would be all independent of that and not require an investment from AHDC to make it happen.”
Seim noted that applications for that trust fund program are due in May and she is hoping to know sometime this year if Aurora is selected as a recipient.