LINCOLN, NE – December 10, 2010 – (RealEstateRama) — The Nebraska Department of Economic Development (DED) has awarded $550,000 in HOME Community Housing Development Organization (CHDO) funding to NeighborWorks Northeast Nebraska (NWNEN), a state designated CHDO based in Norfolk, to pursue 12 owner-occupied rehab housing projects. The homes will be scattered throughout Colfax, Cuming, Madison, Pierce, Platte, Stanton and Wayne counties, and available to homeowners earning at or below 80 percent of the Area Median Family Income.
The funding is part of the 2010 Nebraska Affordable Housing Program, made available to fund housing projects statewide and administered by DED.
Down payment assistance up to 20 percent of each home’s purchase price will be provided (based on need and not to exceed $20,000). All qualifying homeowners will undergo 12 hours of REACH Homebuyer Education workshops through NWNEN, either at its Norfolk or Columbus offices. Six workshops in Columbus accommodate the area’s Spanish-speaking clients.
An additional $1.51 million funding in the form of NWNEN Capital Funds, a line of credit, and homebuyer loans and funds will complete the project.
During the past 14 years, NWNEN has administered 12 purchase/rehab/resell programs meeting the needs of 330 low-income families. Partners supporting their efforts include area employers, contractors, lenders, realtors, community leaders and other housing agencies.