LINCOLN, NE., October 24, 2007 — The Nebraska Department of Economic Development has awarded $7,042,209 to a variety of projects that involve Low-Income Housing Tax Credit (LIHTC) equity as a funding source, Set-Aside funding from the 2005-2007 Nebraska Affordable Housing Program (NAHP), or Flexible Investment Targeting financing (FIT).
“With readily available affordable housing as a key component to attracting new and expanding businesses, it is essential to ensure our communities are fully capable of providing housing and other amenities that people seek when searching for the ideal place to live and work,” said Governor Dave Heineman.
All projects listed here benefit low- to moderate-income households.
Projects sharing $2,789,621 in Set-Aside HOME and Nebraska Affordable Housing Trust Fund (NAHTF) money from the Nebraska Affordable Housing Program and Nebraska Investment Finance Authority’s 2007 Low-Income Housing Tax Credit Program include:
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Central City Housing Authority—A $219,621 HOME grant to build Southeast Villa, a 12-unit elderly housing complex in Central City, Neb., that incorporates Green Building guidelines issued by the Nebraska Energy Office.
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Douglas County Housing Authority—A $600,000 NAHTF grant to build Valley CROWN, a 12-unit rent-to-own housing complex in Valley, Neb.
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Lincoln Civic Housing—A $700,000 HOME grant to build Prairie Crossing, a 76-unit rental housing complex in Lincoln, Neb. Four units will be fully handicapped accessible and 28 units will be visitable.
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Midwest Housing Initiatives, Inc.—Two grants through the 2007 LIHTC Program. A $640,000 HOME grant to build Woodland Park Townhomes, a 28-unit rental housing complex for seniors, age 55 and older in Grand Island, Neb. A second $630,000 HOME grant will go toward construction of Yorktowne Estates, an 18-unit rental elderly housing complex in York, Neb.
Projects sharing $3,045,000 Set Aside funding through the NAHP’s 2005-2007 Annual Action Plans include:
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Blue Valley Community Action—Two grants. A $250,000 HOME grant has been combined with a previous award of $500,000 to rehabilitate nine additional (27 total) homes through the organization’s regional Owner-Occupied Rehabilitation Program. This project will impact homeowners in Butler, Cass, Fillmore, Gage, Jefferson, Johnson, Lancaster, Nemaha, Otoe, Pawnee, Polk, Richardson, Saline, Saunders, Seward, Thayer and York counties in southeast Nebraska. A $245,000 HOME grant through the 2007 Annual Action Plan Set-Aside will provide down payment assistance to 19 homebuyers in Butler, Fillmore, Gage, Jefferson, Polk, Saline, Seward, Thayer and York counties in southeast Nebraska.
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City of Omaha—A $800,000 NAHTF grant will be used to build 20 single-family homes in the North Omaha neighborhoods of Long School, Orchard Hill, Clifton Hill and 33rd and Spaulding streets, and provide down payment assistance to homebuyers who are eligible to purchase the homes.
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Community Action Partnership of Mid-Nebraska—A $150,000 HOME grant will be used to rehabilitate eight homes through the organization’s regional Owner-Occupied Rehabilitation Program. This project will impact homeowners in Buffalo, Franklin, Harlan, Kearney and Phelps counties in south central Nebraska.
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Nebraska Housing Developers Association—A $400,000 NAHTF grant has been combined with a previous award of $400,000 to rehabilitate 26 homes making them accessible for their disabled homeowners.
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NeighborWorks®, Lincoln—A $300,000 NAHTF grant to provide down payment and rehabilitation assistance to 10 first-time homebuyers purchasing homes within the Lincoln city limits.
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NeighborWorks®, Northeast Nebraska—A $400,000 HOME grant has been combined with a previous award of $400,000 to purchase, rehabilitate and resell 10 additional homes (for a total 20 homes) to qualified homebuyers in Colfax, Cuming, Madison, Pierce, Platte, Stanton, and Wayne counties in northeast Nebraska.
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Northeast Economic Development, Inc.—A $400,000 NAHTF grant has been combined with a previous award of $300,000 to rehabilitate 18 additional homes (for a total of 32) through the regional Owner-Occupied Rehabilitation Program serving residents of Burt, Cedar, Colfax, Cuming, Dakota, Dixon, Dodge, rural Douglas, Madison, Pierce, Platte, Stanton, Thurston, Washington and Wayne counties.
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Panhandle Community Services—A $100,000 NAHTF grant to construct Crest View South Apartments in Sidney, Neb. This project, which includes leveraged money from the U.S. Department of Housing and Urban Development Section 811 program, will have six units designed to meet the special needs of adults with disabilities.
Flexible Investment Targeting (FIT) projects are identified as innovative in physical design, financing, and program delivery, highly leveraged, and models that can be replicated in other areas of Nebraska.
FIT projects sharing $1,207,588 include:
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Central Nebraska Economic Development—A $420,200 NAHTF grant to build six single-family homes in Country Clover Estates in O’Neill, Neb., and provide down payment assistance for qualifying tenants.
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Midwest Housing Development Fund—A $397,000 NAHTF grant to build Windridge Townhomes, a 40-unit development (20 duplexes) for qualifying senior tenants aged 55 and older in Grand Island, Neb.
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Nebraska Housing Developers Association—A $22,000 NAHTF grant to bring NeighborWorks® training courses to the State of Nebraska.
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Pawnee City Community Foundation—A $368,388 NAHTF grant to build eight CROWN (credits for ownership) units—five in Pawnee City, Neb. and three in Auburn, Neb. for qualifying tenants.
FOR INFORMATION CONTACT:
Cassie Seagren at 800-426-6505, 402-471-4296, or email: \n cassie.seagren (at) ded.ne (dot) gov
