The Nebraska Department of Economic Development has awarded $589,265 HOME funds for construction of Kracl Meadows, LLC, a senior housing development in Schuyler, Neb. The development is located west of Denver Street and south of 22nd Street.
The funds will go toward construction of 14 units, each featuring three-bedrooms, one-and-three-quarters bathrooms, and attached garages. The units will all be equipped with microwaves, ranges, refrigerators, dishwashers, disposals, carpeting and window coverings. The homes’ exteriors will feature more than 25 percent solid brick or natural stone on the front street exterior level and full siding, and be surrounded by fully-seeded lawns with underground sprinkler systems. Snow removal, lawn care and trash pick-up will be provided by the landlord.
Every home will meet “visitability” design standards defined by the Nebraska Assistive Technology Partnership. This includes at least one no-step/zero grade entrance with a 36” door into the unit’s main floor, a first-floor batroom with wheelchair access, and reinforced bathroom walls to permit future installation of grab bars, and other features.
The project’s remaining $2,341,058 will come from Low Income Housing Tax Credits through the Nebraska Investment Finance Authority, a conventional loan, and an owner equity loan. Low-Income Housing Tax Credits encourage investment of private capital in the development of rental housing by providing a credit to offset an investor’s federal income tax liability.
Eleven of the units will include LIHTC funding. Three additional units are classified as HOME-assisted units (which also may be designated as LIHTC). All units will be made available for rent by individuals or couples, age 55 or older, and qualifying at or below 60 percent of the Area Median Income.