The latest round of housing awards from the Nebraska Department of Economic Development (DED) will contribute to the development of 171 affordable rental units in the communities of Blair, West Point and Omaha.
Meanwhile, DED wishes to announce it will not be participating in the remaining Collaborative Resource Allocation for Nebraska (CRANE) program cycles and the second Low-Income Housing Tax Credit (LIHTC) application cycle for the 2020 Program Year, as the Department has insufficient HOME ($272,916) and HTF ($24,195) funds available. The remaining 2020 Program Year funds will be carried over into the 2021 Program Year.
Funding through the Community Development Block Grant (CDBG) Disaster Recovery program is also not yet available. DED will notify its customers once the required Disaster Recovery Plan has been approved by the Department of Housing and Urban Development and DED is able to accept applications through the program.
As introduced above, DED recently approved $2,853,000 in awards under the federal HOME Investment Partnerships Fund (HOME) and National Housing Trust Fund (HTF) programs to support a total of four projects in Blair, West Point and Omaha. All four projects are also eligible for assistance under Nebraska’s LIHTC program.
The newly-announced awards are as follows:
In Blair, owner Angel Share, Inc. has been awarded $960,000 in HOME funds to support an $11.6 million investment in the conversion of vacant buildings at the former Dana College campus into 60 studio, one- and two-bedroom apartments. The “Transformation Hill” project will feature eight HOME-assisted units reserved for households at or below 60% of the Area Median Income (AMI).
In West Point, Omega West Point, Ltd. was awarded $478,000 in HOME funds to support the $3.2 million conversion of a vacant nursing home into 22 one- and two-bedroom rental apartments. The project’s five HOME-assisted units will serve households at or below 60% AMI.
In Omaha, $850,000 in HOME funds were awarded to the Straightline Development, LLC to support the $10 million new construction of 59 two-bedroom senior living apartments at the Hamilton Village Senior Suites. The project’s six HOME-assisted units will serve households at or below 60% AMI.
Finally, also in Omaha, the 1120 Lofts, LLC was awarded $625,000 in HTF funds to support the $6.6 million construction of the “1120 Lofts,” a three-story, 30-unit apartment building containing three- and four-bedroom options. The five HTF-eligible units will support households at or below 30% AMI.
The HOME and HTF programs are two of the nation’s largest federal resources for affordable housing development. For more information on either of these programs, visit https://opportunity.nebraska.gov/grow-your-community/housing-resources/ or contact Mechele Grimes, Housing Specialist, at 402-309-4356.