The Nebraska Department of Economic Development (DED) has announced the recipients of more than $3 million in federal funding for affordable and low-income housing development through the following programs:
- The HOME Investment Partnerships Fund (HOME), through which DED collaborates with the Nebraska Investment Finance Authority (NIFA) to allocate tax credits and HOME funding to projects that develop affordable housing throughout the state.
- The National Housing Trust Fund (HTF), through which DED collaborates with NIFA to allocate tax credits and HTF funding to rental housing development benefiting very low-income households throughout the state.
The three HOME rental development project recipients are listed in Table 1. HOME approvals total $2.05 million dollars.
Table 1: HOME Recipients and Project Activities, 2023 Program Year
| Project Location | Project Description | Project Summary | HOME Program Funding | # of Units |
| Grand Island | Rehabilitation | Rental | $750,000 | 36 |
| Project Description: Southlawn V is a $5.8 million project, located in Grand Island, Nebraska, consisting of the rehabilitation of Southlawn Apartments II & III, which consists of 1 four-plex, 4 five-plexes and 2 six-plexes (36 units). All 36 units have two bedrooms and one bathroom. Six (6) of the rental units will be HOME-assisted units, serving households at or below 60% of the Area Median Income (AMI). Additional project resources include Low Income Housing Tax Credits, Nebraska Affordable Housing State Tax Credits, a conventional loan, owner equity, and a deferred developer fee. The development team includes Excel Development Group and Southlawn V, LLC. | ||||
| Project Location | Project Description | Project Summary | HOME Program Funding | # of Units |
| Norfolk | New Construction | Rental | $650,000 | 18 |
| Project Description: River Fork Villas is a $4.8 million project, located in Norfolk, Nebraska, consisting of new construction of 18 single-story, 2-bedroom duplex rental units (nine buildings) serving the senior population. Three (3) of the rental units will be HOME-assisted units serving households at or below 60% of the Area Median Income (AMI). Additional project resources include Low Income Housing Tax Credits, Nebraska Affordable Housing State Tax Credits, a conventional loan, and deferred developer fee. The development team includes Mesner Development Company and River Fork Villas II, LLC. | ||||
| Project Location | Project Description | Project Summary | HOME Program Funding | # of Units |
| Hastings | New Construction | Rental | $650,000 | 28 |
| Project Description: Fairview Villas is a $7 million project, located in Hastings, Nebraska, consisting of new construction of 28 single-story, 2-bedroom duplex rental units (fourteen buildings) serving the senior population. Four (4) of the rental units will be HOME-assisted units serving households at or below 60% of the Area Median Income (AMI). Additional project resources include Low Income Housing Tax Credits, Nebraska Affordable Housing State Tax Credits, a conventional loan, owner equity and a deferred developer fee. The development team includes Mesner Development Company and Fairview Villas, LLC. | ||||
The HTF recipient is shown in Table 2; the project approval is for $1 million dollars.
Table 2: National Housing Trust Fund Recipient and Project Activities, 2023 Program Year
| Project Location | Project Description | Project Summary | HTF Program Funding | # of Units |
| Omaha | New Construction | Rental | $1,000,000 | 52 |
| Full Project Description: 12656 Weir LLC is a $13.3 million project, located in Omaha, Nebraska, consisting of fifty-two (52) 2-bedroom units for seniors (55 and older). Five (5) of the rental units will be HTF-assisted units; all serving households at or below 30% of the Area Median Income. Additional project resources include Low Income Housing Tax Credits, Nebraska Affordable Housing State Tax Credits, City of Omaha HOME Funds, Front Porch Investments ARPA loan, GP managing member loan and a conventional loan. The development team includes Arch Icon Development Corporation and 12656 Weir, LLC. | ||||
For more information on these programs, visit https://opportunity.nebraska.gov/programs/housing/.