Photo: Lt. Gov. Foley (third from left), Sen. Matt Williams (sixth from left) and project leaders cut the ribbon on a newly-completed home in Broken Bow.
Lt. Governor Mike Foley and Senator Matt Williams joined local leaders, economic developers and residents in Broken Bow on Friday to cut the ribbon on two newly-built single-family homes supported in part by a $500,000 grant from the Nebraska Affordable Housing Trust Fund (NAHTF).
The new homes are only the first in what will be a series of builds in Custer County supported by a Trust Fund award to Custer County Economic Development Corporation (CEDC) from the Nebraska Department of Economic Development (DED). Local banks and private donors contributed more than $50,000 to complete the funding picture for today’s builds.
As the new homes are sold, CEDC will revolve the funds into up to 10 new projects to address a county-wide need for additional workforce housing, said Executive Director Andrew Ambriz. Many of the homes will comprise Broken Bow’s new Woodcrest subdivision.
The NAHTF award will also allow grant administrator Central Nebraska Economic Development District (CNEDD) to help CEDC provide homebuyer down payment assistance, enabling local families at or below 120% of the area median income to afford the cost of purchasing a new home.
“Providing quality homes that are accessible to working families is one of the biggest economic development needs facing our Nebraska communities today,” said the Lt. Gov. “We applaud the partners who came together to make today’s celebration a reality for Broken Bow and Custer County.”
“Rural workforce housing is a major issue for communities wanting to grow,” said Sen. Williams. “I’m very proud of Broken Bow and the way they have addressed the issue.”
Ambriz said the builds support a crucial need to add more units to Custer County’s stock of affordable workforce housing.
“Custer County continues to be an attractive place to work and raise a family. As our area employees continue to grow and expand their need for employees, we need this affordable housing so our community keeps pace,” he said. “The Trust Fund was the first key driver in creating momentum in housing development. We’re confident that, as we build our housing resources, we can meet the needs of our employees and future residents.”
CNEDD Executive Director Judy Petersen congratulated Broken Bow while commenting on the local, state and regional partnerships and resources — including the Trust Fund — that make housing achievements possible throughout Nebraska.
“CNEDD is excited about the completion of the two new homes that are now available for sale in Broken Bow,” she said. “We look forward to assisting CEDC as they build more new homes utilizing the funds through the NAHTF award.”
DED Housing Representative Ashley Rice-Gerlach said her Department feels privileged to administer the Trust Fund, which has supported thousands of new builds, rehabilitations and home purchases since its inception in 1996.
“Housing development is not easy. It’s a challenge that requires sufficient dedication, teamwork and resources,” said Rice-Gerlach. “I cannot stress enough the importance of local leadership, planning and resources like the Trust Fund to our state’s ability to grow and create opportunities. Without those ingredients, ribbon-cuttings like today would happen a lot less frequently.”
For more information on the Nebraska Affordable Housing Trust Fund, visit opportunity.nebraska.gov.