Funding will support the development of nearly 100 affordable rental units for low-to-moderate income individuals, families
Low-to-moderate income individuals and families in Crete, Columbus, Wisner and Omaha will see new options for affordable housing in coming months, as the Nebraska Department of Economic Development (DED) today named nonprofit development teams selected to receive financial assistance under the latest cycle of HOME Investment Partnership (HOME) funding.
Administered by DED on behalf of Nebraska, HOME is a federal resource allocated to states to support the development of affordable housing. DED awards HOME funding to eligible organizations through a competitive application process.
The awards announced today, totaling $2,013,830, will supplement construction costs for the creation of 98 two-, three- and four-bedroom rental units in the aforementioned communities, over 90% of which will be reserved for persons at or below 60% of the local median area income.
All four projects have been approved by the Nebraska Investment Finance Authority to receive Low-Income Housing Tax Credits and Affordable Housing State Tax Credits.
In Crete, developer Building a Better Tomorrow will receive $613,830 in HOME funds to support the $5.5 million Belohlavy Estates project, which will create 24 two- and three-bedroom rental units.
The Columbus Cherry Creek Project, spearheaded by the Midwest Housing Development Fund, will utilize $500,000 in HOME funds to create 32 units, also in two- and three-bedroom sizes, at a total project cost of $4.49 million. The Midwest Housing Development Fund will also utilize $500,000 to build the Garage Lofts in Omaha, which will consist of 30 three- and four-bedroom units at a total project cost of $4.7 million.
The Nebraska Housing Developers Association will receive $400,000 to offset $2.58 million in total costs to build 12 four-bedroom rentals for the Wisner CROWN project.
Much of the construction is expected to be complete within the next 24 months.
“We commend each HOME recipient for their commitment to affordable housing development; for their ability to forge partnerships to achieve meaningful objectives on behalf of their communities; and for leveraging a valuable federal program for its intended purpose of providing new, impactful economic opportunities for those in need.”
For more information on the HOME program, including how to apply, visit the DED website at www.opportunity.nebraska.gov, or contact Pam Otto, DED Housing Coordinator, at 402-471-4388 or pamela.otto@nebraska.gov.