Housing Opportunities:
Market Rate Housing:
Local communities can use a private investor or housing group to develop market rate housing, as WCNDD is currently unaware of any federal or state funding sources for these projects. Local investment can support the first development and then use that funding to continue building across the community. Market rate housing is an important way to invest, but it also needs to be done with careful consideration. Community members looking at this type of project should analyze the supply and demand rates in the current housing market and be realistic in determining the budgetary guidelines of potential buyers.
Owner Occupied Rehabilitation:
West Central Nebraska Development District has helped numerous communities achieve Owner Occupied Rehabilitation (ORR) funding. ORR provides forgivable loans for homeowners to repair their homes to a safe, sanitary and affordable standard. To qualify for ORR, homeowners must be living in the home, be income eligible, have $25,000 of equity in the home and meet any other program requirements. They also need to be current on their insurance, mortgage payments, and property taxes. Two funding sources administered by the Nebraska Department of Economic Development make these loans available. The first option is the Trust Fund application cycle which usually begins early in the year with a pre-application and then requires a formal application in the spring. These funds are awarded to a non-profit housing group. The second option for funding is through the Community Development Block Grant which requires a pre-application in August and then a formal application. These funds can only be awarded to a municipal form of government. Each OOR funding option has its own guidelines, but WCNDD can support you in the application and administration of OOR funding. Qualifing renovations include: Furnaces Windows Siding New roofs Electrical upgrades Insulation
Housing Studies:
Housing studies allow for communitites to undertand the deficit of housing in their area. WCNDD can help create, perform and analyze a housing study. These studies are often required for grants and can also provide insight to local employers and schools.
Low-Income Tax Credit Housing:
Projects under the Low-Income Tax Credit program are focused on building low-income multi-family rental units. This housing program is funded by the Nebraska Investment Finance Authority and the Nebraska Department of Economic Development. The current value of tax credits is paired with gap funding sources for residents whose incomes are at or below 60 percent of the area median income. Due to the focused income group, the project site also needs to be in an area of high service. WCNDD recommends working with a developer to best understand the pro-forma and make the project profitable. Each county tax assessor determines their own valuation which may impact a project’s likelihood of producing a cash flow. Applications are typically due in the spring and summer. More information about the Low-Income Tax Credit Housing program can be found on the Nebraska Investment Finance Authority information and deadlines page.
Rural Workforce Housing:
The Rural Workforce Housing Fund (RWHF) is focused on developing affordable and appealing housing in rural Nebraska to attract new families to the community and increase the supply of housing for the necessary workforce. RWHF projects can include building new homes under $325,000, new rental units costing under $250,000, upper-story housing, or conversion of an existing building into housing. Project funds include a 50% match from local investment and grant funding from the Nebraska Department of Economic Development. Local municipality leaders help identify ground, developers, and a project plan in collaboration with WCNDD who then applies and administers grant funding. Applicant cycles typically start at the beginning of the year and are due around the spring.
Nebraska Affordable Housing Trust Fund:
The Nebraska Affordable Housing Trust Fund is an effort to increase affordable and quality housing across Nebraska. For-profit developers can partner with local governments and/or nonprofits to apply and complete the projects. Eligible projects include new construction of homes and rental housing, homeowner rehabilitation, and capacity building for community organizations to build affordable housing. Most projects involving new construction must be affordable to homebuyers and tenants making at or below 120 percent of the area median income. WCNDD can support local communities in the grant application and administration process of this program.
Housing Developers:
Dana Point Development Corporation | Matt Thomas | 209.634.0044
Excel Development Group | 402.434.3344
Mesner Development CO. | Cliff Mesner | 308.946.3826
Fair Housing and Equal Opportunity
The mission of the Office of Fair Housing and Equal Opportunity (FHEO) is to eliminate housing discrimination, promote economic opportunity, and achieve diverse, inclusive communities by leading the nation in the enforcement, administration, development, and public understanding of federal fair housing policies and laws. Learn More >
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