Low Income Tax Credit Housing is funded by two entities; Nebraska Investment Finance Authority (NIFA) has teamed up with the Nebraska Department of Economic Development to develop tax credit applications. Tax credit projects are utilized for building low-income multi-family rental units.
The current value of tax credits are partnered with gap funding sources to build housing for income qualified residents whose incomes are at 60% of the area medium income. In this instance you are serving a poorer population within your community and the project site must be located in an area of high service for the residents.
It is suggested that you work with a developer when you are considering a tax credit project as they have the expertise to walk you through the pro-forma and to determine if you can make the project cash flow. Keep in mind that how the local county tax assessor determines valuation may determine if a project can cash flow.
State Statute infers they 'shall' review both methods of valuation; however some counties only determine taxes based on the valuation of the property and not consider the income valuation. Below are the developers that have knowledge and expertise with tax credit applications. To learn more about Low Income Tax Credit Housing please call WCNDD, the developers below or visit the Nebraska Department of Economic Developments website.
Matt Thomas - 209.634.0044
Cliff Mesner - 308.946.3826