Transcript CROWN HOUSING IN NEBRASKA

CROWN HOUSING IN NEBRASKA
NEBRASKA DEPARTMENT OF
ECONOMIC DEVELOPMENT
Nebraska Affordable Housing Program funds
include
* Nebraska Affordable Housing Trust Funds
* Community Development Block Grant Funds
* HOME funds
These funds are invested in affordable housing in
Nebraska to benefit low-income households.
Four strategies were developed to
meet this priority
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Promote housing preservation by improving the
quality of Nebraska’s existing affordable housing
stock
Promote additional households into
homeownership by expanding affordable
homeownership opportunities
Promote additional affordable rental housing and
preservation of affordable rental housing
Enhance statement understanding of fair housing
law through outreach and education.
JOINT APPLICATION
In 2005, the Nebraska Department of Economic
Development and Nebraska Investment Finance
Authority collaborated to combine their
applications for rental housing if you were seeking
both NIFA and DED funding. The application is a
joint application consisting of requirements from
each agency and yet avoids duplication of items
that both agencies require. Applicants that do not
need DED funding can apply directly to NIFA.
ELIGIBLE APPLICANTS
In order to apply for funding from the Nebraska
Department of Economic Development you must
have an eligible applicant. The following are eligible
applicants:
* Units of Local Government
* Non Profit 501(c)3
* Non Profit 501 (c)4
* State designated CHDO
* Local/Regional Housing Authority
For-profit developers can partner with one of the above
to access funds from the Nebraska Department of
Economic Development
FUNDING AVAILABLE
$2,100,000 of HOME funds is reserved for
projects with 2007 Low income Housing Tax
Credit equity as a funding source. This
funding is available state-wide through a
competitive application process.
APPLICATION REQUIREMENTS
At the back of your handout is a listing of the Low
Income Housing Tax Credit Application
requirements and HOME funds application
requirements.
A couple items to note about the HOME application
requirements include:
ENVIRONMENTAL REVIEW
All project locations will need to a have site-specific
environmental review including:
• Project Abstract
• Statutory Checklist
• Environmental Assessment
• Letters submitted to appropriate environmental
agencies with their responses
HOME MAXIMUM PER UNIT SUBSIDY
HOME funds provided to the project must not
exceed the Maximum Per Unit AHP (HOME)
subsidy as defined by HUD 221(d)(3) limits.
You will need to review the guidelines for the
county in which you are proposing a project.
NUMER OF HOME ASSISTED UNITS
To determine the number of HOME assisted
units in your project you will need to
complete a calculation. The formula is
included in the application.
HOME INCOME AND RENT LIMITS
Household incomes for NAHP assisted units
must follow HOME income limits and rent
limits as defined by HUD.
TRANSITION PLAN
For “Lease to Own” projects, a description of
the transition from rental to homeownership
needs to be completed.
HOMEBUYER PROGRAM GUIDELINES
Proposed homebuyer program guidelines
outlining the supportive services and training
the participants will receive during the “Lease
to Own” program must be included.
LEASE TO OWN PROJECTS IN
NEBRASKA
LEASE TO OWN HOMES
BENEFITS TO PARTICIPANTS IN A
LEASE TO OWN PROJECT
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Tenants are able to live in a new home now
Tenants are learning the responsibilities of being
homeowners
Tenants receive guidance to improve their credit and
ready them for homeownership
Rents are affordable
Homes are new and are energy efficient
Low Maintenance and free of major improvements
Homes provide ample room for families
BENEFITS TO THE COMMUNITY
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Creation of new housing stock in the community
Creation of new housing can help retain labor force
in the community
Retention and potential increase in student
population
Relief for households who are cost burdened due to
high utility expenses
Income to the community in increased taxes and
consumer purchases
Revitalization of a neighborhood and utilization of
vacant properties
Faith Medina
Crown Pointe Management & Development
1000 West Rokeby
Lincoln, NE 68523
Phone: 402-729-6304
Office: 402-423-8821
Cell:
402-239-1859
Email: [email protected]