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CROWN HOUSING IN NEBRASKA. NEBRASKA DEPARTMENT OF ECONOMIC DEVELOPMENT Nebraska Affordable Housing Program funds include * Nebraska Affordable Housing.

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Presentation on theme: "CROWN HOUSING IN NEBRASKA. NEBRASKA DEPARTMENT OF ECONOMIC DEVELOPMENT Nebraska Affordable Housing Program funds include * Nebraska Affordable Housing."— Presentation transcript:

1 CROWN HOUSING IN NEBRASKA

2 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.

3 Four strategies were developed to meet this priority – 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.

4 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.

5 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

6 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.

7 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:

8 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

9 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.

10 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.

11 HOME INCOME AND RENT LIMITS Household incomes for NAHP assisted units must follow HOME income limits and rent limits as defined by HUD.

12 TRANSITION PLAN For “Lease to Own” projects, a description of the transition from rental to homeownership needs to be completed.

13 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.

14 LEASE TO OWN PROJECTS IN NEBRASKA

15 LEASE TO OWN HOMES

16 BENEFITS TO PARTICIPANTS IN A LEASE TO OWN PROJECT 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

17 BENEFITS TO THE COMMUNITY 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

18 Faith Medina Crown Pointe Management & Development 1000 West Rokeby Lincoln, NE Phone: Office: Cell:


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