Credits To Own (CROWN)
Eligibility: Specific income and purchase price limits or income limits and rent restrictions may apply. Units are targeted at households at or below 60% of area median income.

Benefits: The 15-year rental period allows time for the tenant to participate in homebuyer education, build equity, save enough money for closing costs, and correct credit problems, if applicable.

Nature of Program: The objectives of the CROWN Program are to (l) construct housing that is decent, safe, and permanently affordable for low-income residents; (2) develop strong public/private partnerships to solve housing problems; (3) offer renters a real plan to own a home; and (4) restore unused, vacant, in-fill lots to become a neighborhood asset.

Terms: Tax Credits are used by investors to reduce income tax payments. The money generated from the use of the tax credits is contributed to the project to reduce the amount of money needed to be borrowed for the construction of the home. The tenant leases the home (single family detached) for a period of 15 years at below market rate rent.

Note: This description provides for the eventual sale of the units to the tenant after 15 years. Another CROWN component exists which uses the unit as a platform from which the tenant moves into homeownership through the purchase of another unit after completion of an education process that can take as little as six months depending on the income and credit standing of the tenant/buyer. In both CROWN components, down payment and closing cost assistance may be provided to the tenant/buyer who successfully completes the homebuyer education program.

Contact:

Randy G. Archuleta
Nebraska Investment Finance Authority
1230 '0' Street, Suite 200
Lincoln, NE 68508-1402
(402) 434-3900 or (800) 204-6432
Fax: (402) 434-3921
Web Site: www.nifa.org

DED Affordable Housing Program - Homeowner Programs
The Affordable Housing Program (AHP) - Homeowner Programs category includes the Nebraska Affordable Housing Trust Fund (NAHTF), Community Development Block Grant (CDBG) and HOME program.

State Objectives: The AHP state objectives for using funds in the Housing category provide for investing funds in quality projects and programs for quality communities so that local governments and non-profit organizations can leverage private financing to provide for permanent, energy efficient, affordable housing.

Projects will (1) address housing conditions related to community economic development needs; (2) expand equal housing opportunities; or (3) create public/private partnerships to address housing needs holistically (linking housing with supportive services to promote economic self-sufficiency and family preservation).

Eligibility: The Department of Economic Development (DED) awards to state-designated Community Housing Development Organizations and other non-profit 501(c)(3) or 501 (c)(4) organizations, Public Housing Authorities and local units of government.

Nature of Program: Funds will be available for activities to assist homeowners and homebuyers in:

Providing downpayment assistance for existing homes,

Rehabilitating homes that are currently owned,

Purchase, Rehabilitation, and Resale which includes acquisition, rehabilitation and development subsidy/downpayment assistance/closing cost assistance, and

New construction of homes, which may include land acquisition, infrastructure, and development subsidy/downpayment assistance/closing cost assistance.

Application Process: The DED publishes an action plan on an annual basis, which details the method for distributing NAHTF, CDBG, and HOME funds. Application guidelines are developed following citizen comments and approval of the action plan. Funds are awarded on a competitive basis in accordance with the application guidelines and the Annual Action Plan. Please contact the Department for assistance in applying for these funds.

Contact:

Lara Huskey
Housing Coordinator
Department of Economic Development
Community and Rural Development Division
301 Centennial Mall South
Lincoln, NE 68509-4666
(402) 471-4169 or (800) 426-6505
Nebraska Relay Service: (800) 833-7352
Fax: (402) 471-8405
Web Site: http://crd.neded.org
E-mail address: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

Fannie Mae's Special Needs/Populations
Fannie Mae is a New York Stock Exchange company and the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation's largest source of financing for home mortgages. Fannie Mae is working to shrink the nation's "homeownership gaps" through a $2 trillion "American Dream Commitment" to increase homeownership rates and serve 18 million targeted American families by the end of the decade.

Eligibility: Fannie Mae works through lender partners and non-profit community development corporations throughout Nebraska to assist families achieve homeownership and affordable rental housing. Eligibility requirements including borrower's credit history, loan-to-value, debt to income ratios, downpayment, and the application process varies by loan product. For a list of lenders in your area who make Fannie Mae loans, please call 1-800-732-6643. For information about Fannie Mae in Nebraska, call the Nebraska Partnership Office at (402) 479-7700.

Special Needs/Population:

HomeChoice mortgage loans are designed to meet the special underwriting needs of low- and moderate-income borrowers who have disabilities, or have family members with disabilities living with them. The mortgage offers a down payment as low as $500; greater flexibility in qualifying and underwriting standards; and acceptance of nontraditional credit histories. HomeChoice mortgage loans are available through Fannie Mae-approved lenders working in partnership with coalitions - groups or organizations that combine efforts to create homeownership opportunities for people with disabilities. HomeChoice loans are also available through single agencies that have been approved by Fannie Mae and offer home-buying support similar to that offered by coalitions.

Community Living mortgage loans are designed to provide financing for small, community-based group homes for individuals who are unable to live independently. Community Living mortgage loans differ from traditional single-family mortgages in that qualifying borrowers are not required to be individuals. Borrowers can also be legal entities, including nonprofit and for-profit corporations, limited partnerships, and government agencies serving adults and children with disabilities. The group homes, which can serve any disabled group, provides long-term housing and support services in a home-like setting for a small number of residents, typically three to six persons.

Native American Conventional Lending Initiative (NACLI) is a $75 million experiment that was renewed for three years in 1999. NACLI is designed to make conventional lending possible for Native Americans on tribal trust lands (other Native American products have been government-insured). We offer conventional loan products on unrestricted fee simple land; federally restricted trust land; and tribally restricted fee simple land. This includes a loan product, available on fee simple or restricted lands, that requires only a 1 percent down payment from the borrower's own resources when additional mortgage insurance coverage is provided. There may be additional loan requirements based on the legal status of the land. NACLI loans can be offered in conjunction with Fannie Mae's Community Lending mortgage products.

Community Home Performance Power is a zero down payment mortgage for low- to moderate-income purchasers of resource-efficient homes. This mortgage adds the home's projected energy and water savings to the borrower's income in the mortgage qualification process - giving the borrower greater buying power. It requires a 3 percent borrower contribution that may come from the borrower's own funds, gifts, a grant, or other sources.

Home Keeper for Home Purchase is a variation of Home Keeper that gives seniors who wish to buy a home additional flexibility that is not available through standard first mortgage financing. It allows seniors to purchase a new home without using all of their personal resources to fund the purchase, and without having monthly mortgage payments. It also provides cost and time efficiencies. Only one transaction, rather than two separate transactions, is required to purchase and receive the reverse mortgage financing - reducing the closing costs and origination period.

HUD's Home Equity Conversion Mortgage (HECM) allows seniors to tap the equity in their homes while giving them the maximum flexibility to address their particular housing needs. The eligibility requirements for this reverse mortgage are similar to those of the Home Keeper mortgage and do not impose any income eligibility limits. The maximum mortgage amount insured by FHA is based upon local FHA loan limits.
Contact:

Steve Peregrine
Fannie Mae Nebraska
Suite 890 Wells Fargo Center
1248 '0' St.
Lincoln, NE 68508
(402) 479-7700
Fax: (402) 479-7710
Web Site: www.fanniemae.com

Federal Home Loan Bank of Topeka Affordable Housing Program
Eligibility: Applicants must be members of the Federal Home Loan Bank and must meet the Bank's normal credit criteria if requesting an advance. Objectives: To assist Federal Home Loan Bank of Topeka members in meeting the rising demand for decent, affordable, rental or owner-occupied housing for persons whose incomes do not exceed 80 percent of the area median income. Priorities are as follows:

Affordable Housing Program applications are evaluated according to how well they satisfy the following eligibility requirements:

The project must pertain to own- or renter-occupied housing in Colorado, Kansas, Nebraska and Oklahoma.

Reasonable and customary project costs, sources of funds and pro forma projections of operating costs documenting the need for the amount of the AHP subsidy requested must be consistent with AHP standards established by the FHL Bank.

Applicants must have the ability to draw AHP funds or to secure other funding within 12 months of approval.

Applicants must make a commitment not to use an AHP subsidy for prepayment of processing fees.

AHP funds may only be used to pay for homeownership counseling fees for AHP-assisted units.

AHP funds can only be used for refinancing if the refinancing proceeds are used for AHP-eligible housing.

Long-term retention of 15-year restrictions for owner-occupied housing for targeted low-income households must be included.

All applicants must provide a fair housing marketing plan and comply with fair housing laws.

The AHP request must be less than or equal to $300,000 for each project and must be used for projects in Colorado, Kansas, Nebraska and Oklahoma.

Project sponsors, nonprofit and for-profit developers must be qualified and able to perform the responsibilities described in the AHP application.

Benefits: Equity Grant

Nature of Program: Funding: Ten percent of the Bank's net income annually starting in 1995. Subsidized advance or direct subsidy grants for pass-through down payments, principal reduction or gap financing. Interest rate advantage or full subsidy must be passed on to final borrower.

Due Date: Semiannual competitions (April 1 and October 1).

Contact:

Christopher Imming
First Vice President
Federal Home Loan Bank of Topeka
2 Townsite Plaza
P.O. Box 176
Topeka, KS 66601-0176
(785) 223-0507
Fax: (785 )234-1765
Web Site: www.fhlbtopeka.com

Home Investment Partnerships (HOME)
Eligibility: Federal funds are allocated by formula to participating jurisdictions. Participating jurisdictions in Nebraska are: the Nebraska Department of Economic Development (Division of Community and Rural Development), the City of Omaha and the City of Lincoln.

Nature of Program: Grants to states and local governments to help them develop and support affordable housing for low and very-low income residents. These funds are awarded on a formula basis to states and units of general local government.

Benefits: The purpose of the HOME Program is to expand the supply of decent, safe, sanitary, and affordable housing. Eligible uses of HOME funds are tenant-based rental assistance, assistance to homebuyers, property acquisition, new construction, reconstruction, rehabilitation, and transitional housing. The program serves individuals and families with incomes that fall at or below 80% of the median income for the area. The funds can be used for acquisition, rehabilitation, construction, and rent assistance. Fifteen percent of the allocation by federal rule is reserved for Community Housing Development Organizations (CHDOs). A CHDO is a nonprofit agency organized under state or local law, whose governing board membership and organizational structure reflect accountability to low-income residents. CHDOs must provide decent housing that is affordable to low income persons and have a history of serving the community.

Contacts:

Lara Huskey
Housing Coordinator
Department of Economic Development
Community and Rural Development Division
301 Centennial Mall South
P.O. Box 94666
Lincoln, NE 68509-4666
(402) 471-3759 or (800) 426-6505
Nebraska Relay Service: (800) 833-7352
Fax: (402) 471-8405
Web Site: http://crd.neded.org

Steve Werthmann
City of Lincoln
Department of Urban Development
129 N. Tenth Street, Room 110
Lincoln, NE 68508
(402) 441-7982
Web Site: www.ci.lincoln.ne.us/

Community & Planning Development Division
U.S. Department of Housing and Urban Development
10909 Mill Valley Road
Omaha, NE 68159-3955
(402) 492-3145
Fax: (402) 492-3184
Web Site: www.hud.gov/

Mike Saklar
Entitlement Area
City of Omaha Planning Department
1819 Farnam, Suite 1100
Omaha, NE 68183
(402) 444-5170
Web Site: http://www.ci.omaha.ne.us/

Infrastructure Loan Guarantee Program
Eligibility: Must be used to create lots suitable for affordable housing targeting incomes at or below 150% of area median income.

Benefits: Reduces the risk to private lenders, thereby increasing lending for improved lot development.

Nature of Program: The Nebraska Investment Finance Authority (NIFA) provides a loan guarantee, not a direct loan. NIFA guarantees all or part of a conventionally originated development loan for the construction of affordable, targeted lots. The loan is not more than 90% LTV (after considering an amount for an interest reserve for the initial term of the loan) and if must be a first lien loan secured by a deed of trust with title insurance. A loan agreement specifying the terms and conditions of design and disbursement must be approved by NIFA prior to any use of the line. By funding infrastructure development, often considered the start of a modest introductory program, the private sector can be stimulated to reconsider the market and begin production on an unassisted basis. Two million dollars of risk reduction/credit enhancement funding is made available on an annual basis.

Contact:

Susan Stibal
Nebraska Investment Finance Authority
1210 '0' Street, Suite 200
Lincoln, NE 68508-1402
(402) 434-3900 or (800) 204-6432
Fax: (402) 434-3921
Web Site: www.nifa.org

Nebraska Community Development Assistance Act (CDAA)
Eligibility: An applicant must be a village, city, or county government; or a non-profit 501 (c)(3) organization. The area to be served by the project must be designated by the Department of Economic Development (DED) as an area of chronic economic distress.

Eligible Projects:

• Employment training
• Human and medical services
• Physical facility and neighborhood development services
• Recreational and educational activities

Crime prevention
Benefits: The Nebraska CDAA empowers the DED to distribute a 40 percent state tax credit to businesses, corporations, insurance firms or financial institutions which make eligible contributions of cash, services or materials to approved community betterment projects.

Nature of Program: A non-profit community betterment organization may apply to the DED for up a maximum of $25,000 in state tax credits per project. Upon approval of a project by the DED, the community betterment organization can award a state tax credit to a business, corporation, insurance firm, or financial institution contributing to the project of up to 40 percent of the value of a contribution.

Contact:

Pamela Forster
Nebraska CDAA Coordinator
P.O. Box 94666
301 Centennial Mall South
Lincoln, NE 68509-4666
(800)-426-6505 or (402) 471-4169
Nebraska Relay Service: (800) 833-7352
E-mail: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
Web Site: http://crd.neded.org/cdaa.html

Nebraska Housing Initiative for Residential Economic Development (NebHI-RED)
Eligibility: Participation in the program as a sponsor requires meeting threshold requirements regarding capacity commitment and resources. Income limits apply to end buyer.

Benefits: There are several long term benefits of the NebHI-RED Program: The market is stimulated and builders realize the demand. The community, the builders, and the buyers are educated. Better comps for appraisals are provided. The local tax base and property values increase. Local organizational capacity is enhanced while attracting population and labor force to the community. The process can be replicated easily with or without Nebraska Investment Finance Authority (NIFA).

Nature of Program: The program is a public/private partnership bringing together NIFA, a builder/developer, the local community, and a non-profit to construct houses in rural communities. Program goals include overcoming local impediments to building affordable 'for sale' housing; minimizing builder's risk in order to reduce usual profit margin reward; to keep units affordable; achieving economies of scale for builders; developing vacant non-tax collecting lots; and providing construction training opportunities. Program provides a guaranteed "take-out" (payment to contract of up to $60,000) in the event a buyer is not found upon completion of the unit.

Terms: Authority consists of the ability to have under construction 18 homes at any one time.

Contact:

James J. Caruso
Nebraska Investment Finance Authority
1230 '0' Street, Suite 200
Lincoln, NE 68508-1402
(402) 434-3900 or (800) 204-6432
Fax: (402) 434-3921
Web Site: www.nifa.org