DED Affordable Housing Program - Organizational Operations Housing
The Affordable Housing Program (AHP) - Organizational Operations Housing category includes the Nebraska Affordable Housing Trust Fund (NAHTF) 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 funds to local or regional non-profit 501 (c)(3) or 501 (c)(4) housing or related service organizations and housing technical assistance providers.

Nature of Program: NAHTF funds will be available for up to 50% of the organizational operating expenses. Project specific operating expenses are not eligible for these funds.

Application Process: The DED publishes an action plan on an annual basis, which details the method for distributing NAHTF 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) 471-3759 or (800) 426-6505
Nebraska Relay Service: (800) 833-7352
Fax: (402) 471-8405
Web Site: http://crd.neded.org
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Mercy Loan Fund
Eligibility: Nonprofit 501(c)(3) organizations, limited partnerships with a nonprofit organization as a managing general partner, public agencies.

Benefits: Housing loans for predevelopment, acquisition, construction, rehabilitation, or to bridge equity contributions of a limited partner.

Nature of Program: This program is administered by Mercy Housing, Inc. Eligible properties include rental units of any size, owner-occupied units (including coops), and housing for special needs populations. The primary beneficiaries must be low and very-low income persons. Loan terms can be thirty days to ten years. Rates are usually offered at below-market rates.

Application Process: Applicants should call Mercy Housing, Inc. for more information. The entity managing the property must have experience and capacity to deal with the resident population at a fee comparable with the local market.

Contact:

Diane Leavesley
Mercy Housing Inc.
601 E. 18th Avenue, Suite #150
Denver, CO 80203
(303) 830-3469
Fax: (303) 830-3301

Public Housing Operating Subsidy
Eligibility: Public Housing agencies (PHAs) administering public housing under Annual Contributions Contracts with HUD are eligible.

Benefits: This program provides subsidies and federal aid to PHAs for project operation. HUD provides additional annual contributions (operating subsidies) required to help PHAs maintain and operate their projects, establish operating reserves, and offset operating deficits.

Nature of Program: The operating subsidies are calculated in accordance with a regulatory formula within the Operating Fund Formula. The Operating Fund Formula uses an equation based originally on the costs of the PHAs deemed to be well-managed. The formula and inflation factor are updated annually and are used by individual PHAs, using their operating characteristics to determine annual eligibility.

The public housing program is housing owned and operated by public housing authorities and made available to low-income families. Eligible families must have an annual income within the PHAs income limits and must meet the PHAs requirements for acceptable tenants. Families will pay 30 percent of adjusted gross income or 10 percent of unadjusted gross income, whichever is greater. All sources of income will be verified annually and rent adjusted if necessary.

Contact:

U.S. Department of Housing and Urban Development
Public Housing Program Center, Nebraska State Office
10909 Mill Valley Road
Omaha, NE 68154-3955
(402) 492-3100
Fax: (402) 492-3184
Web Site: www.hud.gov/

Special Rural Initiative Loans
Eligibility: Nonprofit 501(c)(3) organizations and public agencies.

Benefits: Housing loans in rural areas for acquisition, construction, rehabilitation, bridge or gap loans, and predevelopment loans with security.

Nature of Program: This program is a special initiative of the Mercy Loan Fund (a subsidiary of Mercy Housing, Inc.). Eligible properties include rental units of any size, owner-occupied units (including co-ops), and housing for special needs populations. The primary beneficiaries must be low and very low income persons. Loan terms are up to ten years. Below market interest rates are available.

Application Process: Applicants should call Mercy Loan Fund for more information.

Contact:

Mercy Loan Fund
601 E. 18th Avenue, Suite #150
Denver, CO 80203
(303) 830-3386
Fax: (303) 830-3301