LINCOLN, NEB. (February 1, 2008)—The Nebraska Department of Economic Development has awarded $30,000 in Nebraska Affordable Housing Trust Funds (NAHTF) through its 2008 Nebraska Affordable Housing Program.
Of that amount, $18,000 will be placed in reserve for Osceola and $12,000 in reserve for Rising City to address future housing needs identified by 2009 through Capitol Needs Assessments conducted in each city. The assessment is able to project the needs of a specific housing property for the next 20 years.
Following is a description of both projects that were primarily funded through the U.S. Department of Agriculture (USDA) Rural Development’s (RD) Section 515 Multi Family Housing Preservation & Revitalization Restructuring Program:
Osceola—Blue Valley Community Action originally borrowed $234,114.54 from the USDA RD to buy an eight-unit apartment complex at 401 Hoosier in a single-family residential neighborhood. The organization’s goal was to ensure that the property remained affordable for individuals and families earning at or below 60 percent of the median income to allow them to continue renting for at least another 20 years.
Built in 1978 near downtown, the well-maintained brick complex features one-1 bedroom and seven-2 bedroom apartments and provides convenient access to a grocery store, bank, drug store, auto repair business, post office, the Polk County Sheriff’s Department, Courthouse Square, bowling alley, legion post, car dealership and motel. The USDA RD granted the project $25,000 to accommodate immediate needs, and deferred payment of $62,981.05 of the original award amount, placing it in reserve (along with the $18,000 NAHTF) to meet future capitol needs. Blue Valley Community Action is contributing $5,000 to cover soft costs, such as grant administration, licensing and fees.
Rising City—Blue Valley Community Action originally borrowed $68,469.75 from the USDA RD to buy a four-unit apartment complex at 950 Main St. in a residential neighborhood. Again, the organization’s goal was to ensure that the property remained affordable for individuals and families earning at or below 60 percent of the median income to allow them to continue renting for at least another 20 years.
Also built in 1978 near downtown, this well-maintained brick complex features one-1 bedroom and three-2 bedroom apartments and provides convenient access to a Gas & Shop, post office, and bank. The USDA RD granted the project $18,319 to accommodate immediate needs, and deferred payment of $29,747.24 of the original award amount, placing it in reserve (along with the $12,000 NAHTF) to meet future capitol needs. Blue Valley Community Action is contributing $5,000 to cover soft costs, such as grant administration, licensing and fees.
Both projects are administered by Ardi Hoins at Blue Valley Community Action. She can be reached at 402-729-2278, or email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

FOR INFORMATION CONTACT
Patty Wood at 800-426-6505, 402-471-1559, or email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it