City receives $400,000 NAHTF funding to begin implementation

LINCOLN, NEB. (April 21, 2008)—The Nebraska Department of Economic Development (DED) announced that Sidney has completed the initial planning phase for its New Neighborhoods project and will now receive $400,000 in Nebraska Affordable Housing Trust Funds (NAHTF) to take it to the next level.

“The New Neighborhoods Initiative is unique as it assists communities in developing housing to retain existing and recruit new employees for meeting the needs of area businesses. Sidney has taken the lead in this initiative and is already in the implementation phase of building their ‘New Neighborhood’,” said Richard Baier, director of DED. 
Half of the $400,000 NAHTF will be used for site and infrastructure improvements. The remaining $200,000 will go toward direct homebuyer assistance, including closing costs or interest buy down assistance up to $30,000 per household to buyers whose household incomes are at or below 100 percent of the area median income.

Eight single family and eight townhome duplexes will be located in the Cottonwood Subdivision on the city’s east side and available for rent or sale at reduced prices – with incentives offered  in partnership between Sidney, the state of Nebraska, Dick Dixon, Cottonwood Subdivision owner, and Mesner Development of Central City, Neb., which is supplying the modular homes at discounted prices.

Each 1,300 sq. ft. townhome and 1,440 sq. ft. single family home features three bedrooms, two baths, a full basement, a fireplace, two-stall garage and spacious backyard. The development also will feature a public park on land donated by Dixon.

An estimated one-half of Sidney’s 6,000 employees commute to their jobs from surrounding communities, due in large part to the acute housing shortage. City officials are confident that many of these employees would move to Sidney to be closer to their employment given the availability of affordable housing.

DED’s New Neighborhoods Initiative includes planning, community development and housing components. Projects may include multiple phases and span several years. In 2007, Columbus, Holdrege and Sidney were selected from 17 applicant communities to participate in the Initiative that called for planned unit development subdivisions, including mixed income housing and mixed uses, such as commercial development.
The Nebraska Affordable Housing Trust Fund is a state financial resource developed in 1996 to increase the supply and improve the quality of affordable housing in Nebraska.

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