SOUTH SIOUX CITY, NEB. (May 12, 2008)—The Nebraska Department of Economic Development (DED) has awarded $871,791 in Nebraska Affordable Housing Trust Funds (NAHTF) to the Community Development Agency of South Sioux City to construct 48 rental units for individuals and families as part of the new Liberty Place development.

In addition to the NAHTF money, $3,953,914 in CRANE low-income housing tax credit is being invested through the Collaborative Resource Allocation in Nebraska (CRANE) process. The project also includes $675,500 from Horizon Bank of Waverly and Superior, Neb., $450,000 from the Federal Home Loan Bank of Topeka, $182,659 from Region IV (LB40A), $173,015 in Deferred Developer Fees, $30,000 HOME funds from South Sioux City, $20,000 from Cardinal Housing Fund, and $500 in general partner equity.

Liberty Place will feature 21 one-bedroom units in a triplex design, 14 two-bedroom units in a duplex design, and 13 three-bedroom single-family homes. The one-bedroom units will be reserved for clients of Heartland Counseling, Inc., earning 50 percent of the area median income (each triplex will feature a small community/counseling room) and accessible off W. 25th Street.

The remaining two-bedroom units and single-family homes, to be rented to elderly residents and families earning 60 percent of the area median income, will be located along a cul-de-sac off Willow Street. Monthly rents for all 48 units will range from $450-750. The single-family homes will be offered on a rent-to-own basis. The Center for Siouxland will provide homebuyer education and counseling.

Partners in the project include South Sioux City, South Sioux City Community Development Agency, Housing Agency of South Sioux City, Heartland Counseling, Center for Siouxland, Prime Agency, L.L.C., Lemars, Iowa, which will manage the property, and Prime-Fallesen Development, LLC, Lincoln, Neb., which designed the development.

For project information, contact Lance Hedquist, city administrator, at 402-494-7517, 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, email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it