LINCOLN, NEB. (August 13, 2008)—The Nebraska Department of Economic Development (DED) has awarded $1,498,500 funding to two local housing organizations for four projects targeting Lincoln neighborhoods. The funding, earmarked for the Southeast Investment Zone, is awarded through the 2008 Nebraska Affordable Housing Program.

Grants are made available to fund housing project statewide through the Community Development Block Grant (CDBG), HOME Investment Partnership, and Nebraska Affordable Housing Trust Fund (NAHTF) programs.

“We’re happy that we can partner with the City of Lincoln in its efforts to increase its supply of quality affordable housing and to make it available to greater numbers of wage earners that may otherwise not be able to own their own homes,” said Richard Baier, DED director.  

The four projects that received grants are:

Nebraska Housing Resources, Inc.(NHR)—$318,000 NAHTF grant to provide down payment help to 15 first-time homebuyers to purchase homes in the Old Mill Village subdivision, a 30.8 acre tract of land located at S.W. 12th and W. South Streets in Lincoln. Since start-up of the Old Mill Village subdivision in 2003, the phased development has sold 108 lots. Of 24 remaining lots, two are targeted for persons at or below 80 percent of the area median income.

NHR was formed in June 1998 by three members of the Home Builders Association of Lincoln to provide affordable low and moderate-income housing opportunities for first-time homebuyers in Nebraska. It achieves its mission by enabling small builders to serve these first-time homebuyers through creative use of all available public and private resources.

Neighborhoods Inc. dba NeighborWorks® Lincoln (NWL)—Three NAHTF grants. A $400,000 grant will provide down payment help to 17 first-time homebuyers to purchase homes throughout Lincoln. A $380,500 grant will be used to develop the Malone Homeownership Zone Purchase/Rehabilitation/Resale Program through which at least ten units will be redeveloped with six units reserved for persons whose incomes are at or below 100 percent of the Area Median Income. The final $400,000 grant will be used to reconvert five properties in the Everett and Near South Neighborhoods that were eventually divided into rentals back into their original use as single-family homes.

NWL is dedicated to community revitalization through actively involving resident leaders, private businesses and public officials. The organization offers a full-cycle lending program where potential homebuyers can access one-on-one financial literacy counseling, REACH affiliated group homebuyer education and NWL’s down payment assistance/rehabilitation program. In 2007 alone, 147 people participated in homebuyer education and NWL provided 90 second mortgage loans to first-time homebuyers in Lincoln.

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