City Impact Homes to Feature 14 Units of Affordable Housing
Three years in the making, City Impact Homes inched closer to reality June 13. Officials broke ground on the $4.6 million project at 33rd & Overland Trail in Lincoln.
City Impact Homes is a collaboration of private and public resources to build 14 units of affordable housing for working families whose goals are eventual homeownership.
The project used Credit to Own (CROWN) tax credits, whereby qualified residents will rent the townhomes or homes for an initial 15-year period. During the 15-year period, using local services and resources, residents will receive homeownership education in the areas of credit, finance and home maintenance. This is to position them to be able to buy their home at the end of the 15th year.
A small portion of their monthly rent will be put into an account. That money will be available to them to help purchase the home at the end of year 15.
Additional services will be provided free of charge. Those are things such as Strengths for Life Mentoring for youth, Impact Leadership Academy for Teens, Impact Reading center, Rentwise Tenant Education and Financial Counseling from NeighborWorks Lincoln.
The development will also be designed and marketed to accommodate families currently working with City Impact on educational and family stability goals.
Financing sources include Affordable Housing Program (AHP) funds from the Federal Home Loan (FHL) Bank of Topeka; tax credit equity from the sale of Low Income Housing Tax Credits allocated by the Nebraska Investment Finance Authority; State of Nebraska and City of Lincoln HOME funds (from HUD); owner equity and a conventional mortgage.
City Impact will be the Managing Member. Midwest Housing Equity Group is the developer and will manage the project. Excel Construction Company is the builder.
One unit will be 3-bedroom (1,426 sq. ft.) Seven units will be 4-bedroom (1,776 sq. ft.) Six units will be 5-bedroom (2,194 sq. ft.). Three 4-bedroom units will be limited up to 50% Area Median Income (AMI.) Four 4-bedroom units limited up to 60% AMI. One 3-bedroom unit is limited up to 60% AMI will rent for $650 per month. Five 5-bedroom units are limited up to 50% AMI will rent for $700 per month.
The townhome units will be two levels, with patio, and attached double garage. Exterior features will include partial brick, shutters, landscaping, patio and lawn sprinklers. The single family homes will be one level with zero entry design, patio, attached double car garage and will be fully handicapped accessible.
Construction will begin shortly with an estimated completion date of April 2013.
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