Another step was made Thursday to support more affordable housing in Lincoln. Mayor Leirion Gaylor Baird announced the creation of the $6 million in revolving loan funds to support more affordable housing in the city. Three non-profits, NeighborWorks, Nebraska Housing Resources, and the South of Downtown Community Development Organization will each receive $2 million to create loan funds to develop, build or rehabilitate home ownership units.
The $3 million in state funds will be matched by $2 million received from the Nebraska Investment Finance Authority. Another $1 million came from grants to the Lincoln Community Foundation raised from several other organizations and other donors.a $1 million grant from the Nebraska Department of Economic Development through that program.
“This is another great community effort that will help us achieve our goal to create 5,000 new or rehabilitated affordable Lincoln housing units by 2030,” said Mayor Gaylor Baird. “The real beauty of this effort is that this $6 million is a self-replenishing pool of money. Because the interest and principal payments on the loans will be used to issue new loans, this initiative will continue to build our affordable housing stock far into the future.”
“Household and familial stability are the building blocks of thriving neighborhoods,” said Executive Director Wayne Mortensen of NeighborWorks. “We are excited about the potential of these funds to help expand the pool of residents that we serve. This work will further empower Lincoln’s neighborhoods to be more resilient and inclusive places for all of our neighbors.”
The South of Downtown Community Development Organization works to improve the quality of life and provide equitable opportunities for residents in the Near South and Everett neighborhoods.
Nebraska Housing Resources provides affordable housing opportunities by developing and procuring lots, arranging attractive financing packages for qualified first-time home buyers, and encouraging homebuilders to enter and expand this market.
The action plan is available by clicking urban.lincoln.ne.gov.