The Lincoln City Council is considering approval of the construction of a new affordable housing apartment complex located generally at 18th & K Streets.
Monday, City Council members heard public testimony from Director Of Urban Development, Dan Marvin.
“It’s 187 units…It will provide 30 year housing affordability for 187 multifamily units…The unique things about this building: They will have parking within the building for 199 stalls. There’ll be electrical charging units in there. There’ll be bicycle storage.”
This project would utilize Tax Increment Financing (TIF), according to Marvin, the authorized amount is $3.4 million.
An attorney appearing on behalf of the development company said “As a low income housing tax credit project, the rents are going to be restricted…and the developer will not be able to increase rent for 45 years from the date that the apartment building is placed in service.”
David Wesner with The Annex Group provided some amenity information, “Electric is not included…Water/sewer is included. So what that means, according to LiTech standards, is we have to take the maximum allowed rent and we subtract out the utility allowance that’s set by the local housing authority.”
City Council members will be voting on the proposal on April 24.