City partners and Mayor Leirion Gaylor Baird today announced the expansion of Community Development Resources to leverage millions of dollars for affordable housing under the City of Lincoln Affordable Housing Coordinated Action Plan. That was approved by the City Council in December of 2020.
The CDR now provides capital, technical assistance, and training for small businesses. Their mission will expand to affordable housing and a new Board of Directors. There is a commitment to raise $10 million in capital that will allow CDR lending assets to grow to $50-million.
“Today, we take a big step forward to create more financing options and incentives that help our community achieve our affordable housing goals, ” said Mayor Gaylor Baird. “I am so pleased to stand with our philanthropic and private sector partners and leaders to announce the expansion of Community Development Resources. CRD is an existing community development financial institution that will take on ambitious new responsibilities as it grows its small business portfolio and expands its mission to include affordable housing.”
The plan calls for creating new affordable housing for those who are housing cost-burdened, or they pay 30% or more of their incomes on rent or mortgage payments and utility bills. The goal is to build or rehabilitate 5,000 housing units in 10 years.
City Council Member Sandra Washington says, “We know from our research Lincoln needs to bot create new housing and preserve and improve the quality of our existing housing. grants and loans available through CDR will help our community to do just that, especially for low0income and minority renters and home buyers.”
A special committee will also promote housing opportunity and homeless prevention.
You can view the Affordable Housing Coordinate Action Plan by clicking here.