NEBRASKA — The historic floods of 2019 resulted in an estimated $3+ billion of property damage in Nebraska. The disaster took a toll on the state’s housing inventories—destroying hundreds of homes.
The Nebraska Department of Economic Development (DED) is helping to make up for these housing losses. Following the floods, the U.S. Department of Housing and Urban Development (HUD) allocated $108.9 million to Nebraska through the Community Development Block Grant for Disaster Recovery (CDBG-DR) Program.
With a portion of these federal funds, DED established the Affordable Housing Construction – Low-Income Housing Tax Credit (AHCP-LIHTC) Program. This program is supporting the development of quality, affordable housing in areas of the state most impacted by the March 2019 floods—prioritizing low-to-moderate income households. The AHCP-LIHTC program leverages Low-Income Housing Tax Credits (LIHTC) through the Nebraska Investment Finance Authority (NIFA) to offset the costs of development.
Four projects receiving AHCP-LIHTC grants have already been finished, with housing units fully leased.
Foundations Development completed the Hillsborough Place Senior Residences (132 Sahler) project at 4150 N. 132nd St. in Omaha. This project involved new construction of a 50-unit apartment building with 40 units designated for low-income seniors.
Another Foundations Development project, Falcon Ridge Senior Residences (180 Drexel), involved new construction of a 50-unit apartment building with 40-units designated for lower-income seniors. These residences are located at 18011 Drexel St. in Omaha.
Brinshore Development completed the Highlander Phase V project, known as Davis Ridge, which includes seven (7) three-story buildings offering one-, two-, and three-bedroom units. In all, Davis Ridge has 41 units, 28 of which are designated for families with limited incomes. It is located at 2198 N. 31st St. in Omaha.
Fremont Northside Townhomes II, developed by Mesner Development, Co., is a newly constructed multi-family rental housing project in Fremont. It consists of twenty-seven (27) single-story three- and four-bedroom units available to families with limited incomes.
Additionally, DED is announcing four more multi-family housing projects to receive funding through the Affordable Housing Construction Program. Each is receiving $2 million in AHCP-LIHTC funding, representing a combined $8 million investment. The funding also leverages 2025 Low-Income Housing Tax Credits through NIFA. These financial resources will support the development of 525 housing units, with 487 of the units benefiting households with low-to-moderate incomes. Details on the four projects are displayed below.
Barring receipt of an additional allocation of CDBG-DR funding from HUD for this or a future disaster (or reallocation or deobligation in this or other CDBG-DR programs), DED expects these awards to be the final funds available through the Affordable Housing Construction – Low-Income Housing Tax Credit Program.
