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Community Stories

Current rates

Program
Name
Government
Loan Rate
Conventional
Loan Rate
Military Home2.750%*N/A
First Home Targeted2.750%*3.375%*
First Home3.000%*3.625%*
Homebuyer Assistance (HBA)3.500%* - 1st loan
1.000%* - 2nd loan
4.125%* - 1st loan
1.000%* - 2nd loan

Last changed 01/27/22 at 9:00 a.m
*This is not an advertisement for credit as defined in Reg.Z; contact a participating NIFA lender for Annual Percentage Rate (APR) information. Rates are subject to change without prior notice. 

Developers & Property Managers

Southlawn IV Rehab Project

The Southlawn IV Rehab project started moving back in more residents to their newly remodeled homes. The rehab project consists of rehabbing 36 existing units in the original Southlawn I Phase (1999) now being renamed Southlawn IV after the rehab. Seventeen of the units are for people making 60% of the Area Median Income (AMI) or below, fifteen units are for people making 50% AMI or below, and four units are for people making 40% AMI or below. Eight units are reserved for veterans or widows/widowers of veterans.

Southlawn IV offers clean, safe, affordable homes for Seniors (55+) in the Grand Island, NE community.

“I love living here. I’ve been here for about 15 years. I thank God for the new furnace because I’ve had some problems with the old ones. It just feels like home. Same place only it’s been renewed.” – Dorothy, Southlawn IV Resident

"It’s huge. It’s like a castle. I mean, everything is brand-new. The carpet is wonderful, the size of the shower and stuff like that is really nice…I’m just really grateful that I got in here.” – Jo, Southlawn IV Resident

We'd especially like to thank our partners who helped make this project possible. Nebraska Investment Finance Authority (NIFA) awarded Low Income Housing Tax Credits to the Southlawn IV Rehab Project in the amount of $256,000 annually for 10 years and an award of Nebraska Affordable Housing Tax Credits in the amount of $256,000 annually for 6 years. Federal Home Loan Bank of Topeka (FHLBank) granted funds via the Affordable Housing Program (AHP) in the amount of $750,000. State of Nebraska Department of Economic Development HOME Program granted HOME funds totaling $850,000. Cornerstone Bank provided a Construction Loan of $3,023,707 and a Permanent Loan of $682,634. Non-Profit for the project is Midwest Housing Initiatives, Inc. Federal and State Tax Credit Syndicator is Advantage Capital.

The total cost of the Southlawn IV Project is $5,684,469.

Southlawn IV Residents will now have new appliances: washer, dryer, refrigerator, range stove, dishwasher. Residents also have new windows, furnaces, air conditioners, water heaters, windows, doors, cabinets, countertops, wall paint, toilets, walk-in showers, faucets, carpet in bedrooms, added ceiling fans in bedrooms, added vinyl plank flooring, window blinds, fixed sidewalks, damaged garage doors replaced with new ones, siding, stone veneers, shutters on front windows and more.

Partners:

Nebraska Investment Finance Authority 

Federal Home Loan Bank of Topeka 

Nebraska Department of Economic Development

Advantage Capital

Cornerstone Bank

Midwest Housing Initiatives, Inc.

City of Grand Island 

Architectural Design Associates

Excel Construction

Written by Excel Development Group