- Community Details Page
|First Home Targeted||2.750%*||3.375%*|
|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.
Mayor Leirion Gaylor Baird joined the Nebraska Investment Finance Authority (NIFA), other funding partners, and local nonprofits today to announce the creation of $6 million in revolving loan funds to support more affordable housing in Lincoln. Three Lincoln nonprofits – NeighborWorks, Nebraska Housing Resources, and the South of Downtown Community Development Organization (SDCDO) – will each receive $2 million to create loan funds to develop, build, or rehabilitate home ownership units.
The creation of the loan funds was made possible by the Nebraska Legislature’s passage of a LB866, a $10 million matching grant program for urban communities. The three local nonprofits are each receiving a $1 million grant from the Nebraska Department of Economic Development through that program.
The $3 million in state funds is partially matched by $2 million received from NIFA. The other $1 million in matching funds came from grants the Lincoln Community Foundation (LCF) raised from Abel Foundation, Ameritas Foundation, Assurity, Harbor of Dreams, Lienemann Foundation, LCF, Nebraska Housing Resources, NeighborWorks Lincoln, Nelnet, Olsson, and Sherwood Foundation.
“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.”
“The City of Lincoln and the many stakeholders who came together to earn today's achievement deserve our applause,” said Tony Goins, Director of the Nebraska Department of Economic Development. “Building diverse, welcoming neighborhoods is a crucial part of economic development that requires nothing less than determination, collaboration, and strong leadership. These funding recipients and their contributing partners have shown a commitment to using State resources both efficiently and effectively to build an even better Lincoln and create a stronger foundation to grow Nebraska.”
The three nonprofits receiving the grant funds share similar goals.
The City of Lincoln Affordable Housing Coordinated Action Plan is available at urban.lincoln.ne.gov.