NIFA announces $6.9M in tax credits awarded to development of 383 new affordable rental homes

Nebraska Investment Finance Authority is proud to announce the award of over $6.9 million in federal Low-Income Housing Tax Credits and Nebraska Affordable Housing Tax Credits to support the creation of 383 new affordable rental homes throughout the state.

“Federal and state tax credits are a vital tool for NIFA to fulfill our commitment to expanding affordable housing options,” said Shannon Harner, NIFA’s executive director. “We’re proud to be a driving force in the expansion of quality, affordable housing for Nebraska’s residents.”

This year’s awards will be distributed to nine developments in five Nebraska communities, including Beatrice, Hastings, Norfolk, Omaha and Schuyler.

City, Development, Developer, Affordable Units
Beatrice, Stoddard Place, Hoppe & Son, LLC, 20
Hastings, Cedar Park, Hoppe & Son, LLC, 27
Norfolk, Benjamin Villas, Mesner Development Co., 22
Omaha, The Stephen Center HERO Bldg, Arch Icon Development Corp, 64
Omaha, Howard Street Rehab, HowardStreetRehabDeveloper, 56
Omaha, The Poppleton Project, inCOMMON Housing Dev Corp, 51
Omaha, 192 Q, Foundations Development, 70
Omaha, 3030 Upland Parkway, Brinshore Development LLC, 57
Schuyler, Whitetail Villas, Mesner Development Co., 16

Each of these projects will contribute significantly to reducing the state’s housing deficit, providing essential support to Nebraska’s aging residents, low- and moderate-income families, and veterans.
“Investing in affordable housing is investing in the future of Nebraska,” Harner said. “These tax credits will facilitate the development of more homes for our residents, fostering stronger, more vibrant communities across the state.”

Each year, the Internal Revenue Service publishes a per capita allocation of federal tax credits to each state, and Nebraska has a matching pool of state tax credits. NIFA is responsible for allocating these credits to affordable housing developments. An allocation plan and application process are developed with public input to ensure projects meet policy objectives. Applicants who receive an award of tax credits partner with private investors to generate equity for the construction or rehabilitation of the development.

Applicants who receive an allocation of tax credits agree to maintain the development as affordable housing for 30 to 45 years. The properties are monitored for quality and program compliance by NIFA.
NIFA awarded over $6.9 million in tax credits in their latest application round. The awards translate to a total of nearly $110.6 million since the federal credits are claimed annually for a 10-year period and the state credits are claimed annually for six years.

For more information about the tax credit allocations or additional efforts to expand affordable housing in the state, visit nifa.org.