York County’s Rural Workforce Housing Investment Act
2 Mar 2018
York County Housing Revolving Loan Fund
- A partnership of businesses, private, public & grant funds to create a revolving loan fund for housing throughout York County
- This fund would be used to address strategies in the 2015 York County Housing Study
We have an opportunity to have a developer build a 25-35 unit apartment complex with enough land for future growth. YCDC would loan money to the developer, who would pay us back to create a County-wide housing fund through YCDC.
In order for this project to work, we need to:
- Raise a minimum of $250,000 in commitment letters.
- Application to Nebraska Investment Finance Authority (NIFA) for matching funds of $250,000. YCDC application to NIFA is due March 16th. Committments must be received prior to this.
- We would then use the $500,000 (local money plus NIFA’s funds) for a $500,000 request from Nebraska Department of Economic Development.
- This will result in a $1 million-dollar revolving loan fund that can be used for future housing projects.
Future Qualified Activities
The intent of the workforce housing investment funds is long range. It’s a continual investment in workforce housing projects. The funds are intended to perpetuate. The eligible activities are:
- New construction of owner-occupied or rental housing.
- Substantial repair or rehab of dilapidated housing stock, for which the cost to rehabilitate exceeds fifty percent of the units assessed value.
- Upper story housing development.
- Rehabilitation that includes the conversion of an existing building into housing.
- Infrastructure development in association with a project.
- For owner occupied housing, expenses cannot exceed $275,000 per unit. For rental units, costs cannot exceed $200,000 per units.
- Fund will flow through York Community Foundation for those that want a tax deduction.
- Individuals: $1,000 and up
- Business/Corporate Levels: