York County’s Rural Workforce Housing Investment Act

2 Mar 2018


Housing, Donations

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

 

Business Donation Form

Individual Donation Form

 

Initial Project


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.

 

Investment Levels

  • Fund will flow through York Community Foundation for those that want a tax deduction.
  • Individuals: $1,000 and up
  • Business/Corporate Levels:
    • $10,000 
    • $25,000
    • $50,000
    • $100,00

Flipboard Icon