|$379,007 awarded to Housing Development Corporation for two projects|
APRIL 9, 2012 (LINCOLN, NEB.)—The Nebraska Department of Economic Development (DED) has awarded Housing Development Corporation (HDC), based in Hastings, $379,007 in HOME funding for two housing projects targeting qualifying households at or below 80 percent of the area median income.
Both projects involve 2011 Set Aside HOME funds. HDC, a nonprofit 501 (c)(3) Community Housing Development Organization, with a branch office in Grand Island, serves the housing needs of incorporated communities in Adams, Clay, Hall, Nuckolls and Webster counties.
The first project involves the rehabilitation of five owner-occupied homes. Maximum available assistance per home is $22,800.
The second project involves the development of six properties through a Regional Purchase, Rehabilitation and Resale Program. Eligible households will receive up to $20,000 in down payment assistance to help reduce the principal amount of the first mortgage, and cover the gap between the cost of purchase plus rehab and the appraised value.
Approximately 57 percent of all housing stock in the region was built before 1970. Homes built before 1978 will be rehabilitated in compliance with lead hazard reduction and Environmental Protection Agency requirements.
To date, HDC has completed more than 140 housing rehab projects and developed more than 60 properties connected with Purchase, Rehabilitation and Resale programs.