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Nebraska Housing Resource, Inc.
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"Furthering the American Dream by helping
small builders serve first-time homebuyers, through creative use of all available resources, public and private."
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Old Mill Village Development
"Cooperative Venture providing Affordable Housing for targeted Nebraska residents.”
Topics:
- What is the Old Mill Village Development?
- Partnership and Financing
What is the Old Mill Village Development
Old Mill Village is a mixed-income new housing project, developed by Nebraska Housing Resource (NHR). Phase I of the 130-lot development was completed in 2003 and included 15 lots - 14 purchased by participating home builders and 1 purchased by Lincoln Habitat for Humanity.
Phase II began in 2004, adding 51 more lots. It is scheduled to be completed in 2005 and includes three more “Habitat” lots. Already an estimated 26 homes are completed or under construction.
The new homeowners bring diversity to the neighborhood, coming from a variety of minority and immigrant backgrounds. In addition, Old Mill Village provides compatible economic integration of low and moderate income families into a higher income neighborhood. Because many different for-profit builders participated and the locations of the affordable lots are scattered, Old Mill avoids that “cookie cutter” look that seems to be typical of low-end housing development. The result is better for the community. To build strong community connections, several of the development’s new streets were named after and dedicated to local law enforcement officers slain in the line of duty.
Because of the project’s excellence, Old Mill Village has been nominated for Lincoln’s 2005 Community Development Week Award.
These Old Mill Village homes are being built by:
Brighton Construction
Cherry Hill Construction Inc.
Habitat for Humanity
Hoppe Homes
Krueger Development
Schwinn Construction Company
Skyline Homes, Inc. (Ken Inness)
Prairie Homes
Regal Building Systems, Inc.
Rembolt Development, Ltd
Wright Development, Inc.
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Top
Partnership and Financing
Financial support for Old Mill Village came from several government sources: Nebraska Affordable Housing Trust Fund (NAHTF) for land purchase and infrastructure for Phase II, Community Development Block Grant (CDBG) funds for home buyer training classes and a loan for land purchase, and HOME funds for down payment assistance, for a total of $1.76 million.
The financial support from the private sector was impressive, totaling $17.13 million. It came from Tier One Bank, private mortgage investment and the sale of the remaining lots.
In addition, Lincoln Habitat for Humanity has completed two volunteer builds and will do two more, contributing volunteer time and sweat equity to the development of their lots.
For each lot sold by NHR, the City is reimbursed $3,000. After 100 lots are sold, the City will recoup the $300,000 CDBG loan that was used for the initial land acquisition. The remaining profit will be used by NHR for the next development phase.
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