Olympic Heights Development
"Cooperative Venture providing Affordable Housing for targeted Nebraska residents.”
Topics:
- What is the Olympic Heights Development?
- Partnership
Olympic Heights Development
In 2001, NHR is partnering with the City of Lincoln to complete development of sixteen tax-repossessed lots in Olympic Heights First Addition (Air Park area). Olympic Heights Development is located on Northwest 53rd, between West Leighton and West St. Paul Streets in Lincoln, Nebraska.
These "Olympic Homes" are being built by:
Aspen Builders, Inc.
Cherry Hill Construction Inc.
Habitat for Humanity
Hoppe Homes
J. Greg Schwinn Homes, Inc.
Regal Building Systems, Inc.
- Easy access to downtown Lincoln via I-80 and Capital Expressway
- Convenient location to Interstate I - 80 & Lincoln Municipal Airport
- Near large shopping area & restaurants
Previous concerns related to the Olympic land were:
- Idle land not producing tax revenue and requiring city maintenance
- Residents in existing homes west of NW 53rd had no direct access to the city park located at
NW 52nd (between West Huntington and West Leighton).
Solutions:
- Land was purchase by NHR from City
- NHR is building a bike path through the development
- Enriched area with affordable housing
Top
Cooperation and Partnership
Olympic Heights Development was made possible through the cooperation and partnership of the following entities:
- City of Lincoln
- Park & Recreation Department
- Urban Development Department
Up to $12,500 down payment assistance at 0% rate (5 year forgivable)
City of Lincoln administered HOME Funds
Purchaser qualified by
Neighborhoods Inc.
- Fannie Mae
1%
down payment option through Fannie Mae pilot program
- Neighborhoods Inc.
"REACH" Homebuyers Assistance Training thru Neighborhoods, Inc
(Readiness - Education
- Awareness - Collaborative for Homebuyer/owners)
- Nebraska Investment Finance Authority
4.99% NIFA First-time homebuyer mortgage (lender originated)
(NIFA CRANE Program - Super Targeted Mortgage Rate)
- Nebraska Housing Resource
NHR is supplying a $7,500 2nd mortgage
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