Old Riley School Redevelopment
"Cooperative Venture providing Affordable Housing for targeted Nebraska residents.”
Topics:
- What is the Old Riley School Redevelopment?
- Partnership
Old Riley School Redevelopment - 5 Housing Units
In late 2000, NHR, in partnership with the City of Lincoln, redeveloped the former site of Riley School (50th & Dudley) into 5 units of affordable housing.
Under Mayor Wesely's leadership and guidance from the Lincoln Urban Development Department, NHR developed the Old Riley School homes as part of its campaign to addresses the lack of new affordable homes in Lincoln. NHR entered into an agreement with the city involving the razing of the abandoned school, originally built in 1917 (replaced in 1963), and the identification hiring of builders to construct the homes.
Lincoln's J. Greg Schwinn Homes, Inc., was selected by NHR as the builder for four of the five homes. The fifth lot is being be used for the Lincoln Housing Authority's joint venture with Northeast High School's "student-build" program, an ideal training ground for students learning to build homes. When complete, the homes are sold for affordable homeownership.
The Schwinn homes feature 1290 sq. ft. with three bedrooms and two and a half bathrooms. The two-story layout is a variation of the four square design popular in the early 20th century. The homes have an attached or detached garage, were built over basements, and sold for approximately $115,000.
Top
Partnership
From left to right: Rick Kruger (Member NHR BOD), Steve Peregrine (Fannie Mae Nebraska),
Fred Hoppe (Member NHR BOD),
Robert Peterson (Executive Director NHR),
Bob Hampton (President NHR), Greg Schwinn (Member NHR BOD),
Roger Reynolds (President HBAL)
Entities involved in the development were:
City of Lincoln - Urban Development & Neighborhoods, Inc.
The City, through Neighborhoods, Inc., provided second mortgage -secured down payment assistance for "income and credit qualified buyers" who completed the home buyer education program
Nebraska Investment Finance Authority
NIFA made available its NIFA 1% Option mortgage, a low down payment, 30-year fixed rate mortgage, to qualified buyers
Fannie Mae
Fannie Mae, through its lender partners, purchased an estimated $365,000 in first mortgages for the Old Riley School homes
Nebraska Housing Resource
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