Homeownership

Credits To Own (CROWN)

Eligibility: Specific income and purchase price limits or income limits and rent restrictions may apply. Units are targeted at households at or below 60% of area median income.

Benefits: The 15-year rental period allows time for the tenant to participate in homebuyer education, build equity, save enough money for closing costs, and correct credit problems, if applicable.

Nature of Program: The objectives of the CROWN Program are to (l) construct housing that is decent, safe, and permanently affordable for low-income residents; (2) develop strong public/private partnerships to solve housing problems; (3) offer renters a real plan to own a home; and (4) restore unused, vacant, in-fill lots to become a neighborhood asset.

Terms: Tax Credits are used by investors to reduce income tax payments. The money generated from the use of the tax credits is contributed to the project to reduce the amount of money needed to be borrowed for the construction of the home. The tenant leases the home (single family detached) for a period of 15 years at below market rate rent.

Note: This description provides for the eventual sale of the units to the tenant after 15 years. Another CROWN component exists which uses the unit as a platform from which the tenant moves into homeownership through the purchase of another unit after completion of an education process that can take as little as six months depending on the income and credit standing of the tenant/buyer. In both CROWN components, down payment and closing cost assistance may be provided to the tenant/buyer who successfully completes the homebuyer education program.

Contact:

Robin Hollman

Nebraska Investment Finance Authority

1230 ‘0’ Street, Suite 200

Lincoln, NE 68508-1402

(402) 434-3900 or (800) 204-6432

Fax: (402) 434-3921

DED Affordable Housing Program — Homeowner Programs

The Affordable Housing Program (AHP) — Homeowner Programs category includes the Nebraska Affordable Housing Trust Fund (NAHTF), Community Development Block Grant (CDBG) and HOME program.

State Objectives: The AHP state objectives for using funds in the Housing category provide for investing funds in quality projects and programs for quality communities so that local governments and non-profit organizations can leverage private financing to provide for permanent, energy efficient, affordable housing.

Projects will (1) address housing conditions related to community economic development needs; (2) expand equal housing opportunities; or (3) create public/private partnerships to address housing needs holistically (linking housing with supportive services to promote economic self-sufficiency and family preservation).

Eligibility: The Department of Economic Development (DED) awards to state-designated Community Housing Development Organizations and other non-profit 501(c)(3) or 501 (c)(4) organizations, Public Housing Authorities and local units of government.

Nature of Program: Funds will be available for activities to assist homeowners and homebuyers in:

Providing downpayment assistance for existing homes,

Rehabilitating homes that are currently owned,

Purchase, Rehabilitation, and Resale which includes acquisition, rehabilitation and development subsidy/downpayment assistance/closing cost assistance, and

New construction of homes, which may include land acquisition, infrastructure, and development subsidy/downpayment assistance/closing cost assistance.

Application Process: The DED publishes an action plan on an annual basis, which details the method for distributing NAHTF, CDBG, and HOME funds. Application guidelines are developed following citizen comments and approval of the action plan. Funds are awarded on a competitive basis in accordance with the application guidelines and the Annual Action Plan. Please contact the Department for assistance in applying for these funds.

301 Centennial Mall South

Lincoln, NE 68509-4666

(402) 471-2095 or (800) 426-6505

Nebraska Relay Service: (800) 833-7352

Fax: (402) 471-8405

E-mail address: This email address is being protected from spambots. You need JavaScript enabled to view it.

Federal Home Loan Bank of Topeka Affordable Housing Program

The project must pertain to own- or renter-occupied housing in Colorado, Kansas, Nebraska and Oklahoma.