Affordable Housing Being Constructed

Published in the Columbus Telegram on 6/3/2009, Article written by Adrian Sanchez

Further development of Bradshaw Place Addition is under way as housing construction begins and more developers sign onto the new neighborhood initiative.

The 15-acre, 43-lot neighborhood located in the area of 19th Street and 48th Avenue is expected to help alleviate the city's housing shortage and provide more affordable housing for low-to moderate-income families.  Of the 43 lots, 22 are reserved for low-and moderate-income households.  The remaining 21 lots and homes will be made available to anyone of any income level.

During a presentation to the City Council Monday, Roger Nadrchal, executive director of NeighborWorks Northeast Nebraska, reported 19 of the 43 lots have been sold with 10 different builders purchasing lots.  Construction of houses has begun.  Of the 19 lots sold, 15 were reserved for low-to moderate-income families and four were sold at the market rate.

"We got clearance a little over a week ago to start building.  Two houses are under construction," Nadrchal said.  "One home we are building ourselves, and the other is with another builder," but he expects several other builders to begin construction soon.

For those interested in purchasing a home in Bradshaw Place, the current sliding scale income guidelines to qualify for the 22 low-and moderate-income households, which are expected to be priced between $140,000 and $145,000, is currently $34,350 for a single person, $39,300 for two, $44,200 for three and $49,100 for four persons.

Income eligible individuals and families also may qualify for up to $25,000 in down payment assistance, with a $1,000 match for their new homes at Bradshaw Place in the form of a zero percent interest loan due upon resale.

Applications are still being accepted, Nadrchal said, and builders are still looking for home buyers.

The United States Department of Agriculture (USDA) is looking to make the Bradshaw Place homes even more affordable for families that qualify.

Charles Scheibe, an area specialist with USDA Rural Development, announced in a press release that the agency is making one of the first loans in this subdivision.

"June is National Homeownership month," Scheibe said, and he wanted to promote "the fact financing is very available."

"Our agency makes loans to low and moderate income households," he said, and is acting as a financial partner for the project which is complimentary to the agency's efforts to make housing more affordable for low-to moderate-income families.

Scheibe said the agency is providing financing for homebuyers who may not qualify in the open market.  "We are an agency that can provide financing to low-to moderate-income families when they can not find conventional financing on their own," he said.

For qualified applicants, subsidized mortgage financing may also be available to help families that may not be able to afford full payments, he said, noting a portion of the mortgage subsidy is recaptured when the family sells or refinances the home.

NeighborWorks is able to provide down payment assistance, Scheibe said, and the USDA Rural Development agency can provide subsidized mortgage financing to help provide families with firm financial grounding to become home owners.  "We are making it more affordable for more people," he said.

Nadrchal also reported Monday that since the NeighborWorks July 2007 grand opening in Columbus, nearly $1.1 million has been invested in the Columbus area by NeighborWorks.

More than 75 families have applied for assistance with 90 percent of the applicants deemed income eligible, he said.  Twenty-two families participated in the housing programs and of those, 17 were homes in Columbus, two in Platte Center, two in Schuyler and one in Albion.

"Overall, the partnerships we have created are outstanding," Nadrchal said.  "We are very pleased with the support of the community, lenders and home buyers."

During the next two years, NeighborWorks is focusing on generating more interest in the community making more potential homebuyers aware of the services NeighborWorks provides.

Also, "we are looking forward to working with the city on Phase II of the new neighborhood initiative," Nadrchal said, and "we continue to appreciate the support of the community."

 

Info:

Article published on Jun 15, 2009