Club Spreads Word About NIFA Opportunities

by Adrian Sanchez

Posted:  Saturday, April 10, 2010 in the Columbus Telegram

Columbus-A housing and community development luncheon hosted by the First Friday Club brought together area lenders, realtors and community leaders to discuss local housing needs and opportunities to address the issue.

Sponsorded by NIFA (Nebraska Investment Finance Authority), the First Friday Club meets on either the first or second Friday of each month in a different community to spread the message about housing and economic development opportunities provided by NIFA and partnering agencies, such as NeighborWorks Northeast Nebraska, Nebraska Department of Economic Development and USDA Rural Development.

Mayor Mike Moser, who partnered in hosting the event, said owning a home is often the primary pillar in many people's net worth and ownership can provide access to other financial opportunities for those famiies.

"It is important for our citizens to own a home and these programs help make that possible," Moser said, so "we are happy to cooperate any way we can."

Jacki Young, Single Family Program manager for NIFA, presented information on the impact the program has had in Platte County as well as the rest of the state.

In 2009, 23 loans totaling $2.3 million were awarded in Platte County through the Single Family Program and 424 homes and $39.4 milion statewide.

In 2010, to date, Nebraska has received 930 loan reservations totaling $94.5 million, which included 18 loans totaling $1.5 million for Platte County.

The average household income across the state dipped from $47,415 to $38,535, with Young attributing the change to more single iincome applicants.

"We are getting a lot more single borrowers this year than last," she said, possibly because they want to take advantage of the home buyer tax credits.

Young also reminded those in attendance of the federal home buyer tax credits, which equals 10 percent of the purchase price, up to $8,000 for first time home buyers and up to $6,500 for repeat home buyers.  The deadlines to qualify for the home buyer tax credits is April 30 for the purchase contract June 30 for the loan closing.

The beginning farmer/rancher program and industrial development bonds were also briefly discussed during the meeting and for people who would like more information on any NIFA program, please visit www.nifa.org or call NIFA toll free at 1-800-204-NIFA (6432).

Roger Nadrchal, NeighborWorks Exeutive Director, also presented information on its operations and its accomplishments to date.

NeighborWorks focuses on home ownership promotion, real estate development and housing rehabilitation in its nine county service area.

Between 1995 and 2010, 420 housing units have been developed with another 22 in progress.  The total resale value of those units has totaled $31.5 million and nearly $5 million in assistance has been provided to many of the 1,043 individuals who have been housed through the NeighborWorks programs.

"Housing does have an impact on economic development," Nadrchal said, stating NeighborWorks efforts have resulted in an economic impact of $63.3 million.

NeighborWorks' more recent accomplishment has been the Bradshaw Place new neighborhood initiative.

All 43 lots of the neighborhood located in the area of 19th Street and 48th Avenue have been sold, developing a 15-acre parcel of land valued at $255,000 into a $7.4 million development when it is completed.

"We have been very  busy down here and a majority of the business was in the Columbus community,"  Nadrchal said.  "It takes partnerships like we have here....to get things accomplished."

Lindsay Schmuecker, application coordinator for Nebraska Department of Economic Development, congratulated Columbus on the success and she said looked forward to working wth the community on the second phase of the initiative.

"We were blown away with the success of the new neighborhood initiative," Schmuecker said, adding many communities in the state wil be a turning to Columbus as a model for future projects. 

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Article published on Apr 16, 2010