Nebraska Department of Economic Development Announces $10.3 Million Investment through HOME-ARP Affordable Rental Program

The Nebraska Department of Economic Development (DED) has announced the names of four (4) applicants who will receive $10,302,671 of investment in local projects through the HOME American Rescue Plan (HOME-ARP) Program. The funds will support the development of affordable rental housing to assist individuals or households who are homeless, at risk of homelessness, or members of other vulnerable populations. DED is committed to working closely with the recipients in program development and underwriting to ensure each project is viable for the 15-year period of affordability.

In 2021, the U.S. Congress appropriated $5 billion of American Rescue Plan Act funds to reduce homelessness and increase housing stability. The funds are being administered by the U.S. Department of Housing and Urban Development (HUD) through the HOME Investment Partnerships Program (HOME). The State of Nebraska received funds from HUD through the HOME-ARP Program for use in the Balance of State (all areas of Nebraska outside the city limits of Lincoln and Omaha).

Read the full article here.