Community Development Resources pledged to raise $10 million for affordable housing
500 New Affordable Homes Built Every Year in Lincoln
LINCOLN, Neb. (KLKN) – It’s been nearly a decade since Lincoln participated in an affordable housing project. Over the next 10 years, the financial institution called Community Development Resources, or CDR, will expand its mission to help fund projects to renovate and build 500 affordable housing units in Lincoln each year.
“CDR will do this by investing more capital and implementing more financial tools to expand lending to small business owners and to support those creating or rehabilitating affordable housing. Creating more high-quality homes for Lincoln families,” said Lincoln Mayor Leirion Gaylor Baird.
“We are a housing infrastructure financing organization. It really is who we are. We will bring together all community resources to achieve this. It takes government, it takes banks, it takes business, and it takes philanthropy to get this done locally, and then leverage federal or state dollars to make it happen,” said Mark Hansen, volunteer at the CDR.
Affordable housing will help families who spend 30% or more of their income on rent or mortgage payments and utilities.
“We know from our research that Lincoln needs to both create new housing and preserve and improve the quality of our existing housing stock. The grants and loans available through CDR will help our community partners, owners and developers do just that. Especially for low-income minority renters and homebuyers,” said Sandra Washington Lincoln City Council Member.
The goal is to build or revitalize 5,000 houses instead of apartments.
“New units will likely be built outside of existing neighborhoods because there isn’t enough space to do so in existing neighborhoods. Wherever Lincoln Public Schools go, we should be there with a subdivision that creates a mixed-income neighborhood for our community. It will be healthier that way,” Hansen said.
The hope is that this project will help reduce the cost of housing for families at all income levels.
“Today we are taking a big step forward in changing the math to create more financing options and incentives that help our community meet our affordable housing goals,” said Mayor Gaylor Baird.
A special committee called Care will be formed to ensure that all voices are heard on the topic of affordable housing and homelessness prevention in Lincoln.