LINCOLN, Neb. (KOLN) – Over the next few years, a vacant lot at 25th and Vine strewn with gravel and weeds could become a brand new apartment complex that will help the city move six units closer to its goal of 5,000 affordable apartments, whose rent is less than $ 1,000 per month.
“Six units might seem like a small amount, but each amount we come up with helps create an environment where people from all walks of life can call Lincoln home,” said Dan Marvin of Lincoln’s Urban Planning and Development.
The developer of the complex presented his plan to city council this week. Planning documents show the investor plans to advance $ 4 million and use about $ 900,000 in additional tax financing in exchange for the six affordable units.
“We can use this negotiation process to make deals to provide affordable rents,” said Marvin.
Only people earning less than 60% of the median income, or about $ 31,000, could live in the units for the next 20 years.
Nebraska Housing Resource, a non-profit organization, said affordable housing is a worthwhile investment.
“The cost of living has gone up and we see the average renter and the average homeowner struggling to even afford a bedroom in Lincoln,” Julie Gale of Nebraska Housing Resource.
According to RentCafe, the average rental in Lincoln is over $ 1,000 per month and has increased 5% over the past year.
The 25th and Vine project is just one example of the city and developers working together to create affordable housing. The Rowhouse project at 35 and Vine will create 100 units and a project at 70 and O will create approximately 60 units for veterans.
The city council will vote on the 25th and the Vine project on Monday.
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