The Housing Development Corporation is a 501 © 3 non-profit organization. It was incorporated in 1993 and maintains a Certification of Good Standing by the Secretary of State. The organization is governed by a volunteer board of directors which meets once a month on the second Tuesday from 4:00 to approximately 5:30.
The current staff consists of an Executive Director, the Construction Manager, and a part time Administrative Assistant. The financial management is contracted with Efficiency Counts Inc. The mission of the agency is to provide affordable housing opportunities to low and moderate income families. HDC’s service area is Adams, Clay, Hall, Nuckolls and Webster Counties.
The organization is funded through grants that are submitted to a variety of sources but mainly the Nebraska Department of Economic Development. All programs have income limitations.
The following a brief description of programs that HDC is administering:
Southwood Subdivision – 50 new construction homes that were sold to buyers (mostly first time homebuyers), most buyers received down payment assistance.
CROWN Lease to Own – 11 single family homes for very low income. This is a long term lease to own program that requires HDC to prepare the tenants for purchasing the home at the end of 15 years.
Purchase, Rehab, Resale – HDC purchases existing homes for a prequalified buyer, completes required rehabilitation, and resells the home to the buyer, all buyers receive down payment assistance.
Owner Occupied Housing Rehabilitation – provides rehab funds to homeowners in the form of deferred loans or loans
Maryland Living Center – 13 apartments that house youth with no permanent address, ages 16 to 24 years of age. The complex is scheduled to open in August of 2013. The project is in partnership with the CASA who will provide supportive services to the youth.
First Time Homebuyer Education – an 8 hour course designed to prepare buyers with the skills needed to purchase home. The course is offered 4 to 6 per times per year. It is open to the public and has no income restrictions to attend. All buyers that are in HDC assisted programs must attend. The program is administered at the State level by the Nebraska Housing Developers Association (NHDA) and the class meets the requirements of homebuyer education for a variety of programs. NHDA requires one fund raiser per year to support the program and Board Members are encouraged to donate a minimum of $5.00.
Rent Wise Tenant Education – an 8 hour course designed to help renters be better tenants. This program is also administered at the State level by the NHDA.
HDC partners with private sector developers that use Low Income Housing Tax Credits. HDC secures grant funds and passes the funds through to the developer. The funds are in the form of a loan to the project and used by the developer to defray the cost of development.