Community Development Resources pledged to raise $ 10 million for affordable housing
500 new affordable homes built in Lincoln every year
LINCOLN, Neb. (KLKN) – Lincoln has been involved in an affordable housing project for almost a decade. Over the next 10 years, the financial institution called Community Development Resources, or CDR, will expand its mission to help fund renovation and construction projects for 500 affordable homes in Lincoln each year.
“CDR will do this by investing more capital and leveraging more financial tools to expand lending to small business owners and support those who create or rehabilitate affordable housing.” Creating more high quality housing for families in Lincoln, âsaid Lincoln Mayor Leirion Gaylor Baird.
âWe are a housing infrastructure financing organization. It really is who we are. We will bring together all the community resources to do this. It takes government, it takes banking, it takes business and it takes philanthropy to make it happen locally, then leverage federal dollars or state dollars to make it happen, âMark Hansen, volunteer CDR.
Affordable housing will help families who spend 30% or more of their income on rent or mortgage and on utilities.
âWe know from our research that Lincoln must both create new housing and maintain and improve the quality of our existing housing stock. The grants and loans available through CDR will help our community partners, homeowners and developers do just that. Especially for tenants and buyers of low-income minority homes, âsaid Sandra Washington Lincoln, City Council member.
The aim is to build or revitalize 5,000 homes instead of apartments.
âNew units will likely be built outside of existing neighborhoods as there isn’t enough space to do so in existing neighborhoods. Everywhere Lincoln Public Schools goes, we should be there with a housing development that creates a mixed income neighborhood for our community. It will be healthier that way, âsaid Hansen.
The hope is that this project will help reduce the cost of housing for families at all income levels.
âToday we are taking a big step forward in changing the math to create more funding options and incentives that help our community meet our affordable housing goals,â 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.