Excel Development Group Housing Projects Awarded Housing Tax Credits by Nebraska Investment Finance Agency
Moriah Manor 2602 N 24th St (approx.), Omaha, NE 68110
Moriah Manor was awarded $275,713 in Federal Low Income Housing Tax Credits (LIHTC) and $275,713 in State Affordable Housing Tax Credits (AHTC) by the Nebraska Investment Finance Agency (NIFA). Moriah Manor was also awarded $750,000 in Affordable Housing Program (AHP) Funds by the Federal Home Loan Bank-Topeka. Moriah Manor will be a new four-story apartment building consisting of 40 senior (55+) apartments in Omaha, Nebraska. Thirty-four of the apartments will be affordable and 6 will be market-rate. The 32 one-bedroom and 8 two-bedroom apartments income guidelines are as follows:
- 3 one-bedroom units at or below 40% Area Median Income (AMI), 13 one-bedroom units at or below 50% AMI, 12 one-bedroom units at or below 60% AMI, 4 one-bedroom market-rate units
- 1 two-bedroom unit at or below 40% AMI, 3 two-bedroom units at or below 50% AMI, 2 two-bedroom units at or below 60% AMI, 2 two-bedroom market-rate units
Moriah Manor Amenities:
- Community Room
- Exercise Room
- Community Garden
- High-speed internet access
Total Project Cost: $5,226,245
Developer/Property Manager: Excel Development Group
Sponsor/General Partner/Non-Profit: Midwest Housing Initiatives
Architect: F.L. Lassiter & Associates, Inc.
Maplewood II 1400 West H St, McCook, NE 69001
Maplewood II was awarded $267,629 in Federal Low-Income Housing Tax Credits (LIHTC) and $267,629 in State Affordable Housing Tax Credits (AHTC) by the Nebraska Investment Finance Agency (NIFA). Maplewood II is an acquisition/rehab project consisting of 24 affordable senior (55+) units in McCook, Nebraska. The 16 two-bedroom and 8 three-bedroom units income guidelines are as follows:
- 2 two-bedroom units at 40% Area Median Income (AMI), 7 two-bedroom units at 50% (AMI), 7 two-bedroom units at 60% AMI
- 1 three-bedroom unit at 40% AMI, 3 three-bedroom units at 50% AMI, 4 three-bedroom units at 60% AMI
Amenities:
- Washer/Dryer
- Garage
- Community Garden
Supportive Services:
- Paid Renter’s Insurance
- Semi-annual Clean-up Event
- Transportation
Total Project Cost $3,614,590
Developer/Property Manager: Excel Development Group
Architect: Architectural Design Associates (ADA)
Sponsor/General Partner/Non-Profit: Midwest Housing Initiatives
Contractor: Excel Construction