Cardinal Commons I Groundbreaking – Bellevue, NE Affordable Housing in Response to 2019 Floods

Cardinal Commons I Groundbreaking – Affordable Senior Housing Development in
Bellevue, Nebraska

News Links:
https://lnkd.in/gwebbmc4
https://lnkd.in/gWtG5_8D

Bellevue, NE: Midwest Housing Initiatives and Excel Development Group are hosted a groundbreaking
ceremony for the Cardinal Commons I affordable housing development at 3:00 PM on Thursday, November
30th, 2023 at 1012 Kasper St, Bellevue, Nebraska 68147 (Northeast of Bellevue West High School).
The groundbreaking celebrated the Cardinal Commons I affordable senior (55+) housing development
which consists of the new construction of 18 duplexes (36 units) and a community building with a
storm shelter. The Cardinal Commons I project is in direct response to the flooding that happened in
2019 where the City of Bellevue lost over 200+ homes.

“Congratulations to Midwest Housing Initiatives, Excel Development Group, and the City of Bellevue
on today’s groundbreaking. Affordable housing is the top priority that I hear about when visiting
communities across the First Congressional District. Local leadership, like this development, is
critical to providing the innovation solutions individual communities need to deliver affordable
housing for the next generation of Nebraskans.” – U.S. Congressman Mike Flood

“Midwest Housing Initiatives is very excited and honored to be partnering with Excel Development
Group on the Cardinal Commons I project in Bellevue. It is our mission and goal to provide quality
affordable housing throughout Nebraska and the Midwest, and we feel this is a perfect opportunity to
continue to meet these goals.” – Corey Vandewege, President, Midwest Housing Initiatives

The Cardinal Commons I Development was Awarded the Following:
• $729,807 of Federal Low-Income Housing Tax Credits (LIHTC) for 10 years and $729,807 of State
LIHTC for 6 years from the Nebraska Investment Finance Authority (NIFA).
• $2 million of Community Development Block Grant – Disaster Recovery (CDBG-DR) Funds in response
to the 2019 floods from the Nebraska Department of Economic Development (NDED).
• $280,000 of Tax Increment Financing (TIF) from the City of Bellevue.

Permanent financing from Horizon Bank of $1,730,337, Midwest Housing Initiatives sponsor loan of
$721,952 and Excel Development Group Sponsor loan of $74,325 rounded off the total capital stack for
the $13,599,532 affordable housing development.

“NIFA is pleased to partner with Midwest Housing Initiatives, Excel Development, the Nebraska
Department of Economic Development, and many other partners on the development of Cardinal
Commons I. As evidenced in Nebraska’s 2022 Strategic Housing Framework, quality affordable housing
in all areas of our state is critical for the growth of communities. Congratulations to the City of
Bellevue, Midwest Housing Initiatives, Excel Development, and the many development partners.” –
Shannon Harner, Executive Director, NIFA

“Nebraska’s resilience following the 2019 floods has been amazing,” said DED Director K.C. Belitz.
“To strengthen our state’s long-term recovery, we’re directing disaster recovery funds to
communities that experienced the most widespread residential destruction. Our Department is
grateful to support the Cardinal Commons project in Bellevue to rebuild the local inventory of
affordable senior housing.”

All 36 units in the Cardinal Commons I development are two bedrooms and one bathroom (1,034 sq. ft.
of living area + 292 sq. ft/ of garage area + 53 sq. ft. of storage area = 1,379 total sq. ft.). All
36 units will be single levels with exterior features such as partial brick and landscaping.
Amenities will include a community building with a storm shelter, single-car garage, washer, dryer,
dishwasher, refrigerator, stove, microwave, storage area, and a rear patio. The Cardinal Commons I
project will pay for up to 432 round trips of transportation, 12 per household. Also, the Cardinal
Commons I project will pay annual renter’s insurance for all residents that request insurance.
Eleven units are targeted to seniors making at or below 60% of the area median income (AMI) and pay
$900 a month in rent, 15 units are at 50% AMI and $850 a month, and 4 units are at 40% AMI and $750
a month, 6 units are market-rate unit with no income restrictions at $1,015 a month. Water, sewer
and trash services are provided by the owner.

“CREA’s mission is to create affordable housing everyone can be proud of. We accomplish that mission
by partnering with experienced local sponsors like Excel Development Group and Midwest Housing
Initiatives who are equally committed to providing high quality, affordable housing. Despite a
challenging real estate environment, the unwavering commitment of their development teams have
built the foundation for Cardinal Commons to be an asset to both the neighborhood and future
residents. CREA is proud to invest in the city of Bellevue and the state of Nebraska, and we look
forward to a long partnership with the many individuals and organizations involved in bringing
much-needed affordable homes to their community.” – Adam Lavelle, Senior Vice President, CREA

“Advantage Capital is proud to partner once again with Midwest Housing Initiatives and Excel
Development Group on another impactful affordable housing development facilitated in part by the
State of Nebraska Affordable Housing Tax Credit. These incentives are critical to increasing the
supply of affordable housing across Nebraska and we couldn’t be more excited to see much needed
senior housing come to Bellevue.” – William Fiederlein, Vice President, Advantage Capital

“Excel Development Group’s core focus is to improve lives …. by solving community needs with
affordable housing. The Cardinal Commons groundbreaking marks a significant milestone in addressing
Bellevue’s growing need for accessible and inclusive affordable housing for seniors. Cardinal
Commons represents a commitment to creating a vibrant and supportive community for seniors in
Bellevue. The project emphasizes affordability without compromising on quality, ensuring that
seniors have access to comfortable and secure affordable housing options. Excel is excited to work
with the City of Bellevue and the many partners involved, to help make Cardinal Commons a reality.”
– Brent Williams, President, Excel Development Group

The second phase of Cardinal Commons II will provide an additional 13 duplexes (26 units) for
seniors (55+) and hopes to receive an award of affordable housing tax credits from NIFA and
community development block grant – disaster recovery funds from NDED in August of 2024.

Development Team:
Midwest Housing Initiatives – Non-Profit and General Partner Excel Development Group – Developer
Nebraska Investment Finance Authority – LIHTC State Allocating Agency
Nebraska Department of Economic Development – CDBG-DR Funds Administrator
City of Bellevue – TIF Financing
CREA – Federal Tax Credit Syndicator
Advantage Capital – State Tax Credit Syndicator
Horizon Bank – Construction and Permanent Loan Financer
Roanoke Construction – General Contractor
Architectural Design Associates – Architect
REGA Engineering – Engineer
Union Title Company – Title Company