Wilderness Falls III Ribbon Cutting
Falls City, NE: Falls City EDGE and Excel Development Group are hosting a Ribbon Cutting Ceremony for the Wilderness Falls III affordable senior housing development on Friday, August 16th, at 11 AM at W 31st Street and Victory Way, Falls City, Nebraska 68355 (South of the Community Medical Center). The Ribbon Cutting will celebrate the completion of the Wilderness Falls III affordable senior (55+) housing development which consisted of the new construction of 8 duplexes (16 units) and an outdoor exercise area tailored to seniors. The new homes allow our Nebraska seniors to age in place and be able to stay in Nebraska.
“Housing affordability and availability barriers create significant challenges to quality of life for senior members of our communities. The hardships brought about by recent inflation and supply chain challenges have only worsened this crisis. Your efforts to expand affordable housing in Richardson County will serve as a lasting investment in the wellbeing of seniors and the broader community for years to come. Thank you to the City of Falls City, the Nebraska Department of Economic Development, and all project partners for the opportunity to recognize your hard work and contributions driving Nebraska’s Third District forward.” – U.S. Rep. Adrian Smith
“As Mayor of Falls City, I express gratitude for the ongoing collaboration between our city and Excel Development on the Wilderness Falls III project. This partnership strengthens our community by providing additional choices in quality affordable housing for our citizens aged 55 and above.” – Mark Harkendorff, Mayor of the City of Falls City
“Midwest Housing Initiatives was excited to partner on the third phase of the Wilderness Falls III housing development! Affordable housing, especially for seniors, is in high demand and we are happy to continue our work to address that challenge.” – Corey Vandewege, President, Midwest Housing Initiatives
The Wilderness Falls III Development was Awarded the Following
- $288,860 of Federal Low-Income Housing Tax Credits (LIHTC) for 10 years and $288,860 of State LIHTC for 6 years from the Nebraska Investment Finance Authority (NIFA)
- $750,000 of HOME Investment Partnerships Program Funds (HOME) from the Nebraska Department of Economic Development (NDED)
Tax Increment Financing (TIF) from Falls City of $55,000, Falls City paying for half the road infrastructure cost, permanent financing from Horizon Bank of $229,988, and deferred developer fee of $126,237 rounded off the total capital stack for the $4,952,827 affordable housing development.
“NIFA is proud to be a partner in all three phases of the Wilderness Falls Development. As evidenced in Nebraska’s 2022 Strategic Housing Framework, quality affordable housing in all areas of our state is critical for the growth of our communities. Congratulations to Falls City, Midwest Housing Initiatives, Excel Development, and the many project partners.” – Shannon R. Harner, NIFA Executive Director
“Developing affordable, high-quality housing is a top priority for our state,” said K.C. Belitz, director of the Nebraska Department of Economic Development (DED). “It’s especially important to provide reasonably priced housing options for our senior citizens, many of whom are on fixed incomes. DED is grateful to support the Wilderness Falls III project through the HOME Investment Partnerships Program. Thank you to Midwest Housing Initiatives, community leaders in Falls City, Excel Development Group, and the Nebraska Investment Finance Authority for coming together to create these beautiful new duplexes.”
All 16 units in the Wilderness Falls III development are two bedrooms and one bathroom with 1,034 sq. ft. of living space, 53 sq. ft. of storage space, 292 sq. ft. of garage space, 1,379 total sq. ft. They all have single levels with exterior features such as partial brick and landscaping. Amenities include a outdoor exercise area tailored to seniors, single-car garage, washer, dryer, dishwasher, refrigerator, stove, storage area, and a rear patio. 7 units are targeted to seniors making at or below 60% of the area median income (AMI) and pay $625 a month in rent, 7 units are at 50% AMI and $605 a month, and 2 units are at 40% AMI and $560 a month. Water, sewer and trash services are provided by the owner.
“Marble Cliff Capital is thrilled to celebrate the ribbon cutting of this new affordable senior housing development in Falls City. Wilderness Falls III represents our commitment to providing safe, decent, and sanitary affordable living options for our senior community. We believe this development will enhance the quality of life for our seniors 55 and over, ensuring they have a supportive and vibrant environment to call home.” – Jack Kukura, President Marble Cliff Capital
“Advantage Capital is once again proud to partner with Excel Development and Midwest Housing Initiatives on another impactful senior affordable housing development in Nebraska. Wilderness Falls III not only addresses the critical need for affordable housing but also fosters a sense of community and belonging among Nebraskans who desire to age in place. These types of developments would not be feasible without policy solutions designed to encourage the creation of affordable housing across Nebraska and the country, and Advantage is appreciative of our capital partners who help us both facilitate investment and increase the supply of affordable housing to those who need it most.” – William Fiederlein, Vice President, Advantage Capital
“We’re very proud to be a part of the third phase of the Wilderness Falls III housing development and our continued partnership with Midwest Housing Initiatives in helping provide another high-quality affordable housing option to the Falls City community.” – Brent Williams, President, Excel Development Group
Development Team:
Midwest Housing Initiatives – Non-Profit and Managing Member
Excel Development Group – Developer
City of Falls City – Provided TIF & Helped with Road Construction Cost
Nebraska Investment Finance Authority – LIHTC State Allocating Agency
Nebraska Department of Economic Development (NDED) – HOME Funds
Marble Cliff Capital – Federal Tax Credit Syndicator
Advantage Capital – State Tax Credit Syndicator
Horizon Bank – Construction and Permanent Loan Financer
FORTEN Building Group – General Contractor
Architectural Design Associates – Architect
REGA Engineering – Engineer
Midwest Housing Initiatives: Midwest Housing Initiatives (MHI): was established in 2002 and is a non-profit 501(c)(3) housing corporation with experience in developing affordable housing projects using Low-Income Housing Tax Credits (LIHTCs), HOME Funds, FHLBank of Topeka AHP Funds, Tax Increment Financing, Housing Trust Funds, conventional lending, and other sources. To date, MHI has developed projects in Nebraska, Kansas, and Oklahoma totaling over 700 units.
About Excel Development Group: Excel Development Group is a development, property management and consulting firm specializing in affordable housing for over 34 years. Excel Development Group has completed over 2,500 low- to moderate-income, and market-rate units totaling over $300 million in development throughout the Midwest. Excel Development Group creates partnerships with not-for-profit and for-profit housing organizations, community organizations and city, county, and state agencies to produce high-quality affordable housing.
