U.S. Department of Housing and Urban Development

[Coyote]

Omaha, Fremont to share in $10 million in housing grants for “bomb cyclone” flood recovery

LINCOLN — Five low-income housing projects in Omaha and Fremont will share $10 million in federal funding, part of $109 million the U.S. Department of Housing and Urban Development sent to Nebraska to recover from flooding in 2019. HUD set aside about $26 million of that relief money for affordable housing in communities impacted by the “bomb cyclone” floods in March of 2019. Douglas, Sarpy and Dodge Counties were deemed the “most impacted” counties by the flooding by HUD, according to the Nebraska Department of Economic Development, which announced the grant awards Monday.

231 housing units

A total of 231 housing units are planned using the $10 million.

Recipients, which will receive $2 million each, are:

-Kennedy Square East/Brinshore Development LLC, 2912 Spencer St., Omaha, 63 new rental units.
-Drexel/Foundations Development LLC: 18011 Drexel St., Omaha, 50 new rental units.
-Sahler/Foundations Development, 4150 N. 132nd St., Omaha, 50 new rental units.
-Fremont Northside Townhomes II/Mesner Development, near 29th and North Yager Road, Fremont, 27 new rental units.
-Highlander Phase V/Brinshore Development, 2198 N. 31st St., Omaha, 41 new rental units.

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Nebraska ‘Urban Redevelopment Act’ kicks in to help grow small businesses in Omaha, Lincoln

Nebraskans may soon start seeing the impact of a state law, adopted in 2021, that’s intended to help grow small businesses and investment in urban cores with high poverty and unemployment rates. The Nebraska Department of Economic Development on Aug. 1 will begin accepting applications from businesses to earn performance-based tax credits under the Urban Redevelopment Act.

Under the law introduced by Sen. Justin Wayne of Omaha, a business can qualify for up to $50,000 in tax credits. Eligible businesses may use the credits to offset income, sales and use or real property taxes or to reduce income tax withholding. The business must pay to file an application, have a qualified location in a target area in Lincoln or Omaha and either hire at least five new full-time employees and invest $150,000 in property, or invest $50,000 in the qualified property. The amount of tax credits earned will vary depending on the level of investment and number of new hires.

Up to $8 million in tax credits can be authorized by the state. Applications must be submitted electronically, state officials said. This is the first invitation for applications for the tax credits since state lawmakers voted 49-0 last year in favor of Legislative Bill 544.