Category: Housing Development
Project: Creekside Village, Ltd.
Project Location: 901-945 Court Street & 1630-1660 North 9th Street
Lincoln, NE 68508
Status: 100% leased with a waiting list
Cost: $10,406,663
Description: Creekside Village is located just north of the Lincoln, Nebraska downtown business
district and is nestled between the University of Nebraska Lincoln campus and the Haymarket Park
Sports Complex. The development consists of 18 buildings providing 71 units of affordable housing
to a variety of residents. Eight multifamily buildings provide 30 one-bedroom units, 30 two-bedroom
units, and one manager’s unit. The additional 10 buildings are constructed as 4-bedroom, single
family townhomes, utilizing the rent-to-own “CROWN” (Credits-to-OWN) program offered by the
Nebraska Investment Finance Authority (NIFA). The development includes a club house with
meeting and community space and laundry facilities. All 71 units of the development target low
income tenants at 60% or less of the Area Median Income. Twenty units are reserved for occupancy
by people with Severe Mental Illnesses. Comprehensive supportive services and specialized case
management are provided to residents, both onsite and offsite. To further enhance the project and
the surrounding area, the developer, Hoppe Homes, coordinated with the City of Lincoln to convert
18 acres of green space into a community park.
Community Needs Addressed: An underutilized piece of land presented a rare opportunity to
extend an older established neighborhood by integrating a new affordable housing development to
create a cohesive and unique living environment. The site was originally home to an old, asbestos
ridden US Navy depot, shooting range and maintenance garage, all of which had to be removed
prior to the commencement of any development. Substantial fill dirt was required to be brought in to
raise the level of the site to address flood plain issues. Creekside Village incorporates 20 units that
offer an independent living environment for individuals with Severe Mental Illness (SMI), which is an
aspect of affordable housing development that, while challenging, is critically needed and very
important. CenterPointe Inc., a Lincoln nonprofit, provides extensive supportive services, both
onsite and offsite, for the SMI residents of Creekside Village. Single family, multifamily and special
needs housing, when combined as part of the same development, can create a vibrant and diverse
community. For individuals with Severe Mental Illness, living independently in an integrated
environment is a goal that can be obtained with the supportive services that Creekside Village
provides.
Benefits and Outcome: Creekside Village offers multiple benefits for low income residents. Not
only does the development provide units for individuals diagnosed with Serious Mental Illness
(SMI), it also provides an avenue to eventual homeownership with the 10 rent-to-own units. For the
residents with SMI, CenterPointe provides a site specific Supported Living Case Manager . The
primary goal of this service is to provide supportive living arrangements within the community and
promote and teach independent living skills that assist the resident to reside in the least restrictive
community setting possible. CenterPointe offers a broad continuum of care – nearly 30 programs –
that uses a harm reduction model to help people work toward abstinence and mental stability. This
model recognizes relapse as part of the chronic diseases of addiction and mental illness and their
NDC Academy 2015
Housing Development
Creekside Village, Ltd.
programs work to identify triggers and relapse prevention tools. In addition to on-site support,
participants have access to psychiatric consultation, medication management and outpatient
counseling, education and therapy groups offered at CenterPointe’s outpatient facility. The case
manager also provides information and referral to community resources including educational,
vocational, food, treatment, health care and transportation resources. Coordination and logistical
support in accessing community-based resources is handled by the case manager and includes
transportation to appointments as necessary. The residents in the rent-to-own units receive
homeownership and home maintenance classes and develop an individualized plan to obtain
eventual homeownership. In addition, $50 from a resident’s rental payment is placed in an escrow
account each month to grow in value and be used someday for downpayment or closing cost
assistance once they are ready to buy their own home.
Project Collaborators: The developer, Hoppe Homes, worked with the City of Lincoln for the
acquisition of the land and the use of Tax Increment Financing (TIF) to assist in the financing of the
infrastructure, partnered with NIFA for Low-Income Housing Tax Credits (LIHTC) and 1602 funds,
obtained Energy Credits from the Nebraska Dept. of Energy, secured permanent financing from
Nebraska-based West Gate Bank, and deferred a portion of their developer fee to finance the
development. They also partnered with CenterPointe, Inc., a Lincoln based 501(c)(3) nonprofit
formed in 1978 that specializes in helping low income and homeless people with addiction and
mental health disorders by providing specifically-designed supportive services to all the residents of
Creekside Village. To further enhance the project and the surrounding area, the developer
coordinated with the City of Lincoln to convert 18 acres of green space into a community park. The
land was re-graded to incorporate walking trails, basketball courts, playground equipment and picnic
areas. Maintenance and ownership of the park is retained by the City of Lincoln.
What Makes Your Project Unique? : Creekside Village combines single family townhomes with a
rent-to-own model, apartment units and housing for those with Severe Mental Illness. The
integration of affordable housing for persons with addiction and mental health issues, coupled with
the comprehensive supportive services and case management necessary to insure a safe and
vibrant environment for all residents, creates a lasting and interactive community serving various
housing needs of Lincoln.
Organization’s Name: Nebraska Investment Finance Authority
Website: http://www.nifa.org
Main Contact: Ted Simpson
Email: [email protected]
Phone Number: 402-898-2503
NDC Academy 2015
Housing Development
Creekside Village, Ltd.
NDC Academy 2015
Housing Development
Creekside Village, Ltd.
$
$
$
$
$
Construction Costs
Professional Fees
Construction Insurance
Construction Loan Costs
Credit Enhancement
Version: October 2014
Reserves
Project Name: Creekside Village, Ltd.
Project Contact: Ted Simpson
Submission Category: Housing Development
10,406,663
Total Uses of Funds $
3,000
17,974
1,442,632
60,507
13,237
64,000
432,096
34,269
645,742
6,828,913
240,141
$
$
$
$
1
624,151
Amount
$
Permanent Loan Origination Fee
Title & Recording
Contractor\Developer Overhead & Profit
Appraisal, Market Study, Environmental
$
$
Demolition, Grading - Offsite
Construction Period Taxes
$
Land
Use
Uses of Funds
NIFA - LIHTC Equity
$
$
$
$
$
$
$
10,406,663
7,129,025
1,986,233
10,000
66,524
233,981
780,900
200,000
Amount
Total Uses = Total Sources
Total Sources of Funds $
US Treasury ARRA 1602 Funds
City of Lincoln, NE - Grant
Energy Tax Credit
Deferred Developer Fee
West Gate Bank - permanent loan
City of Lincoln, NE - TIF
Source
Sources of Funds
PROJECT SOURCES & USES OF FUNDS
NDC Academy 2015
Housing Development
Creekside Village, Ltd.