Stanton Affordable Housing Development Project Summary
The City of Stanton is requesting Nebraska Affordable Housing Funds (NAHF) for two single family attached housing units in Stanton. "Adequate Affordable Homes For Sale" was identified as the top "housing issue" by Stanton citizens in a 2004 Community Attitude Survey. "Homeownership opportunities for low to medium income families" was identified as the highest housing priority in that same survey. Business and industry leaders identified the lack of affordable housing as one of the weaknesses of doing business in Stanton County.
The City of Stanton has been aggressive for the past several years working along side the Stanton Community Club and Stanton Economic Development Corporation to make Stanton a healthier and more enhanced place to live. This effort is an out-growth of work initiated by the Greater Stanton Unity Committee. In 2004, the Stanton Community Club facilitated a community survey process and subsequent town hall meeting to identify, prioritize, and act on community issues. Housing was identified as a top priority. The Greater Stanton Unity Committee was created to address this as well as several other top priorities identified by the citizens of Stanton. A primary goal in The Greater Stanton Unity Committee's action plan is to increase the population of Stanton to 2,000 by the year 2015. The current population is 1627. To accomplish this, Stanton will need to improve its existing housing stock as well as develop new housing starts. This Committee has received the endorsement of the Stanton City Council and is desirous of pursuing any and all facets of community and economic development.
The Stanton City Council decided to set up the Community Foundation to benefit the community. By having the community involved there can be many areas of the community that will benefit. Donations can be given to any project area or can be used to set up an endowment fund. The Nebraska Community Foundation has the tax exempt status and all funds can be run through them, but under the City of Stanton portion.
The City of Stanton will utilize NAHP funds to construct two single-family attached housing units in the Elkhorn Heights Subdivision in Stanton, Nebraska and then reuse the funds to continue the new construction of homes within the affordable housing program in this same subdivision. Elkhorn Heights Subdivision is a new development on the west edge of Stanton that consists of approximately eight acres of land and contains fifteen lots which vary in size from 12,200 square feet to 19,800 square feet. All streets, curbs and infrastructure are completed. All utilities are run and buried to each lot. We will also offer down payment assistance to low income families for the purchase of the units. This will help to assure that the homebuyers will be able to afford the unit in the future by making the monthly payments affordable. The purchase price of the units will not exceed the single-family mortgage limits under section 203 (b) of the National Housing Act of $170,000. The applicant will be required to provide $1,000 towards the purchase of the home. They will be responsible for obtaining financing for the balance of the purchase price and closing costs. No payment will be required on the Down Payment Assistance 0% deferred loan until the property is sold, transferred or the first mortgage is paid in full.
NED, Inc. will market this program to families with incomes of 80% or less of the median area income for Stanton County. Interest advertising has already begun in the Norfolk Daily News, Stanton Register and the Stanton County Public Power District monthly newsletter. Seven responses have been received in just a couple of weeks of advertising. According to 2000 Census figures, approximately 41.7% of the households make 80% or less of median income. NED, Inc. in partnership with the Northeast Nebraska Economic Development District will market the program in Stanton through contact with its many housing partners, financial institutions, the City of Stanton, newsletters, area media, public meetings and one-on-one personal contact.
