Apartment project at 25 and Vine could contribute to affordable housing plan
City’s incentive to build units that have lower rent
LINCOLN, Neb. (KOLN) - Over the course of the next few years, an empty lot at 25th and Vine littered with gravel and weeds could become a brand new apartment complex that will help the city get six units closer to its goal of 5,000 affordable apartments, where rent is below $1,000 a month.
“Six units may seem like a small amount but every amount we come forward with is a help to create an environment where people of all walks will be able to call Lincoln home,” Dan Marvin of Lincoln’s Urban Planning and Development said.
The developer of the complex proposed his plan to the city council this week. The planning documents show the investor plans to put forward $4 million and use about $900,000 in Tax Increment Financing in exchange for the six affordable units.
“We can use that negotiating process to secure agreements to provide affordable rents,” Marvin said.
Only people making less than 60% of the median income, about $31,000, would be able to live in the units for the next 20 years.
Nebraska Housing Resource, a non-profit, said affordable housing is a worthy investment.
“The cost of living has gone up and we’re seeing the average renter and average homeowner struggle to even afford a one-bedroom in Lincoln,” Julie Gale with Nebraska Housing Resource.
According to RentCafe, the average rental in Lincoln is more than $1,000 a month and has gone up 5% in the last year.
The project at 25th and Vine is just one example of the city working with developers to create affordable housing. The Rowhouse project at 35 and Vine will create 100 units and a project at 70 and O will create about 60 units for veterans.
City Council will vote on the 25th and Vine project Monday.
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