Omaha Mayor and Local Housing Partners
Break Ground for Kellom Villa Townhomes

Omaha, NE - Omaha Mayor Mike Fahey recently led a groundbreaking ceremony for 15 affordable, lease-to-purchase townhomes for qualified low-and moderate-income families living in the Kellom Heights neighborhood. The Kellom Villa Townhomes will be located at 25th Avenue & Indiana Street. Representatives from numerous city, county, state and federal government agencies as well as local organizations and businesses participated in the ceremonies.

"North Omaha is fast becoming a magnet for sustained economic growth thanks to great public/private partnerships and viable redevelopment plans," said U.S. Senator Ben Nelson (D-NE). "Housing is critical to job-creation and the availability of housing is critical to families striving to achieve homeownership and stability in our neighborhoods.

"I commend all the private investors and the OEDC for the work in creating these new homes overlooking downtown Omaha," said Mayor Mike Fahey. "Public/private partnerships remain an important key to successful projects and these affordable, new townhomes are a great addition to Omaha's on-going work to strengthen neighborhoods."

Kellom Villa Townhomes will consist of six 2-bedroom and eight 3-bedroom two-story townhomes built over garages, and a 1-bedroom, one-story unit for individuals with disabilities. The townhomes will be available as lease-to-purchase properties for families earning no more than 60 percent of the area median income (or $27,060). The townhomes will feature walkout rear access, landscaping, and lawn sprinklers. The wood frame construction will have a mix of brick and vinyl exterior finish. The anticipated completion date is February 2003.

The $2.36 million construction of Kellom Villa Townhomes is possible through Low Income Housing Tax Credit (LIHTC) investments and financing from the following sources: First National Bank of Omaha provided a $150,000 first mortgage loan and a $125,000 loan on the Tax Increment Financing approved by the city; the City of Omaha provided $375,000 in HUD Community Development Block Grant Funds; and the Kellom Villa Limited Partnership provided $50,000. NIFA awarded federal LIHTCs through its tax credit program. MHEG made a $1.66 million equity investment and Fannie Mae Nebraska, through MHEG, invested $625,000 in the property that qualifies for LIHTCs.

The Kellom Villa Townhomes is another phase of the city's public/private partnership with OEDC for the redevelopment of the Kellom Heights area. Since 1996, more than 280 new apartments and townhomes, four acres of open space/outdoor recreational area, and 30,000 square feet of commercial space have been built north of downtown Omaha and Creighton University.