Homeownership in Nebraska

Pictured in the photo with the Mayor (far left) are Stan Quy, Omaha HUD Office Director, Marc Wullschleger, Lincoln Urban Development Director, and Larry Potratz, Lincoln Housing Authority Director.

The Omaha HUD Office and the Lincoln Housing Authority kicked off National Homeownership Month in Nebraska with the celebration/open house of the newest home constructed under the Lincoln Housing Authority's Home ownership Program. The Housing Authority has had an exemplary record over the past twelve years of providing homeownership programs (down payment assistance and lease-purchases) that have resulted in 321 public housing families becoming homeowners. Eight of the recent homes constructed through the Housing Authority were entirely constructed by students of Lincoln Northeast High School, with the exception of work that is required to be performed by a licensed contractor.

Mayor Don Wesely also signed a proclamation recognizing June as Homeownership Month in the City of Lincoln.

The Lincoln Housing Authority Lease Purchase Program was created in 1995. Houses sold under the program are built Lincoln Northeast High School students; one house is built each year. The house is sold to a family currently living in public housing and may be affordable to families with incomes as low as $25,000. Tenants rent the house for five years with the understanding that they will buy the house at the end of the lease period. A portion of the monthly rent is used to purchase insurance and reduce the principle on the purchase price, the remainder is placed in an escrow account which accumulates towards a down payment on the house. At the end of the five years, the tenant must seek permanent financing for the remainder of the balance of the purchase price through normal real estate lending channels. The Housing Authority recovers most of its costs to build the house at the sale of the house. To date, five houses have been leased under the program. Three of the homebuyers have been able to close on the purchase of their house prior to the expiration of the five-year lease period.

The event also provided an opportunity to re-present locally the "Best in America Living Award" to the Lincoln Housing Authority and the Lincoln Public Schools. This national award for design excellence that is sponsored by HUD, the National Association of Home Builders, and Professional Builders Magazine was initially presented to the city in February in Atlanta, GA. This award recognized the quality of design on two lease-purchase homes that were in-fill units in a neighborhood with traditional 20th century bungalows