Three Rivers Housing Development Corporation a non-profit affordable community housing development corporation serving Burt, Dodge, Cuming, & Washington counties in Northeast Nebraska.
The New Construction program is currently underway exclusively in Tekamah, NE in Burt County where three new houses will be built in 2019-2021. These new construction homes are a result of a 2018 grant application to the Nebraska Department of Economic Development for use of Nebraska Affordable Housing Trust Funds. In 2014-2017 this program built three new homes in Lyons, NE. The success of this program speaks to the need for further affordable housing projects in our rural communities.
Qualification & Process
Qualified homebuyers will earn 120% of the Area Median Income (AMI) or less in their respective county (see income chart below).
Qualified homebuyers will be required to obtain a Single Family Mortgage Loan from a qualified lender of their own choice along with a preapproval letter from the selected lender is required to be submitted with the application.
Along with this letter a good faith estimate and a copy of the loan application is also required.
The mortgage lender will appraise the proposed property and submit a copy to the applicant and Three Rivers.
The new construction program will not be eligible for areas in a special flood hazard area.
Each applicant will be required to complete a Homebuyer's Education Workshop prior to loan closing, and emphasized to do so as soon as possible. Homebuyer education classes includes key topics to assist the first time homebuyer in areas of family financial management, record keeping, maintenance and upkeep, landscaping, lawns, pest management, and numerous other helpful topics.
The possible funding assistance provided in the New Construction Program will be either development subsidy, down payment assistance, or a combination of both, but not to exceed $75,000. The grant assistance is a 0% loan which requires no payments during the course of homeownership by the grantee. The grant/loan will be applied to the down payment of one housing unit and the associated costs. The grant/loan is secured by a second position Deed of Trust that requires repayment of the grant/loan when the home is sold by the grantee. The applicant will be required to provide $1,000 to cover a portion of the required closing fees and prepaid escrow accounts. Three Rivers will charge a $500 closing fee which can be applied to the $1,000 requirement.
The current 2019 maximum cost of the New Home Construction is $228,000. This dictates a with the grant/loan down payment a home mortgage loan of $153,000 for successful applicants.
Interested applicants should contact Three Rivers Housing Development Corporation at 402-374-2056 with questions about eligibility, the program, and the application process.
2018 Income Limits (120%) New Construction
|Household Size||Burt County||Cuming County||Dodge County||Washington County|
Subject to change without notice