City council on Monday gave city officials the green light to issue up to $ 36 million in housing revenue bonds for two large affordable housing projects, one on the Veterans Administration campus , the other in southwest Lincoln.
The projects mark a new milestone in the city’s efforts to promote affordable housing in the city, and they use similar funding mechanisms approved for Gatehouse Row, a 98-unit affordable housing complex planned on nearly nine acres in the 36th and R streets at the west end. from the Wyuka cemetery.
On Monday, council approved the issuance of $ 30 million in Housing Income Bonds for the 192-unit apartment complex that an Indiana company plans to build near Southwest 27th and West B streets; and up to $ 6 million in bonds for an affordable housing project that will be part of Victory Park on the VA campus.
Both projects will use federal social housing tax credits to pay down debt.
In December, council approved a bane designation for the southwestern Lincoln area, where the Annex group plans to build an apartment complex creating affordable housing for working residents. Annex has carried out similar projects in other university towns, where company representatives say affordable housing for working residents is often lacking.
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The complex, called Union at Middle Creek, will feature one-, two- and three-bedroom apartments for people earning 70% of the area’s median income.