The Fremont City Council will consider a $1 million grant from the city’s LB840 fund to the Greater Fremont Development Council (GFDC) for the creation of a new housing fund during its meeting on Tuesday.
If the $1 million request is approved by council, it will be used to establish a separate local fund under the GFDC’s current Dodge County Investment Fund Program to help provide gap financing and grants to developers, contractors, and homeowners looking to rehabilitate and develop housing to help in the flood recovery efforts in Fremont.
The GFDC is also proposing a project—that would use a portion of the $1 million in LB840 funds— to rehabilitate the long-derelict 505 Building in Downtown Fremont to create 24 apartment units and commercial space on the first floor.
According to information provided in GFDC’s application, in partnership with RMD Consulting, LLC the local organization is moving into the final stages of an application to the Nebraska Affordable Housing Trust Fund.
GFDC’s application to the Nebraska Affordable Housing Trust Fund is for $600,000 to support the proposed 505 Building project which has a total cost estimated at $3,603,000.
“As an applicant to this state fund, GFDC could utilize a portion of the requested LB840 funds to create instant housing and economic momentum in a space that has been dormant for decades,” states GFDC’s application for the LB840 funds. “This provides us with an initial project to help impact the balance of units needed in the affordable housing range.”
Information provided by GFDC also states that the Nebraska Affordable Housing Trust Fund grant application requires local match dollars to show a contribution to the grant requested project.
The proposed 505 Building project would create 24 apartment units and commercial space on the main floor, with rental units being priced from $495 to $850 from studio to two bedroom units.
GFDC also states that units in the revitalized 505 Building will also have energy star rated appliances and windows with smart home features such as nest thermostats to help reduce resident utility costs.
While GFDC’s already established Dodge County Investment Fund has spurred over $15 million in capital investment towards the development of over 300 workforce housing units—including several second-story housing projects currently being undertaken by Murray Properties, LLC and the Morningside Crossing apartment complex—the new fund would be geared toward the rehabilitation and development of housing specifically for low to moderate income persons and families.
GFDC’s application for $1 million from the LB840 fund was reviewed and recommended for approval by both the Local Option Economic Development Review Team (LORT) and the Citizens Advisory Review Committee (CARC).
The full Fremont City Council agenda is available online at fremontne.gov/agendacenter. The Fremont City Council meeting is set for 7 p.m. on Tuesday within the City Council Chambers at 400 E. Military Avenue.