The Nebraska Investment Finance Authority (NIFA) Board of Directors has authorized the establishment of the LB 518 Match Program (“LBMP”) within the Nebraska Opportunity Fund (“NOF”) for purposes of promoting, developing, implementing and financing rural workforce housing by providing match funds to applicants making applications to the Rural Workforce Housing Fund (“RWHF”) administered by the Department of Economic Development (“DED”).
While specific program guidelines are expected to be released in late January, the following is a summary of parameters accepted by the Board in December:
- Eligible recipients are non-profit development organizations authorized to submit an application for funds from the Nebraska Rural Workforce Housing Fund (RWHF).
- The Board has authorized up to $5 million to the LBMP.
- No recipient may receive more than $250,000 in match funds. Match funds may not exceed 33% of the total amount of funds proposed to be deployed by the recipient.
- Match Funds may not be used to make a grant.
- Housing must serve a workforce population whose income does not exceed 150% of the American Community Surveys-Nebraska Statewide Median Family Income for a family of four.
More information the LB 518 Match Program is available here. For questions, please contact Robin Ambroz, Deputy Director of Programs, Nebraska Investment Finance Authority.
Nebraska Investment Finance Authority
1230 O Street
Suite 200
Lincoln, Nebraska 68508
(402) 434-3900
