The City Council has approved a plan to promote re-development of blighted housing areas. The council approved a map on Monday that shows all areas of the city that are designated as extremely blighted.Urban Development Director Dan Marvin says there are two ways home buyers can benefit.
He says that anyone purchasing a home in an extremely blighted area will have priority when applying for a State Economic Development housing grant. “This would be a way if you’re located there to earn additional points towards you’re application, because they’re competitive that you might have an advantage if you are doing a project in that blighted area,” said Director Marvin. Secondly home buyers would be given a five thousand dollar State Income Tax credit after purchase.
The council approved Marvin’s Map and it will soon be posted on the city’s website. “The keyword is ‘redevelopment’ so that homeowners can look on the map that way to find the blighted housing areas,” Director Marvin said.
The state income tax credit, and preference for Department of Economic Development housing grants, were approved as part of LB 86, passed by the legislature last year. LB 86 also required the DED to annually distribute funds under the Affordable Housing Trust Fund to projects located in extremely blighted areas as defined under the Community Development Law.
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