FAIRBURY – The Fairbury City Council approved a recommendation Tuesday to provide $127,800 for the city’s Rural Workforce Housing Fund.
The recommendation was provided to the council by Fairbury’s Economic Development Review Committee. These funds can be used on rentals, new construction, purchase, rehab, resale, second story improvements and more.
In this case, affordable housing (housing that’s eligible for these funds) is defined as homes that cost less than $275,000 and rental units that cost less than $200,000 per unit. Purchase/rehab/resale properties must invest 50 percent of the appraised value.
Fairbury is the fifth community in the state to create a regional affordable housing fund, joining Geneva, Auburn, Deshler and Beatrice.
Fairbury, along with the four other communities, partnered with Southeast Nebraska Development, Inc. (SEND) to build a regional housing group. This resulted in two grants being secured – one from the Nebraska Department of Economic Development worth $639,000 and another from the Nebraska Investment Finance Authority worth $250,000.
Fairbury’s Economic Development Review Committee approved the $127,800 proposal on Sept. 13 of this year.
Last year, LB-518 passed in the state legislature, creating a $7.3 million pool for workforce and rural housing in Nebraska.
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