Grand Island, Neb. — The Grand Island Area Economic Development Corporation is proud to announce it has received an additional $1.2 million through the Nebraska Department of Economic Development's Rural Workforce Housing Funds (RWHF) Program, which now makes for a total of $6.7 million in their revolving loan fund.
The funds will be used to assist housing developers to revitalize, rehabilitate and add to the housing stock in the Grand Island area. The GIAEDC has recognized the growing shortage of housing in the community and the impact it is having on Grand Island's largest employers.
The EDC's mission has always been, and will continue to be, to recruit and retain primary, wealth-producing businesses in the Grand Island area. To achieve this, it's crucial to equip developers with the necessary tools to build housing that is both safe and affordable for our workforce and their families.
The Revolving Loan continues to focus on:
New construction of owner-occupied spec homes priced up to $325,000
Significant repairs or rehabilitation of deteriorating housing stock, where the rehabilitation cost does not exceed 50% of the unit’s assessed value
Upper-story housing development within Grand Island's Railside Improvement District
To date, this highly successful program has spurred the construction of 23 single-family units, 24 rental units, and 22 single-family lots. The GIAEDC is committed to being part of the housing solution, recognizing that no single entity or group can address Grand Island’s housing needs alone. It will take a collaborative community effort. For more information on the Build Grand Island program, please visit our website at https://www.grandisland.org/about/build-gi/.