AEDC is currently working with Granville Custom Homes to construct two single family homes on lots at 11th and State Street. These two homes represent the beginning of a journey to significantly address housing in Albion. The 2020 Housing Study revealed that Albion not only had a 50-unit shortage, but also that the majority of existing homes are over 70 years old. In May of 2023, AEDC received a $1 million dollar grant from the Nebraska Department of Economic Development, which coupled with $566,000 in local matching funds will created a revolving loan fund that can be used to support and spur on development of housing in perpetuity.
Over time, AEDC intends to facilitate the creation of a variety of housing types, including but not limited to, multifamily (apartments, triplex and duplex), senior duplex living, additional single family and second story housing. If you or your organization would like to participate in adding housing to the Albion community, please view our current request for proposals below explaining potential projects, as well as the application for Rural Workforce Housing Funds.
Rural Workforce Housing Funds from the Albion RWHF Loan Fund can be used for projects such as...
- new construction of owner-occupied or rental housing;
- substantial repair or rehabilitation of dilapidated housing stock, for which the cost to rehabilitate exceeds fifty percent (50%) of the unit's assessed value;
- upper story housing development;
- rehabilitation that includes the conversion of an existing building into housing.
Maximum costs to construct for owner-occupied units cannot exceed $325,000 per unit. Maximum costs to construct for rental units cannot exceed $250,000 per unit. Land costs and offsite infrastructure costs need not be included in the maximum amounts listed here.