[Congressional Record Volume 140, Number 25 (Wednesday, March 9, 1994)]
[Senate]
[Page S]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: March 9, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
           THE MANY OAKS APARTMENT DEVELOPMENT IN LINCOLN, NE

 Mr. KERREY. Mr. President, I would like to recognize an 
outstanding achievement in my State and the organizations which worked 
to make the plan a reality.
  Many Oaks is a privately owned townhouse rental apartment 
development, located in the northwest section of Lincoln, NE. It was 
recently constructed and all of the units leased to lower-income 
families. This significant achievement was commemorated at a ceremony 
at the development on December 10, 1993. I was pleased to be able to 
offer my sincere congratulations.
  The developer, the Indian Center, is a local 501(c)(3) neighborhood 
nonprofit development corporation, which has been developing affordable 
housing in this community since the mid-1980's; a time when large 
government subsidies were no longer available.
  What makes this development so unusual is that is provides privately 
owned, affordable, attractive, spacious housing to large families with 
low incomes who cannot afford to purchase a home of their own and for 
whom safe, attractive, affordable apartments are not readily available.
  Many Oaks contains 30 units in 15 townhouse, split-level type 
structures with attached garages. The 30 units are comprised of 20 
three-bedroom units ranging in size from 1,020 square feet to 1,153 
square feet; and 10 four-bedroom units ranging in size from 1,125 sq. 
ft. to 1,390 sq. ft. Each unity includes a washer and dryer, range, 
refrigerator, and carpeting. There is also an on-site outdoor 
recreational space which includes a playground and basketball court.
  The rents are affordable on all 30 units for families who earn less 
than 60 percent of the median family income in Lincoln. The residents 
represent a cross section of America: 40 percent are white, 40 percent 
are African-American, 10 percent native American, 7 percent Hispanic, 
and 3 percent Asian.
  I want to acknowledge the leadership of the Indian Center and the 
organizations which worked in close partnership to achieve this 
milestone.
  The Indian Center had the vision, the organization and the dedication 
to identify and mobilize the public and private sectors to act together 
to make available the combined resources necessary to complete this 
task.
  Construction financing was provided by the National Bank of Commerce, 
located in Lincoln, prior to obtaining a commitment for the long-term 
financing. This is an unusual act, one which demonstrates respect for 
the developer and a commitment to the community.
  Fannie Mae, the congressionally chartered secondary market company, 
and the Nation's largest private investor in residential mortgages, 
provided the long term financing at the attractive rate of 8\3/4\ 
percent for 25 years in the amount of $855,000. These are very 
favorable terms for larger investment apartment properties.
  The city of Lincoln provided $179,000 in tax increment financing and 
$99,000 from their community development block grant allocation. These 
are the actions of a caring and committed city government.
  The Mega Corp. raised $770,000 in equity funds under incentives 
provided by provisions of the low-income housing tax credit; this 
credit was permanently extended during the 103d Congress.
  This is a shining example of how neighborhood organizations, local 
government and the private companies can work together, utilizing 
Federal incentives, local resources and private capital, to produce 
affordable housing.

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