The proposed Wilderness Falls II project, will consist of the new construction of 7 duplexes, for a total of 14 affordable units for households with annual income at or below 60% of the area median income. Four units will be 2-bedroom (1064 sq. ft.), eight units will be 3-bedroom (1,375 sq. ft.) and two units will be 4-bedroom (1,399). Three units will be fully handicap accessible. Midwest Housing Initiatives, Inc. will be the Managing Member (0.01% ownership interest) and an experienced Syndicator will be the Investor Member (99.99% ownership interest).
The proposed site is comprised of approximately 3 acres of undeveloped land that is currently owned by the Falls City Industrial Development Corporation. The proposed site is located adjacent to and south of the Community Medical Center, which is on Barada Street in Falls City, Nebraska. Project activities will also include the acquisition of land and infrastructure development of water, storm sewer, sanitary sewer, and paving.
These attractive units will be one level, with zero entry design, patio, and attached single car garage. Exterior features will include partial brick, shutters, landscaping and lawn sprinklers. Amenities, such as a washer and dryer, dishwasher, refrigerator, storage and microwave will be included in each unit. There will be community garden for the tenants to grow produce or annuals. All units will meet the 2009 International Energy Conservation Code and several Nebraska Investment Finance Authority Green Standards.
Three units will be handicap accessible for persons with disabilities. These units will fill a need for families and individuals who can’t find accessible housing in the area. Most accessible units built in southeast Nebraska are for seniors only so families with a child or head of household needing accessible housing have a very hard time to find any housing that meets their needs. According to census data 15% of households in Richardson County have at least one individual with a handicap.
Wilderness Falls II will be available to all income qualified households. The development will be designed and marketed to accommodate intergenerational households and families with physical disabilities.
The 2-bedroom rents will be $475 per month, 3-bedroom rents will be $515 per month and 4-bedroom rents will be $560 per month. All 14 units will be restricted to households with incomes up to 60% of the AMI. For example, a two person household could earn an annual income of up to $29,280 in a 60% AMI unit.
The preliminary anticipated total project cost for Wilderness Falls II will be approximately $2.8 million dollars. The funding for the project is comprised of: tax credit equity, deferred developer fees, GP Equity and a permanent mortgage. We will apply to NIFA in 2015 for the LIHTC (low income housing tax credit) funds and start construction in the spring of 2016 with the project finishing construction in May of 2017