|Organization and Purpose|
NIFA's mission is to serve the people of Nebraska. Within its statutory authority, NIFA is charged with providing a broad range of financial resources for agricultural, residential, manufacturing, medical and community development endeavors and providing technical assistance for activities related to these areas. NIFA's efforts are to be accomplished while preserving and growing the asset base used to provide these resources.
NIFA is an independent quasi-governmental instrumentality that encourages the investment of private capital in Nebraska to stimulate economic growth, thereby creating jobs and building the tax base for communities in the state.
NIFA's programs provide low-interest rate financing for manufacturing facilities, certain farm property, health care facilities, residential rental properties, housing rehabilitation, homeownership, and wastewater treatment and safe drinking water facilities. Recently, NIFA was given legislative authority to provide financing for public safety communications projects. NIFA also administers the federal Low Income Housing Tax Credit program for residential rental property development.
In order to gain organizational efficiencies and leverage the strength of each of three separate quasi-governmental entities, the Nebraska Legislature, on August 26, 1983, created the Nebraska Investment Finance Authority ("NIFA") as the successor to the three original entities:
- The Nebraska Mortgage Finance Fund ("NMFF") was created by the Nebraska Legislature on March 22, 1978 to provide a source of mortgage financing at reduced interest rates to low and moderate income persons in Nebraska for the purchase, construction or rehabilitation of single family residential housing.
- The Nebraska Agricultural Development Corporation ("NADC") was created by the Nebraska Legislature on August 22, 1982 to provide a source of agricultural financing at reduced interest rates to Nebraska farmers, ranchers and other agricultural enterprises.
- The Nebraska Development Finance Fund ("NDFF") was created by the Nebraska Legislature on July 17, 1982 to finance and provide technical assistance to manufacturing and industrial enterprises, pollution control facilities and, in blighted areas of the state, for construction or rehabilitation of retail, hotels or motels, and sports and recreation facilities for use by members of the general public.
The board of the newly created NIFA was representative of the three separate and distinct predecessor entities (NMFF, NADC and NDFF) in order to ensure the sectors served by the predecessor entities were represented on the new board.