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NIFA - Nebraska Investment Finance Authority
Programs


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Programs
Description
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Related Information
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Program Purpose
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Development Process
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How the Program Works
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Transition to Homeownership
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Program Alternative
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CROWN Application
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Program Success





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CROWN
Development Process

A CROWN project is developed with the following steps:

  • A developer approaches a local government about developing a CROWN project.
  • Land is secured and reserved for the project. Communities are encouraged to provide the land on which the home is built with a 15-year deferred payment contract in order to make the home more affordable to the low-income household.
  • A CROWN ownership entity is established which will share ownership of the project with the credit investor.
  • A Low Income Housing Tax Credit Application is submitted to NIFA by the owner entity for the next scheduled allocation round.
  • Concurrently applications are submitted to the Department of Economic Development (for AHTF/HOME funds), the Federal Home Loan Bank, and the permanent financing lender.
  • NIFA evaluates the application for compliance with CROWN guidelines and criteria, and level of effort to meet CROWN goals.
  • At this point a successful CROWN program applicant will receive a reservation of Low Income Housing Tax Credits.
  • Upon award of tax credits and with permanent financing in place, the CROWN owner entity purchases the land from the local government, secures a tax credit investor and arranges construction financing.
  • Construction contracts are awarded and houses are built.
  • A management company is selected and a management plan is submitted for approval.
  • Residents are selected in accordance with the plan and move into their new home.

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Nebraska Investment Finance Authority - NEW
200 Commerce CourtBullet1230 'O' StreetBulletLincoln, NE 68508
Phone: 402-434-3900Bullet800-204-NIFA (6432)
Fax: 402-434-3921BulletE-mail: info@nifa.org