Central Nebraska Growth Foundation Awarded $845K Grant for New Rental Construction Project

Grand Island, Neb. — The Central Nebraska Growth Foundation (CNGF), which serves as the charitable arm of the Grand Island Area Economic Development Corporation (GIAEDC), has been awarded an $845,000 grant from the 2024 Nebraska Affordable Housing Trust Fund (NAHTF).

The funding will support Innate Concepts’ development at the Prairie District and aid in the construction of 44 new residential rental units, with seven housing units designated for households earning at or below 120% of the Area Median Income (AMI), which is a standard that will be held for 10 years. The project is expected to be completed by April 2027.

The Nebraska Department of Economic Development facilitates the NAHTF program and reports receiving 52 applications requesting a total of $30,683,015. However, only $10,719,500 was available for to applicants. The 2024 NAHTF grant to the CNGF marks the second-straight year Grand Island has been selected.

In total, the city has issued 203 building permits for new residential construction year-to-date in 2024, which is on par for the same period in 2023.

"The community of Grand Island is growing in every industry and sector,” GIAEDC President Mary Berlie said. “To meet the needs of our growing community, we must grow our attainable housing inventory through public-private partnerships."

"We are incredibly proud to see this project move forward," Grand Island Mayor Roger Steele said. "Affordable housing is key to strengthening our community. This project is an example of what can be achieved when public and private entities have a shared vision."

As the project moves into its final underwriting and contract review stages, the GIAEDC and Innate Concept teams look forward to working closely with the Department of Economic Development and its partners to ensure timely completion. This project represents a critical investment in the development of a solution to affordable housing in the Grand Island area.

"This project not only builds homes but builds community,” added Innate Concepts Owner Scott Rief. “We're proud to be part of this initiative and to help drive the long-term growth and prosperity of Central Nebraska."

For more information, please contact Grand Island Area Economic Development Corporation President Mary Berlie at [email protected]<mailto:[email protected]>.