Success Story
Release No.STELPRD4013300
, Nov 30, 2011 --

Bell Street Apartments was initiated by Region V Systems to utilize LB 40A funding. Region V was having difficulty assisting clients with locating affordable rental housing when transitioning disabled persons into the community. A Statewide housing study indicated that 31 units of group type housing were needed in Region V’s service area.

Region V invited housing developers within their service area to present a proposal for new construction of rental housing to be occupied by their clients. Dan Kubr of Vantage Pointe Homes presented a proposal for 10 one-bedroom units to be located in Beatrice. Region V agreed to grant them their LB 40A funding in the amount of $105,000 to help with construction cost. An LLC was formed and Bell Street Apartments, LLC applied for Rural Development funding to provide the additional construction funds. The LLC was successful in securing a Rural Development Multi Family Housing Loan in the amount of $562,223. In addition, the LLC applied for the Rural Development’s set-aside funding provided by the Department of Economic Development in the amount of $304,392. Federal Home Loan Bank of Topeka provided the remaining $69,000 financing through Thayer County Bank, Hebron, NE. Rural Development also provided eight units of rental assistance.

Bell Street Apartments opened for occupancy on June 1, 2011. By August 1st, tenants had been selected for all 10 units. All residents had been referred by Region V or Blue Valley Mental Health as persons needing housing. One tenant had been living in his vehicle for several months as he was not able to find someone in the community who would rent to him. The central community room on-site provides an opportunity for caseworkers to provide life skills training and social activities for the residents. There are currently additional applicants on the waiting list.