|Mar 12, 2012 --
Ogallala Apartments, a 40 unit multi-family rural rental housing complex in Ogallala, Nebraska, was constructed in 1978. Due to its age, the complex needed revitalization in order to remain as a source of safe, sanitary and affordable housing and maintain its marketability.
USDA Rural Development provided a special servicing and loan package through their Multi-Family Housing Preservation and Revitalization Restructuring Program (MPR). Included were a new $190,500 loan at 4.5% and a new $444.689 1% loan with payment deferred for 20 years. The Housing Authority also received deferrals of payments for their original loans’ outstanding balances of $316,907 for a 20 year period and a $100,000 grant from the Nebraska Department of Economic Development (DED).
Ogallala residents are enjoying the upgraded community room. Some of the units have been updated and work continues on the others. Upgrades made thus far include an upgraded kitchen and bathroom in the community room, new ADA entry doors, exterior lighting, all new water heaters, a playground, landscaping, all new exterior and storm doors, poured porches in front of units, new exhaust fans, and new soffits and fascia. Also replaced were the project sign, all new curtains and blinds. The laundry room received energy-efficient washers and dryers. During the renovations, tenants were not displaced, adding an extra layer of success to this project. It has created new jobs for 14 contractors and sub contractors.
Ogallala Apartments will offer affordable housing needed for the long term in the community.
“USDA Rural Development is pleased to provide the funding needed to help Ogallala Apartments remain a vital source of safe and affordable housing for the long term,” said USDA Rural Development Specialist Cynthia Ross.
The Manager commented that one of the tenants said “it looks awesome and doesn’t seem like you are in low income housing. It feels like a real home.”