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(KLZA)-- Wilderness Falls III, a new 16-unit affordable senior housing development in Falls City has been awarded $262,600 in Federal and State Housing Tax Credits from the Nebraska Investment Finance Authority and $500,000 in HOME investment Partnership funds from the Nebraska Department of Economic Development.
The Federal tax credits will be spread out over 10 years with the State tax credits covering a six-year period.
Falls City Economic Development and Growth Enterprise and a private landowner are selling their land for the project. The total project cost is estimated at $4,785,856. Construction is estimated to start in the summer of 2023.
The project will include 8 duplexes with 2 bedrooms and 1 bathroom. An outdoor exercise area tailored to seniors 55 and over. All the units will be one-level with 1,034 square feet of living space and a 292 square foot garage and 53 square feet of storage.
The units will include a range oven, microwave, dishwasher, refrigerator, washer and dryer. The units will be all-electric.
Excel Development Group has completed over 2,500 low-to-moderate-income, and market-rate units totaling over $300 million in development throughout the Midwest.
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