Nebraska Investment Finance Authority (NIFA) - Low Income Housing Tax Credit (LIHTC) Pandemic Gap Funding Program
The NIFA LIHTC Pandemic Gap Funding Program supports Nebraska affordable housing projects facing COVID-19-related cost increases with long-term loans, ensuring completion for low-income rental developments.
Funder: Nebraska Department of Economic Development
Due Dates: July 28, 2022 (Pre-application) | February 15, 2027 (Application Due Date)
Funding Amounts: $20.5 million total program; individual loan amounts determined per development; loan terms 30–40 years.
Summary: Gap financing for Nebraska affordable housing projects with federal LIHTC awards impacted by COVID-19–related cost increases.
Key Information: Only projects with 2020/2021 NIFA LIHTC awards (and possibly 2022, if funds remain) are eligible.
Description
The Nebraska Investment Finance Authority (NIFA) Low Income Housing Tax Credit (LIHTC) Pandemic Gap Funding Program provides gap financing to affordable housing developments in Nebraska that were awarded LIHTC in 2020 or 2021 and have encountered funding shortfalls due to pandemic-related construction cost increases. Supported by the Nebraska Department of Economic Development using federal Coronavirus State and Local Fiscal Recovery Funds, the program aims to ensure the completion of affordable rental units for low-income households. Funding is provided as long-term, residual receipt loans rather than grants to avoid negative impacts on LIHTC project financing.
