$1,016,080 Awarded to City of Kearney for Neighborhood Revitalization Project

The following is a press release from the Nebraska Department of Economic Development:

JULY 14, 2011 (LINCOLN, NE) -- The Nebraska Department of Economic Development (DED) has awarded $1,016,080 through the Community Development Block Grant Neighborhood Stabilization Program 3 to the City of Kearney to help with neighborhood revitalization efforts.

The city is partnering with the owners of Brigham Lofts to rehabilitate a three-story downtown building -- former home to the Kearney Area Children's Museum -- and transform it into living space.

On completion, Brigham Lofts will feature 14 apartments -- two one-bedroom and 12 two-bedroom units -- to be rented to households earning at or below 120 percent of the area median income.

U.S. Department of Housing and Urban Development's Neighborhood Stabilization Program 3 is providing emergency assistance to state and local governments to purchase, redevelop and rehabilitate foreclosed, abandoned and vacant properties that otherwise are already or may become inhabitable.

A main focus of the program is to return safe and decent affordable housing units to the market.

The one-time Neighborhood Stabilization Program 3 appropriation is built on the framework of NSP1, established under the Housing and Economic Recovery Act of 2008, and NSP2, established under the American Recovery and Reinvestment Act of 2009.

DED administers the program.