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ORD, Neb. - Last week I wrote of the impact of economic development has provided in the community, as indicated by a new economic trends report released by Nebraska Public Power. This week I will focus on the New Neighborhoods Initiative.
The New Neighborhoods Initiative was
established in 2007, when a community housing study determined that a new housing development, along with the rehabilitation and demolition of existing homes, would help Ord overcome specific housing deficiencies. The deficiencies cited were limiting economic growth and restricting Ord from growing its tax base.
In November of 2008, Ord was awarded the New Neighborhood Initiative grant by the Nebraska Department of Economic Development (NDED). The grant awarded recipient communities up to $1 million to create a new housing development with homes available to qualified buyers.
Ord's New Neighborhoods project proposes building twenty new housing units.
In early 2009, it was clear the economic shake-up here in Ord (and the national housing meltdown) would affect the demand for a new housing development. If the economy slumped, local demand for a new housing development could easily follow. This concern remained until the summer of 2009. Demand for homes grew, inventory was snapped up and much of the local housing stock was depleted. We're back to square one: limited housing inventory.
The need still remains for diverse housing stock for a variety of buyers in our area. A robust housing market helps to attract new residents to the area and can help serve as a way to grow the local tax base. In the Grand Island Independent this past summer, I commented that "We don't have a problem getting a developer to come in and build a $250,000 home, but we have a problem when we talk about building 20." This is true. Why? Because risk is much harder to spread in smaller communities. This grant allows the city to leverage local funds with grant funds and alleviate the risk.
Where are we now? The completion of the New Neighborhoods project would expand housing options and create a more free flowing housing market. It would mean more affordable housing in Ord and would increase the city's tax base. Development of the subdivision would create economic gain from sales and lodging taxes.
Monday night, City Council will provide recommendations for the site-specific housing study along with the engineering for the project. Along with these recommendations, contracts for both the planning/predevelopment phase and the infrastructure will need to be signed with NDED prior to the project moving forward. Project updates will be released as they become available at www.ordnebraska.com
We're getting closer. See you next week.
Editors Note: Click here for the Citizen's Advisory Report and here for the Valley County 2010 Winter Economic report
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