National Equity Fund, Inc. National Equity Fund, Inc.

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Since 1987, National Equity Fund® has invested more than $13 billion revitalizing neighborhoods,
fostering economic growth and creating affordable sustainable housing.

Salem Village II

Salem Village II

Senior Housing

Salem Village II is the construction of 27 new affordable residences for seniors located in Omaha, Nebraska, adjacent to a 51 unit property for seniors built in Phase I of the project. The project is sponsored by the nonprofit New Community Development Corporation (NCDC) and is part of the grand redevelopment plan approved by the city of Omaha in 2006. The plan allows for the construction of market-rate single family homes, senior housing, and retail and commercial development in the Miami Heights neighborhood, located about a half mile west of U.S. Highway 75 on the north side of Omaha.

Salem Village II consists of one three-story apartment building with heated underground parking. To rent at the community, households must have incomes no more than 50 percent of the Area Median Income. In-unit amenities include washers and dryers, stoves, refrigerators, microwaves, dishwashers, gas-forced heating, window blinds and internet access. Green concepts are evident in the construction of the windows, interior paints and finishes, carpeting and timer- controlled exterior lighting. Salem Village II has a service coordinator responsible for connecting residents and social service providers.

NCDC is a developer of affordable communities with a specialty in housing for seniors and people with hearing impairments. Salem Village II is National Equity Fund, Inc.?s seventh investment with NCDC.


Project Details

Completed
2011
Location
3520 Lake Street
Omaha, NE
Project Type
New Construction/Elderly
Total Units
27
Mix of Residences
27 - 1 BR
Limited Partnership
Salem Village II, LP
Total Credit Equity
$3.0 million
Total Project Costs
$5.4 million
Sponsor
New Community Development Corporation
Permanent Lenders
Nebraska Investment Finance Authority
City of Omaha
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