Wilderness Falls III Groundbreaking - Affordable Senior Housing Development in Falls City, Nebraska
Thursday, August 10, 2023
Midwest Housing Initiatives and Excel Development Group are hosting a groundbreaking event for the Wilderness Falls III aﬀordable housing development at 10:30 AM on Friday, August 18th, 2023 at W 31st and Victory Way, Falls City, Nebraska 68355 (South of the Community Medical Center). The groundbreaking will celebrate the beginning of the construction of the Wilderness Falls III aﬀordable senior (55+) housing development which will consist of the new construction of 8 duplexes (16 units) and an outdoor exercise area tailored to seniors. All 16 units are two bedrooms and one bathroom.
“As Mayor of Falls City, I express gratitude for the ongoing collaboration between our city and Excel Development on the Wilderness Falls III project. This partnership strengthens our community by providing additional choices in quality aﬀordable housing for our citizens aged 55 and above.” – Mark Harkendorﬀ, Mayor of the City of Falls City
“Midwest Housing Initiatives is excited to partner on the third phase of the Wilderness Falls III housing development! Aﬀordable housing, especially for seniors, is in high demand and we are happy to continue our work to address that challenge.” - Corey Vandewege, President, Midwest Housing Initiatives
The Wilderness Falls III Development was Awarded the Following
- $288,860 of Federal Low-Income Housing Tax Credits (LIHTC) for 10 years and $288,860 of State LIHTC for 6 years from the Nebraska Investment Finance Authority (NIFA)
- $750,000 of HOME Investment Partnerships Program Funds (HOME) from the Nebraska Department of Economic Development (NDED)
Tax Increment Financing (TIF) from Falls City of $55,000, Falls City paying for half the road infrastructure cost, permanent ﬁnancing from Horizon Bank of $229,988, and deferred developer fee of $126,237 rounded oﬀ the total capital stack for the $4,952,827 aﬀordable housing development.
“NIFA is proud to be a partner in all three phases of the Wilderness Falls Development. As evidenced in Nebraska’s 2022 Strategic Housing Framework, quality aﬀordable housing in all areas of our state is critical for the growth of our communities. Congratulations to Falls City, Midwest Housing Initiatives, Excel Development, and the many project partners.” – Shannon R. Harner, NIFA Executive Director
“The State is grateful to partner with Falls City to invest in high-quality housing for our senior citizens,” said K.C. Belitz, director of the Nebraska Department of Economic Development. “We want to see Nebraska’s retirees stay in-state to enjoy the Good Life with their kids and grandkids. The availability of nice, aﬀordable places for seniors to live is key to making this happen. Congratulations to Falls City on the project’s groundbreaking!”
All 16 units in the Wilderness Falls III development are two bedrooms and one bathroom with 1,034 sq. ft. of living space, 53 sq. ft. of storage space, 292 sq. ft. of garage space, 1,379 total sq. ft. They all have single levels with exterior featuressuchaspartialbrickandlandscaping.Amenitiesincludeaoutdoorexerciseareatailoredtoseniors,single-car garage, washer, dryer, dishwasher, refrigerator, stove, storage area, and a rear patio. 7 units are targeted to seniors making at or below 60% of the area median income (AMI) and pay $625 a month in rent, 7 units are at 50% AMI and $605 a month, and 2 units are at 400% AMI and $560 a month. Water, sewer and trash services are provided by the owner.
“The entire Marble Cliﬀ Capital team is truly honored to be a part of the Wilderness Falls III development in Falls City. Sixteen senior households will directly beneﬁt from this new development in a location that has convenient access to healthcare services, retail shopping, and recreation areas. Thank you to everyone who helped make this development possible – particularly our LIHTC investors who are committed to the creation of new aﬀordable housing across Nebraska.” – Jack Kukura, President Marble Cliﬀ Capital
“We’re very proud to be a part of the third phase of the Wilderness Falls III housing development and our continued partnership with Midwest Housing Initiatives in helping provide another high-quality affordable housing option to the Falls City community.” – Brent Williams, President, Excel Development Group
Midwest HousingInitiatives– Non-Profit andGeneralPartner
Excel Development Group – Developer
Nebraska Investment Finance Authority – LIHTC State Allocating Agency
Nebraska Department of Economic Development (NDED) – HOME Funds
Marble Cliff Capital – Federal Tax Credit Syndicator
Advantage Capital – State Tax Credit Syndicator
Horizon Bank – Construction and Permanent Loan Financer
FORTEN Building Group – General Contractor
Architectural Design Associates – Architect
REGA Engineering – Engineer
Midwest Housing Initiatives: Midwest Housing Initiatives (MHI): was established in 2002 and is a non-profit 501(c)(3) housing corporation with experience in developing affordable housing projects using Low-Income Housing Tax Credits (LIHTCs), HOME Funds, FHLBank of Topeka AHP Funds, Tax Increment Financing, Housing Trust Funds, conventional lending, and other sources. To date, MHI has developed projects in Nebraska, Kansas, and Oklahoma totaling over 700 units.
About Excel Development Group: Excel Development Group is a development, property management and consulting firm specializing in affordable housing for over 34 years. 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. Excel Development Group creates partnerships with not-for-profit and for-profit housing organizations, community organizations and city, county, and state agencies to produce high-quality affordable housing.
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