The Scottsbluff City Council Monday evening approved a resolution to commit $200,000 in LB840 funds as a match for the Nebraska Department of Economic Development Regional Workforce Housing Grant.
A recent housing study shows that 589 new homes will be needed in Scotts Bluff County in the next five years, including 277 in Scottsbluff alone.
The state is offering a two-to-one match on funding, and combined with funds from Kimball and Morrill Counties, the Panhandle would have $1.5 million to work with after the match.
Twin Cities Development Executive Director Jordan Diedrich says the minimum loan amount for local contractors would be $20,000.. with new construction projects having a zero percent interest rate and rehabilitation projects having a two percent interest rate.
During the 2020 round of funding matches, the City of Scottsbluff was allocated $350,000 and funds were used in eight rehabilitation projects and three new construction projects.