Rural New Housing Opportunity

Nearly $400,000 is being made available by the Energy Office to finance new home construction in rural, non-metropolitan Nebraska until June next year.

If single family or multiple family homes are being constructed that are 30 percent above the 1995 Model Energy Code, borrowers may get a one percent reduction in the mortgage interest rate and a below market rate on a construction loan. The new housing can be built in any of 88 counties except Lancaster, Cass, Sarpy, Douglas, and Washington.

Construction of the homes must begin by June 30, 2001. Building plans and specifications must be reviewed by the Energy Office for code compliance. Before construction can begin, the agency must have signed a commitment with the lender financing the mortgage.

Under these mortgages, the Energy Office is supplying 20 percent of the principal at no interest which allows the primary mortgage lender to reduce the interest rate to the borrower by one percent.

To find out more about the reduced rate rural housing mortgages, contact Jack Osterman in the Energy Office, email at osterman@mail.state.ne.us  

Return to the Spring 2000 Newsletter