81-1236.

Urban workforce housing; shortage; effect; development; impediments; legislative intent.

(1) Current economic conditions and limited availability of modern housing units impact the ability of Nebraska's older urban neighborhoods and majority-minority communities to maintain residential stability. Low rates of homeownership and a lack of high-quality, non-income-restricted rental housing negatively affects the ability of residents of such neighborhoods and communities to achieve housing stability and invest in their neighborhoods and communities. A lack of workforce housing affects the ability of neighborhoods and communities to maintain and develop viable, stable, and thriving economies. A shortage of quality housing in such areas also impacts the ability of local private, nonprofit, and public employers to grow and prosper.

(2) Impediments exist to the construction, rehabilitation, and financing of urban workforce housing. Comparable home sale and appraisal prices do not justify the cost of new construction homes. There is a lack of space that would be large enough for development to achieve cost efficiencies. Due to generations of disinvestment, these neighborhoods and communities frequently receive a stigma that negatively impacts the residential real estate market.

(3) In order to develop attractive housing options that lead to the recruitment and retention of a world-class workforce in Nebraska's older urban communities, it is the intent of the Legislature to use new and existing resources to support creation of workforce housing investment funds. Such funds will be used to encourage development of workforce housing in Nebraska's urban and underserved neighborhoods and communities.