Affordable rental units built by Omaha nonprofit set to open next month
Rent will cost $500 to $1000 a month ranging from studios to 3-bedroom units
OMAHA, Neb. (WOWT) - Interior and exterior painters are putting the final touches on people’s future homes that will cost tenants far less money than what most midtown-area renters pay.
The Omaha nonprofit, inCOMMON, put in $17 million to rehabilitate two historical buildings; the former is a display of Spanish colonial architecture and the latter preserves a popular Victorian style.
The organization is paying it forward by offering prices that are below market-rate rent to tenants who make less than 60% of the area median income. That’s about $60,000 a year for a family of four or $42,000 for an individual.
“We just really value all of our neighbors,” said inCOMMON executive director Christian Gray. “We want this to be a mixed-income neighborhood where everybody has the opportunity to live.”
6 News showed viewers the Hanscom Apartments and Georgia Row under construction in the early stages last year. The organization stuck to its word, providing truly affordable units.
The Hanscom Apartments has studios and one-bedroom apartments for $500-$700 a month.
“Our mission at inCOMMON isn’t about to make more money or as much money as possible,” said Gray. “It’s really just to see people thrive and flourish here.”
Across the way are Georgia Row two- and three-bedroom apartments that will cost between $700-$1,000 a month.
According to Rent.com, a studio in the midtown area costs about $950 per month; a one-bedroom costs $1100 per month; and a two-bedroom costs $1600 per month.
“For us, it’s a no-brainer. It shows the importance of non-profit development,” said Gray.
Gray gave 6 News an early look inside the units.
“We really wanted to make this indistinguishable from market-rate housing, so we took every opportunity to invest in the quality and the finishings. One of the things we did was refinished the hardwood floors instead of putting in LVT (luxury vinyl tile). Then also stainless appliances, and quartz countertops. All of those things were important for us to put together a quality rehab that was comparable to the others.”
The property will be managed by NP Dodge.
The Hanscom Apartments is expected to be done in the next two weeks and the Georgia Row in under 2 months.
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