Albion Economic Development Corp. (AEDC) was named the recipient of a $1 million Nebraska Rural Workforce Housing fund (RWHF) grant on Thursday, May 11, by the Department of Economic Development.
AEDC plans to use these grant funds in combination with $566,000 in local matching funds to create a revolving loan fund of over $1.5 million to address Albion’s workforce housing needs.
Recipients were chosen for 27 grants totaling $22,825,000. AEDC’s application was one of 17 approved at the maximum $1 million level.
For the 2022 funding cycle, RWHF awards were available to eligible non-profit development organizations who supplied at least a fifty percent match (that is, fifty cents for every one dollar of RWHF funds awarded). In many cases, local financial institutions and employers partnered with the primary applicant in providing the local match. Combined, the recipient entities contributed more than $12.1 million in matching funds.
DED administers the RWHF program on behalf of the State of Nebraska through a competitive application process. The department then partners with recipients to provide input regarding project design, development and implementation.
The grant awards were made possible by an allocation made by the Nebraska Legislature in 2022.
Albion wins $1 million housing grant
