BEATRICE – A Kansas City-based firm plans a rental housing project in east Beatrice, once it applies and receives tax credit approval through the Nebraska Investment Finance Authority.
Prairie Fire Development Group is an affordable housing developer that has projects in Kansas and Missouri, having built about 500 units in communities such as Wichita, Newton and Moundridge, Kansas. The company is planning to develop homes off an extension of Park Street, in east Beatrice.
Nick Yurkovich of Prairie Fire Development explained the scope of the project to the Beatrice mayor and city council, Monday night.
:22 “6.8 million dollars”
Prairie Fire is an integrated company, handling design, development, construction and management of its own projects.
:21 “up to us”
Yurkovich says such projects go through several inspections on an annual basis by the company, by NIFA and by investors who hold the tax credits for the project. The homes would generally be available for those making an annual income of between $15,800 and $41,000, although Yurkovich says they could also be occupied by persons who earn above that range.
:15 “the community”
The company intends to apply for tax increment financing to help pay for infrastructure related to the housing project. Yurkovich says the company looked at four different sites in Beatrice before settling on the property on an extension of Park Street. He says the company would own the project for a minimum of 15 years, based on the low income tax credit program it would be using. Yurkovich says it is not subsidized housing, but one that serves moderate income households.
If the project receives approval, platting would begin in May or June, with a twelve-month construction schedule anticipated.
The city council took action on another housing project, Monday night. Officials approved a redevelopment plan for additional homes to be built by Goossen Construction, west of the Covered Bridge Heights area in southeast Beatrice.
Elected officials also approved the plan and a zoning adjustment from rural residential, to an office district, for property just southeast of the BSDC Campus. A memory-care housing project is planned there.