Back in early 2023 we began following an issue of concern with the valuation of low income housing properties in Lancaster County. In very basic terms, the valuation method was changed to an approach that based the value of the properties using market rate rents rather than the established method of using the actual income these rent-restricted properties generate. This has resulted in valuations increasing by up to 500%.
In 2015 LB356 created a statutory methodology that requires the use of a net operating income valuation approach when determining the actual value of affordable housing development. This method has encouraged further investment in Nebraska and has contributed toward meeting our need for affordable housing. As stated in the newspaper article we reference below, this abrupt change in policy by the Lancaster County Assessor has caused much concern for not only the current situation in Lincoln, but also its impact on affordable housing for low income residents in the entire state of Nebraska.
NHDA has joined with other housing advocates in filing a brief in support of our affordable housing developers who have appealed to the Nebraska Court of Appeals. This past weekend, Lincoln Journal Star reporter Margaret Reist published an article that highlights this ongoing serious and controversial situation. NHDA members Burlington Capital, EXCEL Development, Hoppe Development and Lincoln Housing Authority are featured. We urge you to read the full article at:
