CDA recommends TIF to support six 'affordable' Wilmer Ridge homes; developer seeks $330,000

The Community Development Agency on Dec. 22 voted to recommend a redevelopment plan amendment that would allow tax-increment financing (TIF) to help build six single-family homes in the Wilmer Ridge subdivision.

Kevin Anderson, the Wilmer Ridge developer, told the CDA the request is for $330,000 plus capitalized interest to offset the market value of Lots 1–6 and make the homes affordable to buyers who qualify under a Nebraska Affordable Housing Trust Fund program. Anderson said the grant program caps the sale price for qualified buyers at about $330,000 and that the project would be phased over three years at roughly two homes per year.

Why it matters: The developer said the grant and TIF combination will bridge the gap between market costs and the capped sale price, enabling owners who meet the program's income limits to purchase new homes in Wahoo. Anderson said the program targets households at 120% of area median income (AMI); he gave examples from the county guidance used for eligibility: roughly $99,000 annual income for a single household and about $141,000 for a family of four.

What was proposed: Anderson described the homes as single-family, roughly 1,200—,400 square feet with basements. He said the project mirrors homes already built on Lots 7 and 8 and that one recently closed nearby for $410,000. Anderson acknowledged uncertainty about how the county assessor will value the capped-sale homes and said the CDA and city staff will consult assessors and provide updated valuation guidance when the proposal returns to the city council.

Council discussion and procedural steps: CDA members asked about procurement for construction, timing and grant requirements. Anderson said the TIF would be phased and that capitalized interest preserves the present value of the developer's contribution over the recapture period; he said the project must meet the Trust Fund's requirements, including owner-occupancy and a retention period that prevents immediate rental. The CDA recorded a roll-call recommendation in favor of forwarding the redevelopment agreement and TIF request to the city council for final action.

Next steps: Staff and the developer said they will return to the city council with refined assessor conversations and contract language; the council will consider the redevelopment agreement and any related procurement and contract documents at a future meeting.