Lofts on Main
Adaptive Reuse and New Construction
Lofts on Main is an affordable housing property located in Plattsmouth, NE. that combines new construction of an apartment building with the adaptive reuse of a school building. The development will contain a total of 41 one-, two-, and three-bedroom apartment units, which includes 16 three-bedroom units. The newly constructed building will be wood framed with flat roofs on a concrete slab foundation and will offer a community room, storage, and a leasing office. Thirty-two of the units will be income-restricted to 30%, 40%, 50%, and 60% or less of the area median income (AMI). The remaining nine units will be unrestricted market rate units.
KeyBank Community Development Lending and Investment provided $14.3 million in financing. The development also received support from WNC, which provided $7.5 million in federal low-income housing tax credit (LIHTC) and historic tax credit funding, as well as Advantage Capital, which provided $3.6 million in state LIHTC and historic tax credit funding. The Nebraska Investment Finance Authority (NIFA) and the City of Plattsmouth also provided funds.