Heartland Bank Partners in Rural Workforce Housing Fund

Pictured left to right: Jared Stutzman, Contractor | Kyle Svec, City Administrator | Karla Jacobsen, Realtor | Eric Kamler, Mayor | Jan Stoldorf, Heartland Bank | Trey Ertmer, SEND

The first project under the Southeast Nebraska Development, Inc.’s (SEND, Inc.) Rural Workforce Housing Fund is complete. The City of Geneva’s Mayor Eric Kamler, City Administrator Kyle Svec, and key stakeholders met to celebrate the completion of the new home built in Geneva, NE. The construction of the home was made possible thanks to the partnership between JL Stutzman Contracting, Heartland Bank, and SEND, Inc.

SEND, Inc. was one of fourteen recipients of funds through the state of Nebraska’s Rural Workforce Housing Investment Program awarded in May 2018. The funding of $639,000 for the program was made possible through the Nebraska Department of Economic Development (DED). The Nebraska Investment Finance Authority (NIFA) also awarded funding to SEND, Inc. as match for the program. Geneva was one of five investment communities (Auburn, Beatrice, Deshler, and Fairbury) to contribute local matching funds to establish the revolving loan fund and is the first to see the impact of the program in the region.

Mayor Kamler stated, "We invested in the Rural Workforce Housing Fund because of the potential this program has to help solve our housing shortage and spur housing development for the community.  It is an amazing example of the success of this program that before the new street was even built, this lot was sold and the home was sold shortly after thanks to the help from the RWHF.  We are excited to see this new neighborhood continue to grow with affordable homes and new people that continue to grow Geneva."  

Jared Stutzman of JL Stutzman Contracting hopes to continue utilizing the program to construct similar homes to continue to addressing the lack of workforce housing in one of Nebraska's rural and underserved regions.

SEND, Inc. took the approach of partnering with local lender, Heartland Bank, to participate in the financing of the project. SEND, Inc. relied on the expertise of Branch President, Jan Stoldorf for the underwriting and loan processing of the construction loan. A combined rate between the bank and SEND, Inc. was established to ensure that the loan remained favorable to the contractor, and created an incentive where impediments typically exist.

If you would like to know more about the SEND, Inc. Rural Workforce Housing Revolving Fund or other types of incentive programs please visit SEND’s website at www.sendd.org or call SEND at 402-475-2560.