Frequently Asked Questions
Why aren't more for-profit builders active in North Omaha?
Years of neglect of the housing stock, homes torn down by construction of the North freeway and loss of the middle class are some of the factors that have resulted in a deteriorated housing stock, many empty lots, and depressed property values. These depressed property values make it impossible for most for-profit builders to earn a living on renovation and new construction in North Omaha.
Are low-income families able to take care of their houses?
Sustainability of homeownership is an important goal for Holy Name Housing as well as for the new homeowners. Pre-purchased counseling and classes focus on the importance of budgeting and home maintenance in protecting the buyers' investment. Our 32-year experience is that not only do the majority of the new homeowners take care of their property, but they also become involved in their community. Tenants living in the Crown rent-to-own properties are provided ongoing education regarding both the exterior and interior of their homes. In case of tenant neglect of exterior maintenance, Holy Name Housing ensures that issues detrimental to the neighborhood are promptly addressed.
How does the program work for a low-income family who could not afford to buy a house on the private market?
Low income families must first qualify for a mortgage that is roughly 80% of the sales price of the home. Many of our buyers are pre-qualified by Omaha 100, a local lending consortium that makes loans targeted to this population. Once pre-qualified by a lender, buyers are eligible for a 0% second mortgage that they do not need to pay on unless they transfer title to their property. Fifty percent of these mortgages are forgiven if the buyer does not transfer title and lives in the property for at least 10 years.
What are the obstacles for low-income families who want to purchase a home through your program?
Credit problems, lack of knowledge of the home buying process, and difficulties in saving are among the problems.
Where are your homes located?
Our homes are in North Omaha. The boundaries are generally east of 60th St between Hamilton and Curtis. These depressed properties make it difficult for most non-profits to earn a living by building and renovating quality homes. View a map of areas where Holy Name Housing has constructed and renovated homes.