VILLAGE AT PAPILLION APARTMENTS

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VILLAGE AT PAPILLION APARTMENTS
  • Located Close to Schools, Restaurants, and Retail
  • Built & Placed into Service in 2005
  • 1.4 Miles to CHI Health Midlands
  • Attractive Area with Low Unemployment

1603 Barrington Parkway
Papillion, NE 68046

  • Status: Closed
  • Price: $2,500,000
  • # of Units: 49
  • Rentable SF: 58,512
  • Price per Unit: $51,020
  • Price per SF: $42.73
  • Year Built: 2005
  • # of Buildings: 7
  • # of Stories: 2
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  • Description:

    • Village at Papillion Apartments is a 49-unit affordable housing community located in Papillion, NE. The property was built and placed into service in 2005 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. Village at Papillion is conveniently located near public schools, parks, shopping, and restaurants.

      There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 60% of Area Medium Income (AMI) limits, which are provided by the Nebraska Investment Finance Authority. The property is still within the initial tax credit compliance period. Please see the Tax Credit Property Income and Rent Limits page in the Financial Analysis section for further details. A qualified purchaser can be a non-profit or for-profit entity that agrees to maintain the affordable housing units and to fulfill all requirements of an existing regulatory agreement.

      Village at Papillion offers two, three, and four bedroom floorplans featuring a fully equipped kitchen, plentiful storage, patios, w/d hook-ups, playground, and fitness facility.

      Village at Papillion Apartments is a Section 42 LIHTC property which means that federal tax credits were given to help finance the property. The property currently is required to hold the maximum rent charged at or below a level considered appropriate for the households that have incomes at or below 60% of the local Area Median Income (AMI) for the Nebraska Investment Finance Authority.

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