Bill > LB164

This bill adopts the Urban Development Incentive Act, which aims to support economic development in distressed areas by creating a comprehensive grant program for small and emerging real estate developers. The act defines economically distressed areas as regions with high unemployment (at least 150% of the state average) and poverty rates of 20% or more, and establishes a grant program administered by the Department of Economic Development. Eligible developers can receive various grants, including up to 20% of total project costs (with an annual cap of $20 million), funding to help secure private financing, down payment assistance, job creation grants, community engagement support, sustainability feature grants, and technical assistance funding. The total grants for a single project cannot exceed $3.5 million, and the Legislature intends to appropriate $46.5 million annually to fund the program. The act's goals include promoting sustainable and equitable economic growth, supporting local job creation, and empowering developers to revitalize economically challenged areas. The department is required to submit an annual report to the Governor and Legislature detailing the grants awarded, projects funded, and jobs created, and is authorized to develop regulations to implement the act.

Business and Industry

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59171