Gibbon, Nebraska with a population under 2,000 is celebrating the final payment of the first direct loan in Nebraska for a multi-family housing project through USDA Rural Development (the former Farmers Home Administration).
Board members of Gibbon Centennial Manor and tenants of the 16 unit complex gathered on April 2nd for a plaque presentation by USDA Rural Development Nebraska State Director Maxine Moul, commemorating more than 40 years of providing rural rental housing to Gibbon.
Accepting the plaque was Duncan McGregor, president of the Manor board. His father, D. E. McGregor, was the first president of the non-profit corporation. USDA Rural Development not only celebrated the Manor’s many years of service, but also the valued long term partnership between the two organizations.
The complex was funded through the Farmers Home Administration under the Multi Family Housing Direct Loan Program (Section 515). The original loan was for $148,320 over 50 years at 5.25 percent interest. There was community support for this project, with 58 Gibbon citizens purchasing $50 memberships in Gibbon Centennial Manor to get the project started.
Gibbon Centennial Manor is the first and oldest USDA Rural Development Section 515 operating apartment complex in Nebraska dating back to November 22, 1968. The 16 units were first occupied in 1969. The Manor was officially dedicated on April 7, 1971, during Gibbon’s centennial celebration of its founding. The complex provides affordable housing to income eligible tenants.
The Direct Rural Rental Housing Loan Program provides financing to develop rental housing in rural communities for persons with very-low, low and moderate incomes. To find out more about USDA housing programs click here.