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  1. Deal Maker’s Market PlaceNIFA Dealing with Out of Date Housing Stock January 24, 2006 Jon D. Schmaderer, EVP The Tri-County Bank Stuart, Nebraska

  2. Stuart, NebraskaFact Sheet • Stuart, Nebraska • Population 625 • Steady but not growing since 1884 • Located in Holt County on Hwy 20 • Atkinson 10m East, O’Neill 28m East • Bassett 20m West, Ainsworth 38m West • Type of Industry • Irrigated Farming, Ranching • Agri-business & Financial Services

  3. Stuart, NebraskaFact Sheet • Largest Employer(s) • Parkside Manor (55), Stuart Public (35) • Stuart Fertilizer (25),Tri-County Bank (22) • Village of Stuart – Structure • Electric Power Plant • Natural Gas System • Parkside Manor • Stuart Auditorium (Community Center) • Stuart Recycling Center

  4. Stuart, NebraskaHousing Statistics • 265 Total Single Family Dwellings • 240 Occupied (90.6%) • 30 dilapidated (50% occupied) • Stuart Village Manor, Inc • 10 low/moderate income units • Parkside Manor & Assisted Living • 42 nursing beds, 10 assisted living

  5. Stuart, NebraskaHousing Focus since 1984 • Rehab Program (1984) – Initial Goals • Deal with out of date housing stock • Key element of economic development • Housing Rehab – Statistics • 64 rehab projects (24% of total stock) • $834,661 loaned out (Revolving Fund) • Housing Partners • DED, USDA, HUD, CNCS, NIFA, FHLB

  6. Stuart, NebraskaHousing Focus since 1984 • Stuart Development Corp. – (late 80’s) • Initial Focus • Local Business Development • Administer business loans • Expanded focus in mid-90’s • Lot purchase, clean-up & sale • Spec home program

  7. Stuart, NebraskaSpec House Program • Spec House Focus • Focus on dilapidated lot or area • Purchase, clean, build, market property • Spec House Facts • 7 homes built and sold since 1996 (#8 in process) • All located on previous dilapidated or undeveloped lots

  8. Stuart, Nebraska Local Partnerships • Elements of Success – Local Partners • Village of Stuart (utilities, programs) • Contractors (quality workmanship) • Lumberyard (planning & const. mngt) • Bank (finance options, guidance) • Development Corp. (program mngt) • Local Organizations (volunteer labor)

  9. Stuart, NebraskaHousing Program Reminders • Changes in Housing Require Time • Continuous and evolving effort • Must Coordinate within Community • Outside programs leverage internal effort • Focus on Projects that can Succeed • Attempt projects with a high probability of success (non-political in nature)

  10. Stuart, NebraskaMeasurements of Success • Measure private projects for every program project (2 to 1 a good ratio) • Concept expands to commercial and agriculture ventures • Demand for dilapidated properties increases

  11. Stuart, NebraskaHousing Focus since 1984 Thank you & Good Luck! The Tri-County Bank PO Box 10 Stuart, NE 68780 Jon D. Schmaderer, EVP 402-924-3861