|Village pays off loan, assumes management of Wauneta Housing Authority apartments|
|Written by Wauneta Breeze|
|Thursday, 07 January 2016 18:00|
By Sheri Hink-Wagner
The Wauneta Breeze
The Wauneta Village Board of Trustees held a special meeting Dec. 14 to discuss, and ultimately approve, prepayment of the USDA loan for the Wauneta Housing Authority apartments on West Kiowa Street.
The apartment units, built in 1977, were financed with a 40-year loan from the Farmers Home Administration (FmHA). When the FmHA was dissolved in 2006, its housing and community programs were transferred to the newly formed Rural Development Agency.
Over the years, apartment rents have been used to pay down the mortgage, originally $138,930. At the meeting last month, board members approved paying off the note’s remaining balance of $8,929.61.
Once the loan is paid, the units will be owned and operated by the Village of Wauneta.
Prior to the village’s prepayment of the loan, there were income guidelines tenants had to meet to live in the units. Rent was based on their income level.
At the special meeting board members set rental rates for 2016 at $350 per month for two-bedroom units and $300 per month for single bedroom units.
It was noted that existing tenants will continue to pay their current rental rate based on their income qualification under USDA stipulations. However, current tenants who are paying a rate higher than the newly established rates will have rent requirements lowered to the new 2016 rates.
The rates were set under an assumption that the village is no longer required to accept USDA Rental Assistance Vouchers. If it is determined the village must continue to accept the vouchers the board will reconsider rent rates and terms.
The Wauneta Housing Authority Board will remain as is until the Village has opportunity to research if the separate board is required or if it can be dissolved. Village Chairman Lloyd Sinner appointed board members Page Johnston and Rick Einspahr to serve on a new committee to address issues with the Housing authority and to manage the apartments.