LINCOLN — Call it a city-based co-op, a borrowed concept from Nebraska's agricultural roots to pool resources to get the job done.

The job, in this case, is increasing affordable housing in Lincoln by 5,000 units in the next decade, and city officials believe an important mechanism for getting there is a nonprofit financial institution called Community Development Resources.

Community Development Resources, which was created in the 1980s to benefit traditionally underserved small-business owners, will broaden its mission to include affordable housing, Mayor Leirion Gaylor Baird announced.

In their effort to do so, they must first fill the financial gap developers face to build affordable houses. They plan to organize banking, business, philanthropic, and government efforts to cover the amount needed.

The irreconcilable margin between the high cost of construction while offering low rent or affordable housing requires contribution from developers.

“We are eager to change the math and achieve a bottom-line goal that benefits everyone — more high-quality homes that families can afford making neighborhoods more stable and our community more successful,” Gaylor Baird said.

By expanding Community Development Resources, they are able to meet both of the top priorities established in the city's Affordable Housing Coordinated Action Plan: creating strategic partnerships and developing a pool of funding to help developers.

The nonprofit hopes to raise $10 million, which would allow its assets to grow to $50 million. Most of this money would be used for affordable housing development, offering grants or low-interest loans.

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