In May, 2022, Front Porch Investments announced over $7.3 million in awards for the Innovation Round of funding for affordable housing development and preservation projects, as well as affordable housing supportive programs.
“The Innovation Round was hugely successful, providing important information about the number of mixed income and affordable projects or housing supportive programs waiting for low interest capital or grant funding to fully implement,” said Meridith Dillon, Executive Director of Front Porch Investments.
The pilot program received 37 applications, totaling $49.6 million requests. A scoring committee reviewed applications based on a range of criteria, and loan funding applications went through rigorous underwriting by a funds management partner.
“Applications were reviewed through our strategic priorities lens, including creation of greater opportunity for BIPOC residents, promoting housing stability for families, testing new approaches like language access and physical accessibility, and supporting diverse and emerging developers,” said Naomi Hattaway, Director of Communications and Community Initiatives at FPI.
AWARDEES:
712 Initiative • $150,000 Program Grant
Canopy South • $50,000 Construction Grant
Forever North Real Estate • $1,000,000 Pre-Development Loan
Habitat for Humanity Omaha • $210,000 Program Grant
H.E.L.P. Foundation of Omaha • $500,000 Pre-Development Loan
Hoppe & Son / Hoppe Development • $1,400,000 Acquisition Loan
InCOMMON • $145,000 Program & Capacity Building Grant
NOC Redevelopment Group • $700,000 Construction Loan/Mini Perm Loan
Omaha Economic Development Corporation • $552,615 Pre-Development Loan
Project Houseworks • $273,800 Program & Capacity Building Grant
Seventy-Five North Revitalization Corp • $1,050,000 Construction Loan; $557,620 Construction Grant
Spark • $149,275 Program & Capacity Building Grant
Talented Tenth Group • $600,000 Construction/ Mini Perm Loan; $132,423 Construction Grant
BY THE NUMBERS:
- Projects and programs awarded will:
- Catalyze 738 units of affordable housing,
- Initiate three pilots or new programs,
- Launch three capacity building grants for affordable housing supportive programming
- Support three inaugural projects brought by Black developers in North Omaha
- Leverage $50 million in federal funding in South Omaha
“We so appreciate the organizations tackling and prioritizing affordable housing,” Dillon said. “We look forward to expanding our partnerships as we continue leveraging funding for long-term, sustainable success. This Innovation Round is just the beginning for the Greater Omaha area. As we welcome additional funding partners and financial resources, we can truly begin taking these and other solutions to scale.”
Creating a combination of revolving funds, grants, and traditional financing – much of which will be self-sustaining, as dollars will be reinvested once projects are completed.
Front Porch Investments is actively capitalizing the Development and Preservation fund, and currently seeking additional funding partners.
“We were encouraged by the number and variety of responses from the Innovation Round,” said Eva Roberts, Director of Policy and Strategy at FPI. “What we learned will assist the team in further developing sound strategies for future funding.”
The Development and Preservation Fund will launch in August 2022, in partnership with the City of Omaha, to continue supporting the preservation and development of affordable housing, and promotion of housing stability and preventing homelessness through supportive programs from area nonprofits.
In early 2023, funds will be launched to “greenline” our communities through financial support for desired homeownership, and to support neighbors in maintaining their homeownership opportunities in areas of historical disinvestment.
To read more about this Innovation Round of funding:
Omahan rises from public housing to provider of affordable housing, Nebraska Examiner
Awards launch new effort to provide more affordable housing in Omaha, KETV
