We are pleased to announce over $11 million in the second round of Development and Preservation Fund awards through the partnership matching philanthropic dollars with American Rescue Plan Act (ARPA) funds to support affordable housing development and preservation projects, as well as affordable housing supportive programs.
Front Porch Investments received 41 applications, totaling $35.2 million in requests. Out of these, funding was awarded to 16 organizations. The awarded funds include $10.1 million in short- and long-term loans, and $1.4 million in grants. Notably, long-term loans are funded exclusively through ARPA this round, while short-term loans and grants are made possible by philanthropic sources.
A review committee (including representatives from the City of Omaha, local housing-supportive organizations, and Front Porch Investments’ board of directors) evaluated applications based on a range of criteria. Loan funding applications went through rigorous underwriting by a funds management partner.
"We received many strong applications, making this the most competitive round to date. We continue to hear from developers and nonprofits willing to address the need for affordable housing, as resources become available. This partnership of ARPA and philanthropic funds for affordable housing continues to positively impact our community,” said Meridith Dillon, executive director of Front Porch Investments.
Future funding cycles are planned for August 2023, and biannually thereafter in February and August.
By the Numbers:
- 16 organizations funded (via 17 awards)
- 221 units of affordable and mixed income housing catalyzed
- 4 new programs initiated
- 4 planning grants supporting housing projects and assessments of special population needs
Loan Recipients:
AI Investment, LLC - $2,000,000 Construction-to-Permanent Loan
Brinshore Development, LLC - $1,510,000 Construction-to-Permanent Loan
Holy Name Housing Corporation - $3,000,000 Construction Loan
Jendayi Frazer 50 Ventures, LLC - dba 50 Ventures, LLC - $398,665 Construction-to-Permanent Loan
Lionhead Development LLC - $400,000 Construction Loan
Seventy-Five North Revitalization Corporation - $1,475,000 Construction-to-Permanent Loan
Woodling Development Corporation - $625,000 Construction-to-Permanent Loan
Grant Recipients:
Carole’s House of Hope, Inc. - $49,700 Planning Grant
Comunidad Maya Pixan Ixim - $196,270 Planning Grant
inCOMMON Housing Development - $30,000 Project Grant
Omaha by Design - $134,000 Program Grant
Restoring Dignity - $279,959 Program Grant; $137,500 Planning Grant
Southside Redevelopment Corporation dba Canopy South - $88,400 Program Grant
Spark Capital - $243,750 Program Grant
World Speaks - $121,928 Program Grant
Youth Emergency Services - $139,819 Program Grant
Congratulations to all awardees! To opt in to our email list to be informed about upcoming funding cycles and updates to past awardee projects, sign up here.
