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Spring 2024: Over $6M awarded through fourth funding cycle of Development and Preservation Fund for affordable housing

Front Porch Investments is pleased to announce nearly $6.2 million in awards from the fourth cycle of the Development and Preservation Fund through a partnership with the City of Omaha braiding philanthropic dollars with American Rescue Plan Act (ARPA) dollars. The Development and Preservation Fund supports affordable housing development and preservation projects and initiatives.

The Spring 2024 awards bring the total amount to over $33 million awarded to date since 2022, and all $20 million in ARPA funds have been awarded. In total, more than 1,500 units of affordable housing will be developed or preserved through this partnership.

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 alignment with Front Porch and City of Omaha/ARPA priorities, with loan applications also undergoing rigorous underwriting by Front Porch Investments’ fund management partner. 

“We are delighted that through this funding partnership we have far exceeded the original goal of 1,000 new affordable housing units. While the $20 million in ARPA funds are now fully committed, they will continue to circulate in our community in perpetuity as loans are repaid and re-awarded through our revolving loan fund. We are grateful to the City, the members of our Development and Preservation Fund Review Committee, and Omaha’s community of developers and housing champions for their commitment to this work,” said Jody Holston, Front Porch Investments’ Executive Director.

In the Spring 2024 cycle, Front Porch Investments received nine loan applications, totaling over $16 million in requests. Out of these, three loans were awarded for a total investment of $5.35 million:

  • 2557 Jones Street | The Flora Lofts – $3,000,000 construction loan to support 31 affordable units of senior housing in a mixed-income infill project located in the city’s urban core
  • AI Investments, LLC | Millard Landing Phase II – $1,850,000 construction loan to support 36 affordable units of senior housing in a mixed-income project, located in an area with no other Low Income Housing Tax Credit (LIHTC) properties (12656 Weir)
  • Hoppe Development | Tallgrass – $500,000 acquisition loan to support 229 affordable units of for-rent and for-sale housing in a mixed-income neighborhood located within an area of “very high child opportunity” per the Child Opportunity Index (72nd & Capehart Rd)

Together, these projects will bring nearly 300 new units of affordable housing into the Omaha metro, moving closer to the goal of 18,000 new affordable units by 2030 cited in the City of Omaha’s Housing Affordability Action Plan.

In this funding cycle, Front Porch awarded just over $826,000 in program and planning grants to four Omaha-based nonprofits working to increase access to permanent, affordable housing:

  • MAPA Foundation – $150,000 planning grant to conduct a regional Market Value Analysis to support affordable housing planning and investment over the next several years
  • Omaha by Design – $152,464 program grant for the next phase of the Affordable by Design Housing Playbook, which will provide freely available, pre-approved design plans, as well as conducting an assessment of regulatory barriers and ensure bilingual access to resources
  • ReImagine – $324,000 program grant to launch a housing stability center to provide homeless prevention assistance
  • RISE – $200,000 planning grant for the RISE Campus Concept, which will include 100 units of housing with reentry services for formerly incarcerated individuals

The Development and Preservation Fund will accept loan applications again in August 2024. To be notified about future funding opportunities, please sign up for our newsletter here.