Eight months after launching the Urban Core Housing Fund, the City of Omaha and Front Porch Investments are putting capital to work.
The fund’s first four commitments will support 466 homes across Omaha’s urban core, including new affordable senior housing, workforce apartments, the rehabilitation of existing affordable homes and the return of a vacant 225-unit property to productive use.
Together, the projects represent more than $142 million in total development investment. The Urban Core Housing Fund is providing nearly $5.94 million in strategic, low-interest financing to help move them forward.
“This is an important milestone for Omaha,” said Mayor John W. Ewing Jr. “I know from lived experience how important it is to have decent, safe and affordable housing. Families do better, neighborhoods are strengthened and cities thrive when residents have affordable places to live. I’m excited that we are making progress here.”
Four projects addressing different housing needs
The first round of investments reflects the range of solutions needed to expand housing opportunities across Omaha.
Affordable senior housing at 1053 Park Avenue
Foundations Development plans to construct a new 50-unit senior housing community at 1053 Park Ave. The building will include ground-level parking and four residential floors of income-restricted housing for older adults.
The Urban Core Housing Fund is providing a $1.5 million loan toward the approximately $10 million development. Five apartments will serve households earning less than 40% of the Area Median Income, or AMI; 22 will serve households at or below 50% AMI; and 23 will serve households earning less than 60% AMI.
The project is expected to break ground in fall 2026.
Workforce housing at 2401 Dodge Street
GreenSlate Development Partners will redevelop the former Lutheran Family Services property at 24th and Dodge streets into a 186-unit workforce housing community.
Of the 186 apartments, 178 are projected to be affordable to households earning no more than 100% AMI and 159 will be affordable to households earning more than 80% AMI. Ten will be protected by a Land Use Restriction Agreement that keeps them affordable to households below that income level for at least 20 years.
A $964,084 predevelopment loan from the fund will help advance the approximately $40 million project. The development will add homes and residential density along one of Omaha’s most prominent urban corridors, with construction expected to begin in spring 2027.
Preserving affordable housing near the Blackstone district
Gold Coast Partners, LLC received a $475,000 acquisition and construction-to-mini-permanent loan to purchase and rehabilitate five existing affordable apartments at 111 N. 38th St.
Built in 1941, the property will receive a new roof and heating and cooling systems, along with electrical and plumbing updates, new landscaping and other improvements needed to bring the building into full code compliance.
The rehabilitation will preserve naturally occurring affordable housing in a well-connected neighborhood near the Blackstone district, the University of Nebraska Medical Center and the future streetcar route. The project represents more than $578,000 in total investment and is expected to be completed in winter 2027.
Bringing 225 vacant apartments back into use
Smith & Henzy Affordable Group purchased the vacant apartment community formerly known as City View at 604 S. 22nd St. The downtown property will undergo extensive renovations to create 225 safe, stable and affordable homes.
The fund’s $3 million predevelopment loan will help leverage an approximately $92 million investment. The units are planned to be affordable to households that income qualify at or below 60% AMI.
The project is expected to close in early 2027, with renovations beginning later that year.
Turning available capital into lasting affordability
The City of Omaha and the Lozier Foundation committed $40 million to establish the Urban Core Housing Fund, with the goal of helping create or preserve nearly 2,000 affordable and workforce homes. Front Porch Investments manages the fund and provides financing designed to fill gaps that can otherwise prevent strong housing projects from moving forward.
Of the 466 homes included in the first four commitments, 290 will carry long-term affordability requirements through income restrictions. Other units are expected to serve households within workforce housing income ranges.
“It’s exciting to see the Urban Core Housing Fund moving from an idea to real investments in just eight months,” said Jody Holston, executive director of Front Porch Investments. “The fund was created to make capital available and ensure that good projects move forward. Now, we’re seeing that vision become reality.”
Holston said the variety of the first projects is one of the fund’s strengths.
“Each project meets a different housing need, and that’s a good thing,” she said. “We’re creating new housing, preserving existing affordable housing and helping bring 225 vacant apartments back into use. That range reflects the different housing needs we see across Omaha’s urban core.”
More investments are ahead
Omaha continues to face a shortage of affordable housing, particularly in neighborhoods where increasing costs and limited supply make it difficult for residents to find stable, quality homes. Expanding options across a range of income levels is critical to economic mobility, neighborhood revitalization and Omaha’s long-term growth.
More than $34 million remains available through the Urban Core Housing Fund, and Front Porch Investments is working with developers on additional opportunities. Multiple developments are already moving through the pipeline.
These first four commitments are an important beginning and a meaningful step toward ensuring that more Omaha residents can find safe, stable and affordable places to call home.
