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Current Funding  |  Spring 2023

Development and Preservation Fund

What We Do

Current Funding

APPLICATIONS NOW CLOSED
On this page: Program Background, Funding Cycle Overview, Eligibility, Timeline, Applicant Resources

Online applications for the second Development and Preservation Fund cycle were accepted February 1st–March 1st, 2023. Funding decisions will be announced by the end of May. This round is generously funded in partnership with the City of Omaha, whose investment of $20 million in American Rescue Plan Act funds is being matched through philanthropic contributions to Front Porch Investments.

Applications for the next round of funding will open August 1st, with round priorities and full cycle details to be updated on this page in July. Join our email list to stay up to date on upcoming news and initiatives: https://frontporchinvestments.org/email-signup

PROGRAM BACKGROUND

The Development and Preservation Fund was created in alignment with recommendations provided by the Omaha and Council Bluffs Area Assessment of Housing Affordability, Needs, & Priorities report. As identified in the assessment, the broad goals of the fund are to:

  • Provide gap financing for the development of new affordable housing, including mixed-income rental housing, the creation of affordable housing in areas near job centers and transit, and transformative "catalyst" projects in neighborhoods undergoing broader revitalization efforts
  • Provide needed gap financing to preserve and improve the quality of at-risk dedicated affordable rental housing, as well as "naturally occurring" affordable housing properties in deteriorating condition or at risk of conversion to market rate

Additional investment priorities for the Development and Preservation Fund include increasing housing ecosystem capacity; increasing accessibility; increasing housing stability; expanding housing options; supporting equity and housing justice; supporting innovation and best practices; and supporting collaborative partnerships.

The first round of funding launched in August 2022 through a partnership between Front Porch Investments and the City of Omaha, who invested $20 million in American Rescue Plan Act (ARPA) funds that are being matched by $20 million in philanthropic contributions. Funds will be allocated across multiple biannual funding cycles. 

FUNDING CYCLE OVERVIEW

Given our partnership with the City, this cycle of the Development and Preservation Fund is solely focused on funding mixed-income and affordable housing projects (or phases of projects) at 120% AMI or lower that fall within the boundaries of Omaha, in addition to affordable housing programs. Affordability requirements will apply, including a minimum 20 to 25-year affordability period for all ARPA-funded loans based upon term length.

Please watch the video below for complete information on the current funding cycle.

Video Transcript | Presentation PDF
 

This round we accepted proposals for: 
  • LONG-TERM PROJECT LOANS
    • Focus: Affordable housing development and preservation projects
    • 20 to 25 years; ARPA-funded
    • 2% fixed interest rates for all borrowers (for-profit and nonprofit)
    • Loan guarantee requirements apply for for-profit borrowers
    • See loan product matrix in the applicant resources section below
    • Up to $7 million available
    • Expected to close by December 31, 2023
  • SHORT-TERM PROJECT LOANS
    • Focus: Affordable housing development and preservation projects 
    • 3 years or less; privately funded 
    • 2% fixed interest rates for for-profit borrowers; 1% fixed interest rates for nonprofit borrowers
    • Eligible loan types: Pre-Development, Acquisition, Construction, Bridge
    • See loan product matrix in the applicant resources section below
    • Up to $4 million available
    • Expected to close by December 31, 2023
  • PROJECT GRANTS
    • Nonprofit organizations only; privately funded
    • Focus: Affordable housing development and preservation projects 
    • Request types: Specific component of a current housing project; Funding to address valuation gaps; *Planning grant for a future housing project (see footnote)
    • Up to $2 million across both project and program grants combined
  • PROGRAM GRANTS
    • Nonprofit organizations only; privately funded
    • Focus: To expand the parameters or capacity of a current program and/or support the launch of a new pilot or program
    • General operating requests are not eligible in this round
    • Front Porch must be the sole funder of the specific program component(s) in your request
    • Up to $2 million across both project and program grants combined

*We anticipate developing an application specific to planning grants in future funding cycles.

ELIGIBILITY

⚠ IMPORTANT ⚠ 
All applicants will need to provide an active Unique Entity Identifier (UEI). If you do not have an active UEI, please register as soon as possible at SAM.gov/content/entity-registration. New registrations can take an average of 7-10 business days to process.


Applicant Eligibility
  • FOR-PROFIT DEVELOPERS: Loans only
  • NONPROFIT ORGANIZATIONS: Loans and grants; May apply for both a loan and grant for the same project

Project Eligibility

For the Spring 2023 funding cycle, eligible projects and programs included but were not limited to: 

  • Development of rental and for-sale affordable housing options in Omaha
  • The creation of affordable housing in areas near job centers and transit
  • Acquisition and/or rehabilitation of current structures for adaptive reuse into affordable housing and mixed-income housing units
  • Gap financing for the development of new affordable housing and preservation of existing stock
  • Programs that support access to affordable housing
  • Programs that support workforce development across the affordable housing sector
  • Transformative and innovative or pilot projects that serve as catalysts in neighborhood revitalization

Please note: The percentage of market-rate units in a mixed-income project cannot utilize ARPA funds. While we can fund projects that include them, Front Porch funding is restricted to supporting only those in affordable AMI brackets at or below 120% AMI.


Specific Eligibility for ARPA-Funded Loan Requests

Priority will be given to projects located within qualified census tracts (QCT) in Omaha. Projects located outside of QCTs can be eligible when justification is provided, such as proximity to transit or employment centers.

Watch the funding information video above and review the U.S. Treasury Department's Affordable Housing How-To-Guide for complete details on determining eligibility.

TIMELINE

1 | Application Due Date

Applications were due by 11:59 p.m. CST on March 1, 2023. The window for applying has now closed. Applications for the next round of funding will open August 1st, with round priorities and full cycle details to be updated on this page in July.

2 | Review Process
  • STEP 1 Internal Review: Representatives from the Front Porch team along with City staff for ARPA-funded requests will assess application completion, eligibility, and funding alignment. Loan applications will then go through underwriting with our partners at Impact Development Fund.
  • STEP 2 Committee Review: A committee—comprised of Front Porch board members and staff, City staff, and community representatives from the housing sector—will review applications and put forth funding recommendations.
  • STEP 3 Award Approval: Final funding decisions will be made by the Board of Directors following review of the committee's recommendations.
3 | Notifications and Public Announcements

Applicants will be notified of funding decisions by the end of May 2023. Public announcements will follow.

4 | Award Disbursement

Grant recipients will receive funds in June 2023. Loan award disbursement will be dependent upon loan closure.

5 | Reporting

Requirements and frequency of reporting will be dependent upon award type and the funding source. Expectations will be outlined following award. Given the use of ARPA dollars, long-term loan awardees will be committed to quarterly performance and compliance reporting, and additional proof of expenses and/or procurement requirements may apply.

APPLICANT RESOURCES

Supplemental Application Materials
  1. Application Access Instructions – Submittable platform
  2. FPI Priorities – resident, project, and property characteristics
  3. Loan Product Matrix – specific to this round of funding
  4. GIS Mapping Tool – to identify QCTs and proximity to transit and employment centers
  5. Area Medium Income (AMI) Limits Chart – effective June 15, 2022
  6. Pro Forma – sample 25-year and 18-year templates
  7. Business Debt Schedule – sample template
  8. What is a Planning Grant? – FPI blog
  9. Small and Emerging Business (SEB) Directory/Search – City of Omaha Human Rights and Relations

Language Accessibility

We have installed a plug-in for language translation on our website, which is positioned at the top right of this page. Application preview documents are provided below in both Spanish and English. Also provided is a transcript of the funding information video, which includes auto-generated closed captions in English. Word (docx) versions of additional materials can be shared upon request for independent translation.

If additional language assistance or accessibility supports are needed to apply, please email Tess at tess@omahafoundation.org. We proudly partner with World Speaks for translation services, and Front Porch will cover the cost of pre-approved services throughout the application period. 


Sample Applications

Draft previews of the Spring 2023 applications are provided below. Updated documents will be posted in July for the next funding cycle opening August 1st.


Funding Information Video

Please watch the video above for complete information on the Spring 2023 Development and Preservation Fund cycle.
Video Transcript – including section start times
Presentation PDF – including bookmarked slides​​​​​​


Additional ARPA Information**
  1. General Overview
  2. Procurement Guidelines – for long-term loan projects that involve contracting/subcontracting
  3. Affordable Housing How-To Guide – How to Use State and Local Fiscal Recovery Funds for Affordable Housing Production and Preservation (U.S. Department of the Treasury)
  4. Compliance and Reporting Guidance – State and Local Fiscal Recovery Funds Guidance on Recipient Compliance and Reporting Responsibilities (U.S. Department of the Treasury)

**We suggest independent review by legal experts.

ARPA funding is made possible through a partnership with the City of Omaha.

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