PROGRAM OVERVIEW
The Development and Preservation Fund is a revolving loan program that helps to finance affordable and workforce housing across the greater Omaha-Council Bluffs Area. Established in response to the Assessment of Housing Affordability, Needs, & Priorities report (2021), the fund provides flexible, low-interest loans for both new development and preservation projects.
The Fund’s structure allows it to offer below-market interest rates, making it a strong partner for projects that might otherwise struggle to secure affordable financing. It also intentionally invests in projects led by emerging or diverse developers to expand access to opportunity across the community. Loan repayments are reinvested into the Fund, creating a self-sustaining cycle that grows its impact over time. In doing so, the Fund not only increases the supply of affordable homes but also supports broader community benefits—housing stability, improved health and well-being, financial security, and educational outcomes.
The Development and Preservation Fund prioritizes projects that:
- Maximize housing affordability
- Encourage innovation
- Invest in diverse developers or businesses
- Target strategic areas of investment
- Promote housing justice and equity
- Engage the broader community
Click here to review the Development and Preservation Fund Priority Scorecard.
LOAN GUIDELINES
The Development and Preservation Fund provides short- and long-term loans for affordable housing projects at 120% AMI or lower within the Greater Omaha Metro. Applications go through a multi-stage review process, including rigorous underwriting.
LOAN FUNDING OVERVIEW
- Affordable housing development and preservation projects
- Located in the Greater Omaha Metro (Douglas and Sarpy County Nebraska and Council Bluffs, Iowa)
- Loan Range: $200,000–$3,000,000
- Affordability requirements will apply.
- Loan guaranty requirements apply for all borrowers.
- Origination fee of 1%
- Fixed interest rates currently provided at 2–4%
ELIGIBLE BORROWERS: Front Porch Investments (FPI) exists to provide a wide range of loan financing to developers (for-profit and nonprofit), community development organizations, Community Development Financial Institutions, and housing-supportive nonprofits. Impact Development Fund (IDF) administers the loans on behalf of FPI. Note: Submitting an application does not guarantee funding. All loans must maintain a minimum DSCR of 1.10x.
RATES AND FEES: Rates are set at the time of loan approval. Loans are currently provided at a 2-4% fixed interest rate, and origination fees are 1%.
Click here for a PDF of the loan types and terms chart.
*9% LIHTC Projects are not eligible for Permanent Loans
**The standard interest rate for mini-perm and permanent loans is 4%, but the rate may be decreased by .50% for each criteria met below:
1) 50% of units less than 60% AMI
2) 66% of units less than 80% AMI
3) Project will preserve or rehabilitate an existing building
4) Project affordability period extended to 30 years
ELIGIBILITY
Applicant Eligibility
- For-Profit Developers / Owners
- Nonprofit Organizations
Project Eligibility
- Located in the Greater Omaha Metro (Douglas and Sarpy Counties in Nebraska and Council Bluffs, Iowa)
- New construction, purchase/preservation of existing affordable housing, and rehab/adaptive reuse of an existing structure
- Rental and for-sale housing projects
- Mixed-use and mixed-income projects are eligible, although restrictions on the percentage of funding apply.
- Serves households at or below 120% AMI
NEW OPPORTUNITY
We are currently seeking projects that align with the priorities of our new Middle Income Workforce Housing award from the Department of Economic Development. We will be directing these funds toward for-sale housing in Sarpy County that costs no more than $330,000 to construct. We are particularly interested in higher-density "missing middle" types such as townhomes, condos, and duplexes.
If your project might align with these priorities, please complete this interest form to start a conversation!
APPLICATION PROCESS
Depending on the project, application timelines may vary.
1 | Pre-Application
If you're interested in applying for funding for your project, please complete the Loan Program Interest Form. Once submitted, our Loan Manager will schedule an initial call to discuss your project details, establish milestones, and outline application timelines and next steps.
The purpose of this pre-application stage is to ensure your project aligns with FPI's investment priorities, meets the eligibility requirements, and is ready for the next stage. Once this stage is complete, you will receive an invitation to formally apply and submit the necessary documents for underwriting.
2 | Application and Underwriting
Applicants will complete an application, including all necessary financial documentation to be considered for funding. Underwriting is completed in collaboration with our partners at Impact Development Fund. Our goal is to complete underwriting within 4-8 weeks of receipt of a final application.
3 | Review and Approval
Applications will be reviewed on a monthly basis and will go through a multi-stage review, including committee review and final approval by the Board of Directors. Funding decisions consider both alignment with FPI's funding priorities and the outcome of project underwriting.
LOAN APPLICANT RESOURCES
Supporting Materials and Links
- FPI Priorities – resident, project, and property characteristics
- GIS Mapping Tool – to identify QCTs and proximity to transit and employment centers
- Area Median Income (AMI) Limits Chart – effective June 1, 2024
- Pro Forma – sample 25-year and 18-year templates
- Business Debt Schedule – sample template
- Draw Schedule – sample template
- Real Estate Owned Worksheet – sample template
- Sources and Uses – sample template
- 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, positioned at the top right of this page. If additional language assistance or accessibility supports are needed to apply, please don't hesitate to email frontporch@omahafoundation.org. We proudly partner with World Speaks for translation services, and Front Porch will cover the cost of pre-approved services during application periods.
