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Spring 2024  |  Cycle Overview

Development and Preservation Fund

Development and Preservation Fund

Spring 2024 Overview

APPLICATIONS NOW CLOSED
On this page: Spring GuidelinesProgram BackgroundTimelineApplicant Resources

Online applications for the Spring 2024 cycle of the Development and Preservation Fund were accepted February 1st through March 1st at 11:59 p.m. CST. Funding decisions will be announced at the end of May.

Eligible request types included both short- and long-term loans for local affordable housing projects, in addition to specific programmatic, planning, and project-based grant opportunities for housing-supportive nonprofits.

Alongside funds made possible through the ARPA partnership with the City of Omaha, this round introduces additional philanthropic dollars beyond the private ARPA match. As such, loan applications for projects in the Greater Omaha Metro that fall outside of Omaha city limits were eligible for consideration.

PLEASE NOTE: Funding cycles are competitive.
Applications go through a multi-stage review process, including rigorous underwriting for loan applications. Submitting a loan and/or grant application does not guarantee funding.


GUIDELINES FOR SPRING 2024 (no longer accepting applications)

Before applying, thoroughly review the following pages, which provide detailed information about each funding opportunity.


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 (2021). 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 were matched by $20 million in philanthropic contributions. These funds have been allocated across multiple biannual funding cycles, with the second round of funding awarded in May 2023 and third in November 2023.


TIMELINE

1 | Application Period

Applications opened February 1st and were due by 11:59 p.m. CST on Friday, March 1st. Applicants were required to provide all necessary financial documentation at the time of submission to be considered for funding and/or to go through underwriting.

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. Staff may reach out to eligible applicants if needing clarifying information before moving forward for Committee Review.
  • 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 to the Board of Directors.
  • 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 approval or declination by May 31st. Public announcements will follow in early June.

4 | Award Disbursement

Grant recipients will receive funds in June 2024. Loan award disbursement will be dependent upon loan closure; awarded loans will need to close by the end of December 2024 at the latest.

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

Supporting Materials and Links
  1. Submittable Instructions – navigating the online portal
  2. FPI Priorities – resident, project, and property characteristics
  3. GIS Mapping Tool – to identify QCTs and proximity to transit and employment centers
  4. City Limits Map – to confirm if project location is within boundaries of the City of Omaha
  5. Area Median Income (AMI) Limits Chart – effective June 15, 2023
  6. What is a Planning Grant? – FPI blog
  7. 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. Application preview documents for the Spring 2024 cycle can be found on their respective guidelines page, provided in both PDF and Word (docx) formats for independent translation. Word versions of additional materials can be shared upon request.

If additional language assistance or accessibility supports are needed to apply, please don't hesitate to email Tess Houser at 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. 


ARPA Funding 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.

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