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Fall 2023  |  Project Loans

Development and Preservation Fund

Development and Preservation Fund

Project Loans – Fall 2023 – Development and Preservation Fund

Note: We are no longer accepting applications for the Fall 2023 cycle. The window to apply ended September 1st.

Applications for the Spring 2024 cycle will be accepted February 1st–March 1st, with round priorities and eligibility criteria to be found here by end of business Monday, January 29th. Below information is specific to the Fall 2023 cycle and should be used for general reference only. 

The Fall 2023 cycle of the Development and Preservation Fund was 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 the City of Omaha. Affordability requirements applied, including a minimum 20 to 25-year affordability period for all ARPA-funded loans based upon term length. 

A quick overview of loan funding in the Fall 2023 round: 
    • Estimated Funding Pool: $3 million total
    • Focus: Affordable housing development and preservation projects
    • Term: 20 to 25 years
    • Funding Source: ARPA
    • Loan Range: $200K–$3 million
    • 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
    • Loans must be ready to close by June 30, 2024
    • Estimated Funding Pool: $3 million total
    • Focus: Affordable housing development and preservation projects 
    • Term: Up to 36 months
    • Funding Source: Private
    • Loan Range: $200K–$3 million
    • Loan Types: Pre-Development, Acquisition, Construction, Bridge
    • 2% fixed interest rates for for-profit borrowers; 1% fixed interest rates for nonprofit borrowers
    • See loan product matrix in the applicant resources section below
    • Loans must be ready to close by June 30, 2024

Please watch the video below for complete information on loans from the Fall 2023 funding cycle:

Video Transcript | Presentation PDF


Funding cycles are competitive amongst the pool of applications received each cycle. Applications go through a multi-stage review process, including rigorous underwriting. Submitting an application does not guarantee funding in the current round, regardless of eligibility.

Please consider the total funding pool, competitive nature of the cycle, and your project's readiness to quickly close following award notification when submitting your request. The next funding cycle will open in February 2024 with award notices in May, should your project's timeline better align with a later date.

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 New registrations can take an average of 7-10 business days to process.

Applicant Eligibility
  • NONPROFIT ORGANIZATIONS: Loans and grants*

*Nonprofit applicants will have the option to include a grant request within their loan application to address valuation gaps or a specific component of the same housing project. Strong rationale will need to be provided as to why the grant portion of their request cannot be funded through a loan.

Project Eligibility

For the Fall 2023 funding cycle, eligible projects include but are not limited to: 

  • Gap financing for the development of new affordable housing and preservation of existing stock
  • 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
  • Transformative and innovative 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.

Additional Eligibility for ARPA-Funded Loan Requests

Priority will be given to projects located within a qualified census tract (QCT) in Omaha. Projects located outside of QCTs can be eligible when justification is provided, such as proximity to transit or employment centers. All ARPA-funded awardees will need to adhere to the State and Local Fiscal Recovery Funds (SLFRF) compliance and reporting guidelines.

Funds used for affordable housing projects under the Public Health and Negative Economic Impact (PH-NEI) eligible use category are presumptively eligible if the project:

1 | Meets certain core requirements** of the following federal housing programs listed here:

  • National Housing Trust Fund (HTF)
  • HOME Investment Partnerships Program (HOME)
  • Low-Income Housing Credit (LIHTC)
  • Public Housing Capital Fund
  • Section 202 Supportive Housing for the Elderly Program
  • Section 811 Supportive Housing for Persons with Disabilities Program
  • Project-Based Rental Assistance
  • Multifamily Preservation & Revitalization Program
  • Affordable housing projects provided by a Tribal government if they would be eligible for funding under the Indian Housing Block Grant program, the Indian Community Development Block Grant program, or the Bureau of Indian Affairs Housing Improvement Program

2 | Includes units for households at or under 65% AMI for 20 years or longer

3 | Includes units for households between 65% and 120% AMI and serves the need of disproportionately impacted populations and/or meets the affordable housing need in the community by responding to market demand. 

If you meet the criteria in #1 or #2, you are automatically eligible. For #3, you will have to justify your eligibility, and the application will ask you to provide information regarding those criteria.

Review the U.S. Treasury Department's Affordable Housing How-To-Guide for complete details on determining eligibility.

**Core requirements of the federal housing programs that must be met: (1) resident income restrictions; (2) the affordability period and related covenant requirements for assisted units; (3) tenant protections; and (4) housing quality standards.


1 | Application Period

Applications were accepted August 1st through September 1st.

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 were notified of funding decisions at the end of November 2023. Public announcements followed in early December.

4 | Award Disbursement

Timing of award disbursement will be dependent upon loan closure; awarded loans will need to close by the end of June 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.


Supporting Materials
  1. Loan Product Matrix – loan types and terms for Fall 2023
  2. Submittable Instructions – navigating the online portal
  3. FPI Priorities – resident, project, and property characteristics
  4. GIS Mapping Tool – to identify QCTs and proximity to transit and employment centers
  5. City Limits Map – to confirm project site is within the City of Omaha boundaries
  6. Area Median Income (AMI) Limits Chart – effective June 15, 2023
  7. Pro Forma – sample 25-year and 18-year templates
  8. Business Debt Schedule – sample template
  9. Draw Schedule – sample template
  10. Real Estate Owned Worksheet – sample template
  11. Sources and Uses – sample template
  12. 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 are provided below in English and Spanish. Also available 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 We proudly partner with World Speaks for translation services, and Front Porch will cover the cost of pre-approved services during application periods. 

Sample Application

Final questions specific to your funding request will be populated in Submittable as you complete the online form. Application previews from the Fall 2023 round are provided below for reference:

  English: pdfdocx | Spanish: pdf, docx

Funding Information Video

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

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 (SLFRF) Guidance on Recipient Compliance and Reporting Responsibilities (U.S. Department of the Treasury)

***We suggest independent review by legal experts.