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 were allocated across multiple funding cycles, with the second round of funding awarded in May 2023, third in November 2023, and fourth in May 2024.
