RENOVATING OUR APPROACH: IMPORTANT UPDATES TO THE DEVELOPMENT AND PRESERVATION FUND
^{posted August 5, 2024}

As we approach the two-year anniversary of launching the Development and Preservation Fund, Front Porch Investments is excited to announce that the program is undergoing a renovation of its own. Drawing on our learnings and the evolving needs of the community, we are planning updates to enhance the fund’s impact.
 

What does this look like?

FOR LOANS

Unlike in previous years, we will not be opening applications in August.

Instead, this fall, we will transition our loan application process from a biannual cycle to an open acceptance model. This new approach will allow developers and housing providers to apply for funding as their projects are ready to close, providing greater flexibility and responsiveness. Additionally, as part of this update, we will expand our technical assistance offerings to ensure prospective applicants are well-prepared and more likely to be approved for funds when applying.

We expect to launch the new loan process and begin taking new applications in October and will share more details as they become available. If you have a project for which you are interested in applying for funding, please complete the Loan Program Interest Form.

FOR GRANTS

During this renovation, we will not be accepting new grant applications for the remainder of the year.

This intentional pause allows us to reassess and refine our grant-making approach, focusing on how we can best support affordable housing development and preservation efforts moving forward. We are excited to explore how we can maximize our impact in line with our mission and will share updates on potential future opportunities in 2025.

Thank you for your patience as we navigate these changes. Be sure to keep an eye on this page and subscribe to our newsletter for future announcements.
 

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.

RESOURCES

Supporting Materials and Links

1. Submittable Instructions – navigating the online portal
2. GIS Mapping Tool – to identify QCTs and proximity to transit and employment centers
3. Area Median Income (AMI) Limits Chart – effective June 15, 2023
4. 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. Word versions of program materials can be shared upon request for independent translation.

If additional language assistance or accessibility supports are needed to apply, please contact our team at frontporch@omahafoundation.org. We proudly partner with World Speaks and Front Porch will cover the cost of pre-approved translation services. 

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)

*For ARPA-funded borrowers; We suggest independent review by legal experts.