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Spring 2024  |  Loans

Development and Preservation Fund

Development and Preservation Fund

Spring 2024 Loans

Note: We are no longer accepting applications for the Spring 2024 cycle. The window to apply ended March 1st.

On this page: Funding OverviewEligibility, TimelineApplicant ResourcesSample Application

The Spring 2024 cycle of the Development and Preservation Fund accepted long- and short-term loan applications for mixed-income and affordable housing projects (or phases of projects) at 120% AMI or lower within the Greater Omaha Metro. Affordability requirements will apply, including a minimum 20- to 25-year affordability period for any ARPA-funded loans based upon term length. The total estimated funding pool for loans this round is $9 million.

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. Submitting a loan application does not guarantee funding.


A snapshot of loan funding this round:
    • Focus: Affordable housing development and preservation projects
    • Estimated Funding Pool: $9 million across both short- and long-term loans
    • Funding Sources: ARPA, Private (ARPA-match), Private (non-match)
    • Loan Range: $200,000–$3,000,000
    • Geographic Priority: Greater Omaha Metro
      • Note: ARPA and ARPA-match funds will be limited for use to projects that fall within the boundaries of the City of Omaha.
    • View the spring loan product matrix and other materials in the applicant resources section below.
    • Affordability requirements will apply.
    • Loan guarantee requirements apply for for-profit borrowers.
    • Origination fee of 1–2%
    • Loans must be ready to close by December 31, 2024.
    • Term: 20 to 25 years
    • 2% fixed interest rates for all borrowers (for-profit and nonprofit)
    • Term: Up to 36 months
    • 2% fixed interest rates for for-profit borrowers; 1% fixed interest rates for nonprofit borrowers
    • Loan Types: Pre-Development, Acquisition, Construction, Bridge


Front Porch funding is limited and therefore 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. If you will not be able to close by December 31, 2024 and/or your project's timeline better aligns with a later date, you may want to consider applying in a future funding period. Ability to close in the expected timeframe will be taken into consideration during application review.

We request all applicants 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 Spring 2024 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 and the surrounding Metro area
  • 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-related 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 Required for ARPA-Funded Loan Awards

For projects within the boundaries of the City of Omaha, one or two loan requests may be funded using ARPA dollars this round; all other loan awards distributed will utilize philanthropic funds. Should you not want your project to use ARPA dollars if funded, you will have the option to indicate as such on the application.

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 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 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.
  • 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

Timing of 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. During the ARPA partnership period, loan awardees can expect to be committed to quarterly performance and compliance reporting, and additional proof of expenses and/or procurement requirements may apply.


Supporting Materials and Links
  1. Loan Product Matrix – loan types and terms for Spring 2024
  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 for the Spring 2024 cycle can be found below in English, 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 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. Spring 2024 application previews are provided below for reference and preparation purposes only:

  PROJECT LOAN | pdfdocx 

ARPA Information***
  1. General Overview
  2. Procurement Guidelines – for ARPA-funded 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.