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Spring 2024  |  Cycle Overview

Development and Preservation Fund

Development and Preservation Fund

Spring 2024 Overview

APPLICATIONS DUE MARCH 1st
On this page: Spring Guidelines, Office HoursProgram BackgroundTimelineApplicant Resources

Online applications for the Spring 2024 cycle of the Development and Preservation Fund are being accepted through March 1st at 11:59 p.m. CST, with funding decisions to be announced at the end of May.

Eligible request types will include 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 will be 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

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


OFFICE HOURS

We are offering virtual appointments for applicants seeking technical assistance with the application and/or underwriting process. Meeting availability is limited and first come, first served, so please schedule sooner than later via the links below:

Loan Application Office Hours
Meet with representatives from Front Porch Investments and Impact Development Fund to address questions regarding the Spring 2024 Development and Preservation Fund loan application. Use this opportunity to ensure readiness of all financial materials required for submission and underwriting. These 45-minute appointments are open to for-profit developers and nonprofit organizations applying for a short-term or long-term project loan. All meetings will take place over Zoom.
Dates: February 6th, 9th, 12th, 15th, 20th, and 21st

Grant Application Office Hours
Meet with representatives from Front Porch Investments to address questions regarding the Spring 2024 Development and Preservation Fund grant application. These 30-minute appointments are open to nonprofit organizations only who are applying for a program, project, or planning grant. All meetings will take place over Zoom.
Dates: February 6th, 9th, 14th, and 19th


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 are due by 11:59 p.m. CST on Friday, March 1st. Direct links to apply can be found on the loan and grant pages linked above. Applicants must 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 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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