OMAHA, NE – The City of Omaha and Front Porch Investments are pleased to announce $11 million in the first round of Development and Preservation Fund awards through a partnership that matches philanthropic dollars with American Rescue Plan Act (ARPA) funds to support affordable housing development and preservation projects, as well as affordable housing supportive programs.

Funding will be distributed to 14 organizations, which include projects prioritizing affordable housing for seniors and housing solutions for youth formerly experiencing homelessness. Projects additionally will preserve affordability in existing housing, add extensive numbers of newly created affordable housing units, and support emerging developers, while also adapting existing structures and supporting development in blighted areas.

“We are pleased with the broad scope of affordable housing projects this funding round partnership will support. We heard Omaha residents in 2021 when they named housing as a priority. This partnership with Front Porch Investments allows us to utilize the funds available to us, impacting the community in big ways, and supports economic growth in our city,” said Mayor Jean Stothert, City of Omaha.

Front Porch Investments received 26 applications, totaling $24.6 million in requests. This Fall 2022 funding cycle serves as the official launch of Front Porch Investment’s Development and Preservation Fund, and the first round of ARPA funding in partnership with the City. Additional funding cycles are anticipated to open in February and August of 2023. This funding cycle includes ARPA funded loan awards of $9.7 million, and an additional $1.3 million in grant awards through philanthropic funding sources.

A scoring committee, including representatives from the City of Omaha, a local housing supportive organization, and Front Porch Investments’ board of directors, reviewed applications based on a range of criteria. Loan funding applications went through rigorous underwriting by a funds management partner.

Projects and programs awarded will catalyze up to 645 units of affordable and mixed income housing, initiate one new program, launch three capacity building grants for affordable housing supportive programming, and support two planning grants for future housing projects supporting underserved populations.

“The impact we will see in our community from this ARPA partnership is further maximized by the opportunity to utilize the funds twice, increasing the number of projects that can be supported by these funds,” said Meridith Dillon, executive director of Front Porch Investments.

To learn more, including a list of organizations receiving awarded funds, visit our website: https://frontporchinvestments.org/news/.