Front Porch Investments is thrilled to announce over $7.3 million in awards for the Innovation Round of funding for affordable housing development and preservation projects, as well as affordable housing supportive programs.
The pilot program received 37 applications, totaling $49.6 million requests.
“The Innovation Round was hugely successful, providing important information about the number of mixed income and affordable projects or housing supportive programs waiting for low interest capital or grant funding to fully implement,” said Meridith Dillon, Executive Director of Front Porch Investments.
A scoring committee reviewed applications based on a range of criteria, and loan funding applications went through rigorous underwriting by a funds management partner.
“Applications were reviewed through our strategic priorities lens, including creation of greater opportunity for BIPOC residents, promoting housing stability for families, testing new approaches like language access and physical accessibility, and supporting diverse and emerging developers,” said Naomi Hattaway, Director of Communications and Community Initiatives at Front Porch Investments.
- 712 Initiative • $150,000 Program Grant
- Canopy South • $50,000 Planning Grant
- Forever North Real Estate • $1,000,000 Pre-Development Loan
- Habitat for Humanity of Omaha • $210,000 Program Grant
- HELP Foundation of Omaha • $500,000 Pre-Development Loan
- Hoppe & Son / Hoppe Development • $1,400,000 Acquisition Loan
- InCOMMON Community Development • $145,000 Program & Capacity Building Grant
- NOC Redevelopment Group • $700,000 Construction Loan/Mini Perm Loan
- Omaha Economic Development Corporation • $552,615 Pre-Development Loan
- Project Houseworks • $273,800 Program & Capacity Building Grant
- Seventy-Five North Revitalization Corp • $1,050,000 Construction Loan; $557,620 Construction Grant
- Spark • $149,275 Program & Capacity Building Grant
- Talented Tenth Group • $600,000 Construction/ Mini Perm Loan; $132,423 Construction Grant
BY THE NUMBERS
Projects and programs awarded will:
- Catalyze 738 units of affordable housing,
- Initiate three pilots or new programs,
- Launch three capacity building grants for affordable housing supportive programming
- Support three inaugural projects brought by Black developers in North Omaha
- Potentially leverage $50 million in federal funding in South Omaha
“We so appreciate the organizations tackling and prioritizing affordable housing,” Dillon said. “We look forward to expanding our partnerships as we continue leveraging funding for long-term, sustainable success. This Innovation Round is just the beginning for the Greater Omaha area. As we welcome additional funding partners and financial resources, we can truly begin taking these and other solutions to scale.”
Creating a combination of revolving funds, grants, and traditional financing – much of which will be self-sustaining, as dollars will be reinvested once projects are completed.
Front Porch Investments is actively capitalizing the Development and Preservation fund, and currently seeking additional funding partners.
“We were encouraged by the number and variety of responses from the Innovation Round,” said Eva Roberts, Director of Policy and Strategy at Front Porch Investments. “What we learned will assist the team in further developing sound strategies for future funding.”
Coming in late Summer 2022, the Front Porch Investments team will launch the Development and Preservation Fund, to continue supporting the preservation and development of affordable housing, and promotion of housing stability and preventing homelessness through supportive programs from area nonprofits.
In early 2023, funds will be launched to “greenline” our communities through financial support for desired homeownership, and to support neighbors in maintaining their homeownership opportunities in areas of historical disinvestment.