Front Porch Investments is excited to announce an innovation round of funding for affordable housing development and support programs, as well as preservation projects.
Grant and loan opportunities will be available to nonprofit organizations and for-profit developers. Applications will be open March 14-28.
“We will prioritize the creation of affordable housing in areas near job centers and transit, and support programs that provide access to affordable housing across the community,” said Meridith Dillon, Executive Director of Front Porch Investments. “We look forward to partnering with nonprofit and for-profit developers focused on transformative catalyst projects in our Omaha neighborhoods.”
Awards will be announced in May of 2022. This innovation round serves as a pilot for the Development and Preservation Fund, expected to launch this summer. This funding focused solely on affordable housing is the first of its kind for the Omaha area.
“In seeking to increase housing accessibility, choice, and stability, we also accept the obligation to simultaneously support equity, housing justice, innovation, best practices, and collaborative partnerships,” said Naomi Hattaway, Director of Communications and Community Initiatives.
Front Porch Investments is opening this funding to developers and housing supportive nonprofits and/or organizations providing programs to increase affordable housing units or access to affordable housing options.
Eligible projects must be ready to begin by or before Q4 of 2022, and they may include gap financing for the development of new affordable housing or preservation of existing stock, such as mixed-income rental housing.
“Long-term strategy efforts must include a broad ecosystem approach,” said Eva Roberts, Director of Policy and Strategy. “These funding opportunities have been created in alignment with recommendations provided through the 2021 Assessment of Housing Affordability, Needs & Priorities report, as a part of a cross-sector strategy aimed to address the Greater Omaha Metro Area’s affordable housing shortage.”