Front Porch nonprofit awards loans and grants to spark more Omaha-area affordable housing
Jun 01, 2023 | 7:33 pm ET
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Front Porch Investments (Courtesy of Zac Gudakov on Unsplash)
OMAHA — Sixteen organizations collectively have been awarded $11 million in low-interest loans and grants to create more affordable housing in the Omaha area.
Front Porch Investments said that its latest round of “Development and Preservation Fund” recipients, announced Thursday, should generate 221 dwellings and help launch four new housing programs and four planning grants.
The nonprofit said it received 41 applications totaling $35.2 million in requests.
The funding is made possible through a partnership that matches philanthropic dollars with American Rescue Plan Act (ARPA) funds.
Awards include $10.1 million in low-interest loans, both short- and long-term, and $1.4 million in grants.
A scoring committee includes representatives of the City of Omaha and local housing organizations. They look for programs that help households earning less than 120% of area median income and that reach seniors, at-risk youths and emerging developers.
“We received many strong applications, making this the most competitive round to date,” said Meridith Dillon, Front Porch executive director. “This partnership of ARPA and philanthropic funds for affordable housing continues to positively impact our community.”
Loan recipients:
AI Investment LLC, $2 million
Brinshore Development LLC, $1.5 million
Holy Name Housing Corp., $3 million
Jendayi Frazer 50 Ventures LLC, $398,665
Lionhead Development LLC, $400,000
Seventy-Five North Revitalization Corp., $1.47 million
Woodling Development Corp., $625,000
Grant recipients:
Carole’s House of Hope Inc., $49,700
Comunidad Maya Pixan Ixim, $196,270
inCOMMON Housing Development, $30,000
Omaha by Design, $134,000
Restoring Dignity, $417,459
Southside Redevelopment Corp. (Canopy South), $88,400
Spark Capital, $243,750
World Speaks, $121,928
Youth Emergency Services, $139,819
Lincoln, NE