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Front Porch Investments and the City of Omaha have awarded $11 million to support local affordable housing and preservation projects. The money, part of the city and nonprofit’s Development and Preservation Fund, will be distributed to 14 organizations for a variety of projects including housing for seniors and youth formerly experiencing homelessness as well as preserving affordability elsewhere.

This is the first announcement of affordable housing investment between the housing nonprofit and city. In May of this year, Front Porch Investments also awarded $7.3 million through its Innovation Fund.

The investments follow a growing demand for housing solutions. In 2021, citizens named affordable housing investments as a top priority in a city survey. The city also debuted its Housing Affordability Action Plan earlier year. Nonprofits have also highlighted the growing cost of housing, the number of people paying too much on their housing, the lack of affordable housing stock and how much money it would take to close the gap.

Housing is a major determinant of health, affecting your income, education, access to healthcare and much more. In Omaha, not all areas have received the same investments which has contributed to poorer housing, lower rates of homeownership and more. The benefits of investing in housing, from tax revenue to expanded opportunities for residents, were also heavily noted in reports like the Omaha Community Foundation’s “Housing Affordability in the Omaha and Council Bluffs Area: An Assessment of Housing Affordability, Need & Priorities” released in April 2021.

Front Porch Investments, which began operating earlier this year and grew out of philanthropic research into affordable housing, created the Development and Preservation Fund matching pandemic relief money with philanthropic donations. Applications for the first wave of funding were due Sept. 12. It received 26 applications requesting $24.6 million. A scoring committee, including representatives from Front Porch Investments and the City of Omaha, reviewed the applications. The $11 million total awarded this cycle includes $9.7 million through the American Rescue Plan Act and $1.3 from philanthropic sources.

Future funding cycles are anticipated to start in February and August of 2023, according to Front Porch Investments’ website.

This funding cycle helped preserve 645 units of housing, create a new program, support affordable housing and plan for future housing projects in underserved populations. A full list of the recipients can be found on Front Porch Investments’ website.

contact the writer at chris@thereader.com


Subscribe to The Reader Newsletter

Our awesome email newsletter briefing tells you everything you need to know about what’s going on in Omaha. Delivered to your inbox every day at 11:00am.

Become a Supporting Member

Subscribe to thereader.com and become a supporting member to keep locally owned news alive. We need to pay writers, so you can read even more. We won’t waste your time, our news will focus, as it always has, on the stories other media miss and a cultural community — from arts to foods to local independent business — that defines us. Please support your locally-owned news media by becoming a member today.

Chris Bowling

Chris has worked for The Reader since January 2020. As an investigative reporter and news editor he’s taken deep dives into topics such as police transparency, affordable housing and COVID-19. Originally...

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