Omaha announces first projects backed by $40 million housing fund

OMAHA, Neb. —

Omaha is putting millions of dollars toward affordable and workforce housing in the city’s urban core.

The city and Lozier Foundation established a $40 million Urban Core Housing Fund, managed by Front Porch Investments. The fund provides flexible, low-cost financing to developers working to create or preserve affordable housing.

On Monday, officials announced the first four projects receiving funding. Nearly $5.94 million in loans will support 466 housing units, with 290 units carrying long-term affordability requirements.

The largest project is planned at 24th and Dodge streets, where GreenSlate Development Partners plans to build 186 apartments on the former Lutheran Family Services site.

A $964,084 predevelopment loan from the housing fund will help leverage nearly $40 million in total investment for that project. GreenSlate said 178 units are projected to be affordable to households earning at or below 100% of the area median income, including 159 units at or below 80%.

The other projects include a 50-unit affordable senior housing development at 1053 Park Avenue, five apartments at 111 N. 38th Street that will be rehabilitated and preserved as affordable housing, and renovations to the vacant 225-unit City View property at 604 S. 22nd Street.

The Park Avenue project is expected to break ground this fall. The 24th and Dodge project is expected to begin construction in spring 2027.

Officials say additional projects will be announced as they complete the funding and approval process.