The projects will add new housing, rehabilitate existing apartments and return 225 vacant units to use. Together, they represent more than $142 million in investment.
By Hola Nebraska
OMAHA, Nebraska — Omaha has committed nearly $5.94 million in low-interest loans to four projects involving 466 homes across the city’s urban core.
The funding does not represent the full construction cost of the developments. Together, the four projects account for more than $142 million in total investment and will use Urban Core Housing Fund loans as part of larger financing packages.
The 466 homes also are not all new construction. The projects include 236 new units, the rehabilitation of five existing apartments and the return to use of 225 vacant units at the former City View complex.
Of the 466 homes, 290 will carry long-term affordability restrictions. The remaining units include workforce housing intended for households earning moderate incomes.
| Project | Homes | Housing fund loan | Next stage |
|---|---|---|---|
| Former City View, 604 S. 22nd St. | 225 rehabilitated | $3 million | Renovations expected in 2027 |
| 2401 Dodge St. | 186 new | $964,084 | Construction expected in spring 2027 |
| 1053 Park Ave. | 50 new | $1.5 million | Construction expected in fall 2026 |
| 111 N. 38th St. | 5 rehabilitated | $475,000 | Completion expected in winter 2027 |
Former City View will return 225 vacant apartments to use
The largest of the four projects will rehabilitate the former City View complex at 604 S. 22nd St.
Smith & Henzy Affordable Group acquired the property and plans an extensive renovation that would return 225 vacant apartments to use.
The Urban Core Housing Fund will provide a $3 million predevelopment loan. The full project represents an estimated $92 million investment.
All 225 units will be reserved for households earning no more than 60% of Area Median Income, or AMI.
Financial closing is expected in early 2027, with renovations planned to begin later that year.
24th and Dodge project will add 186 workforce apartments
GreenSlate Development Partners plans to redevelop the former Lutheran Family Services property at 2401 Dodge St. into a 186-unit residential project.
The development will receive a $964,084 predevelopment loan from the Urban Core Housing Fund and represents about $40 million in total investment.
Of the 186 apartments, 178 are planned for households earning up to 100% of AMI.
Ten units will be covered by a Land Use Restriction Agreement that will preserve affordability requirements for at least 20 years.
Construction is expected to begin in spring 2027.
Park Avenue project will add 50 affordable senior apartments
Foundations Development plans to build a new residential property for older adults at 1053 Park Ave.
The development will include 50 income-restricted apartments, along with ground-floor parking and four residential levels.
The Urban Core Housing Fund will provide a $1.5 million loan toward a project with an estimated total cost of approximately $10 million.
The apartments will serve several income levels:
- 5 units: For households earning below 40% of AMI.
- 22 units: For households earning up to 50% of AMI.
- 23 units: For households earning below 60% of AMI.
Construction is expected to begin in fall 2026.
Five apartments near Blackstone will be rehabilitated in Omaha
The fourth project will preserve five existing apartments at 111 N. 38th St., near the Blackstone District and the University of Nebraska Medical Center.
Gold Coast Partners, LLC will receive a $475,000 loan to acquire and rehabilitate the property, which was built in 1941.
Planned improvements include a new roof, heating and air-conditioning systems, electrical and plumbing work, landscaping and other repairs needed to bring the property up to current codes.
The project represents more than $578,000 in total investment and is expected to be completed in winter 2027.
The $5.94 million comes from a $40 million housing fund
The City of Omaha and Lozier Foundation committed $40 million to establish the Urban Core Housing Fund, which is administered by Front Porch Investments.
The fund uses low-interest financing to help close funding gaps in projects that create or preserve affordable and workforce housing.
The first four commitments total $5,939,084 and involve 466 homes.
More than $34 million remains available for future projects. The broader goal is to support the creation or preservation of about 2,000 affordable and workforce homes in Omaha’s urban core.
Current information about the four projects and the Urban Core Housing Fund is available through Front Porch Investments.
Related: Another Omaha development proposal includes a $30 million North Omaha district with housing and commercial space.
The first four Urban Core Housing Fund projects involve 466 homes in Omaha, with construction and rehabilitation work scheduled between fall 2026 and 2027. More than $34 million remains available for future investments.
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