OMAHA- Front Porch Investments, a nonprofit housing development company, has partnered with the City of Omaha to find real estate developers that will accept $40 million specifically set aside for affordable housing to build just that. Companies are allowed to turn in proposals for the money until Sept. 13th, and will be "vetted through a strategic priorities lens" to make sure they will appropriately spend the funds. The recipient will be announced in November.

The $40 million in funds came to Front Porch Investments through the federal American Rescue Plan Act, and was awarded to the nonprofit by the City of Omaha.

The first round of proposals are focusing on grants, short-term loans, and property development that will increase affordable housing in the city. The projects that win the money, whether they are for-profit or nonprofit, will be required to target areas of the city that earn "less than 120% of area median income."

As per the rules set up by the Federal government, the ARPA funds must be spent by December 2026, but the city and Front Porch Investments plan to use most of the funds in the next two years, with an initial round focused on short-term loans, and then a second round which will grant money to specifically housing-focused nonprofits.

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