OMAHA- Two Omaha apartment projects are to share $4 million in federal disaster recovery funding awarded by the Nebraska Department of Economic Development. The funds come from the Community Development Block Grant for Disaster Recovery program, established by the DED to support unmet housing needs related to the 2019 flood.

The gap funding contributes to the creation of two housing projects that, blended with other financial sources, are to produce 162 housing units, 127 of them targeting low-to-moderate income households. The gap funding also leverages Low-Income Housing Tax Credits administered by the Nebraska Investment Finance Authority.

With the awards, DED said it has committed $49.4 million in CDBG disaster recovery funding to support the construction of affordable housing, aiding the state’s recovery following the 2019 flood disaster declaration.

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