Federal Funds To Help Add ‘Affordable' Dwellings In Flood-Impacted Areas In And Around Omaha

By Cindy Gonzalez, Nebraska Examiner:

October 28, 2022

OMAHA — About $8 million in federal funds is slated to go to four different Omaha area development projects to help deliver 159 affordable dwellings.

The grants, announced this week by the Nebraska Department of Economic Development, target communities impacted by the March 2019 floods. They are the second wave of 2022 funding from the U.S. Department of Housing and Urban Development’s Community Development Block Grant, Disaster Recovery Affordable Housing Construction program, a statement said.

The grants also are expected to leverage low-income housing tax credits for those projects, which are designed to benefit households with incomes considered low to moderate. The tax credit program is administered by the Nebraska Investment Finance Authority.

Of the $8 million, $2 million will go to each of these projects:

• Kennedy Square West/Brinshore Development for 39 new rental units in Omaha.
• 128 Fort Street/Foundations Development for 64 new construction units in Omaha.
• Magnolia Pointe Townhomes/Mesner Development Group for 20 new construction rental units in Fremont.
• Cardinal Commons 1/Excel Development Group, 36 new construction rental units in Bellevue.

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