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Seventy-five North Revitalization Corporation (“75 North”)
2112 North 30th Street, Omaha, NE 68111
www.seventyfivenorth.org
Facebook https://www.facebook.com/seventy5north/, Linkedin https://www.linkedin.com/company/seventy-five-north-revitalization-corporation/, Instagram https://www.instagram.com/seventy5north/
Cydney Franklin
President and Chief Executive Office
cydney@seventyfivenorth.org
+1 (402) 502-2770
Yes
The team consists of Seventy Five North Revitalization Corp., Brinshore Development, the City of Omaha, and the Omaha Housing Authority. Seventy Five North Redevelopment Corp., (“75 North”) is a nonprofit community development organization focused on the revitalization of North Omaha’s Highlander neighborhood and the North 30th Street corridor. Its mission is to break the cycle of intergenerational poverty and community deterioration by facilitating the creation of a healthy, sustainable, mixed-income community complete with healthy homes, thriving schools, recreational facilities and technology access. The City of Omaha (“City”) is a strong partner in this effort. Specifically, the Planning Department’s Community Development team is heavily involved in the planning and implementation of Choice Neighborhood grant funds, but also other funds such as CDBG, HOME, and TIF to support the revitalization effort in the Highlander Neighborhood and the North 30th Street corridor. Planning for this effort dates back to 2014 when the City worked with the Prospect Village Neighborhood on a Holistic Neighborhood Revitalization program. The City has invested millions of dollars into the revitalization effort so far. The City and the Omaha Housing Authority (see below) are the lead applicants on a $25 million Choice Neighborhood Implementation grant that supports projects in this applicaiton. Formed in 1935, the Omaha Housing Authority (“OHA”) contracts with the U.S. Department of Housing and Urban Development (“HUD”) to provide low and moderate-income individuals with safe and stable housing through rent subsidies. OHA administers over 2,700 public housing units and up to 4,300 housing choice (Section 8) vouchers.The members of the Board are appointed by the mayor and confirmed by the City Council. The City and OHA are the lead applicants on a $25 million Choice Neighborhood Implementation grant that supports projects in this applicaiton. Brinshore Development (“Brinshore”) has nearly 30 years of experience in affordable housing development across the country. Brinshore has been active in Omaha for the past decade, primarily in partnership with the Omaha Housing Authority and 75 North. Since 2019, Brinshore has worked closely with the City of Omaha on the Choice Neighborhood programs. Our current portfolio includes 11,000 residential units valued at more than $1.3 billion in 100 communities, located in regions around the country. As a developer, owner or partner, we excel at creating diverse teams to transform the most complex development challenges into well-planned, vibrant communities. The first phase of every project is building trust through conversation and collaboration. The attached organizational chart provided shows the team relationship on the Choice Neighborhood Implementation grant awarded to the City of Omaha and the Omaha Housing Authority from the United States Department of Housing and Urban Development. Although this chart is specific to the Choice Neighborhood grant, overall it represents the relationship between the four partner organizations (i.e., 75 North, Brinshore, the City, and OHA). It falls to these organizations to lead efforts in their respective fields but they are not exclusive roles, especially outside of Choice Neighborhood Specific projects. Other organizations and non-lead organizations also play a role in these fields as well. For example, the Seventy-Five North Revitalization Corp, the City of Omaha, and the Omaha Municipal Land Bank may team up to construct affordable housing in the target area.
An organizational chart is uploaded at the end of the application.
Over the past decade, 75 North and long-standing co-developer, Brinshore Development, have executed a multi-phased, mixed-use development resulting in the construction of more than 160 units of mixed-income housing in various styles, with nearly 350 additional units of mixed-income housing, both rental and for-sale, planned for development by the end of 2025. In early 2018, Highlander’s first rental housing development completed: 101 units of mixed-income apartments, townhomes and rowhouses. 40% of the units are market-rate, the remaining 60% are reserved for individuals earning household incomes at or below 50% to 60% of the area median income (AMI). The following year, Nobility Point, a 60-unit senior housing facility for individuals 62+ broke ground and was completed in early 2021. Today, 100% of the 161 rental units are leased and occupied housing more than 400 individuals. Also in early 2018, construction on the Highlander Accelerator (“Accelerator”) was completed adjacent to the new housing developments. The 65,000 square foot, mixed-use facility has become the neighborhood hub for enrichment services focused on health, wellness and community-building. The Accelerator is home to a satellite campus for Metropolitan Community College which offers classes for GED preparation, English as a second language learning, adult basic education, and other workforce development courses. Creighton University also operates a satellite campus in the building offering services focused on financial literacy, legal aid and other health and wellness initiatives. The Accelerator is home to the neighborhoods’ first coffee shop, a food hall, an urban farm, an events center, a technology lab and the office of 75 North. Additionally, 75 North has secured a 10-year, one-of-a-kind Community Partnership Agreement with Omaha Public Schools (“OPS”), approved in 2015, to reconstitute Highlander’s historically disinvested and struggling neighborhood school, Howard Kennedy Elementary. Today, Howard Kennedy has a longer school day and school year than other OPS schools, a project-based, STEM curriculum, intervention labs in math, science and reading for students falling behind, and a dedicated, instructional leader and principal trained to lead the reconstituted school. The partnership with OPS has also resulted in the development of an early learning center which serves 168 young learners from birth to pre-kindergarten. The Highlander Neighborhood Revitalization Project has two additional multi-family residential phases under construction. The Overlook and Burdette & Wade (“OBW”) is a 108-unit mixed-income development that’s currently under construction at 30th & Burdette streets, just steps from the Highlander Accelerator. The multi-family development incorporates a mix of townhomes, duplexes and a mixed-use apartment building with a ground floor commercial component. A bank branch, real estate office and a University of Nebraska Medical Center (UNMC) maternal resource facility will occupy the first floor office spaces. The project is slated for a Spring 2023 completion. The first phase of homeownership activity commenced in 2021 with the design and construction of 4 new homes located at 29th & Parker streets, and 3 fully renovated existing homes located at 30th & Corby streets. Construction/renovation on each of these 7 homes will complete by year-end 2022. We believe most of these homes will be pre-sold ahead of construction completion. In 2022, 75 North was awarded a $500,000 award from the State of Nebraska’s Affordable Housing Trust Fund to construct 2 additional single-family homes at roughly 28th & Blondo Streets, just one block north of the 6 Parker Street homes. This phase is currently in design development and will break ground in 2023.
North 30th Street Transformation Plan
249323064.0
28585000.0
Capital project
Since 2011, 75 North and Brinshore Development have teamed up to bring meaningful, impactful change to North 30th Street. In 2019 this partnership expanded to include the Omaha Housing Authority and the City of Omaha The partnership was able to secure a $25 million Choice Neighborhood Implementation grant and another approximately $135 million of matching funds to further expand and accelerate activities designed to improve living conditions, quality of life, and educational opportunities for neighborhood residents. This proposal further expands and accelerates activities addressed in the North 30th Street Transformation Plan. The array of projects presented here fall into five broad categories, which includes Mixed-Income Residential Gap Financing, Community Impact, Local Tenant and Non-Profit Retail Tenant Build Out Fund, Single Family Homeownership Gap Financing, and Targeted Demolition and Site Preparation for Redevelopment. Mixed-Income Residential Gap Financing includes critical gap funding due to rising construction costs for Kennedy Square East, Kennedy Square West, and Davis Ridge. Community Impact includes the construction of a Multi-purpose Recreational Facility near Kennedy Square East, gap funding for the Highlander greenhouse, and other neighborhood improvements. Local Tenant and Non-Profit Retail Tenant Build Out Fund provides financing for improvements by tenants occupying commercial space at Highlander IV, Kennedy Square East, and Kennedy Square West. Single Family Homeownership Gap Financing provides gap funding due to rising construction costs for affordable and workforce housing at three locations in the target area. Housing locations include along North 28th Avenue between Blondo and Burdette Streets, near North 32nd and Corby Street, and near North 28th and Charles Streets. Targeted Demolition and Site Preparation for Development provides funding for three sites, Spencer Homes East, the former Stage II lounge, and the former Freedom Worship Center. These projects, and the North 30th Street Transformation Plan in general, make a transformative and sustainable impact in the target area. They provide hundreds of housing units, economic and recreational opportunities, and will provide dozens of temporary and permanent jobs.
All of the projects listed in this application can be completed prior to July 2026. A schedule showing start and completion dates is included in the Uploads section. Many of the funding sources supporting projects in this application are subject to internal timelines that will terminate prior to July 2026. It is with a certain amount of confidence that we can say these projects will be completed on schedule.
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Fundamental Change (i.e., a proposal that will continue to elevate North or South Omaha's presence and perception within the region, significantly improving the lives of area residents through physical development) Long-Lasting Economic Growth (i.e., a proposal that will foster gainful employment opportunities and financial investment in the area, leading to the creation of generational wealth and widespread economic vitality in North and South Omaha) Transformational (i.e., a proposal that will help energize, recharge, or spur significant and favorable advancements in North or South Omaha's function or appearance)
Multimodal Transportation (i.e., enable connectivity through driving, biking, taking transit, walking, and rolling) Other Infrastructure (i.e., develop or improve broadband, business districts, roadways, sewer, etc.) Policy (i.e., develop or improve context-sensitive education, finance, health, training, zoning, etc.) Quality of Life (i.e., create or enhance natural spaces, mixed uses, parks, safety, etc.) Sustainable Community (i.e., create or enhance housing, services, education, civic uses, recreation, etc.)
The projects presented in this application address the Sustainable Community, Multi-modal Transportation, Other Infrastructure, and Quality of Life needs. Perhaps the biggest impact these projects have is on Sustainable Communities. Affordable, workforce, and market rate housing will be created to provide housing choices for a wide range of household incomes. Both rental and homeownership opportunities will be made available. Already in place at Highlander are services and educational facilities that are vital for a healthy community. These existing efforts will be further supported by professional and retail spaces provided as part of the mixed use developments at Kennedy Square East, Kennedy Square West, and Highlander IV. The Multi-purpose Recreational Facility located east of Kennedy Square East will provide a number of recreational opportunities that address health and well-being. Finally, redevelopment of the former Faith Deliverance Church will lead to a more robust learning environment for students at Howard Kennedy Elementary School. Multi-modal transportation is perhaps not as strongly addressed as the other categories, but touch on it. The improved lighting along North 30th Street will address safety concerns for pedestrians walking along that street. The Multi-purpose Recreation Facility will include trails that can be used for transportation as well as recreation. The trail is just blocks away from the North Omaha Trail. The North Omah trail provides trail access to the 24th and Lake district and from there downtown Omaha. Discussions have been held about including an electric bicycle rental facility at Kennedy Square East. Other Infrastructure includes sidewalk improvements along North 30th Street and new street lights along North 30th Street will address safety concerns for pedestrians. A new road, North 29th Street, will be constructed between Spencer and Bristol Street to improve neighborhood connectivity. The trials at the proposed Multi-Use Recreational Facility east of Kennedy Square East will be mere blocks away from the North Omaha Trail. Quality of Life improvements include several amenities previously mentioned including a Multi-purpose Recreational Facility to be located east of the Kennedy Square East. This facility will provide recreational opportunities such as a soccer field, raised bed gardens, a walking trail, green space for art or mediation, or other similar functions to be determined based on community engagement. New lights along North 30th Street will help address safety concerns for pedestrians. Redevelopment of the former Faith Deliverance Church will lead to a more robust learning environment for students at Howard Kennedy Elementary School. Redevelopment of the former Freedom Worship Center into a mixed-use building could provide space for a grocery store, the presence of which in the neighborhood would lessen the transportation burden for neighborhood residents.
The projects presented in this application address many of the community needs presented in the Visioning Workshop Summary. Mixed-Income Residential Gap Financings spurs construction of a significant amount of rental housing units which will be available to a wide range of income levels. Housing was strongly represented in the Vision Statement for North Omaha. These multi-family housing units will also provide free broadband internet access in common areas which addresses the need for improved internet access for neighborhood residents.. Commercial space in Kennedy Square East, Kennedy Square West, and Highlander IV provide much needed space for professional or retail opportunities that will enhance the commercial presence in the neighborhood. Construction jobs will be generated by these projects. Community Impact projects directly address concerns the community had about safer places to walk and recreate. Land east of Kennedy Square East is an ideal location for needed amenities such as a soccer field, walking trails, greenspace for art and recreational uses. Lighting along North 30th Street will address safety concerns along that route. Improvements to the greenhouse at Highlander, community gardens, and a possible grocery store at the former Freedom Worship Center site address the need for a stronger, healthier food network. The former Faith Deliverance Church Site can be redeveloped into a programmable space that supports project-based learning (PBL) activities for Howard Kennedy students during the school day and after school. Omaha nonprofit Prairie Stem, a STEM-based enrichment program for school-aged students, has been engaged to operate the new facility following an extensive renovation. Many of the Community IMpact projects are in the conceptual stage and future community engagement will shape the final plans for these sites. Local Tenant and Non-Profit Retail Tenant Build Out Fund will provide funds to build out rental spaces provided in Kennedy Square East, Kennedy Square West, and Highlander IV. Decent, modern retail space is needed on North 30th Street, and these locations can provide a great location for services which are needed in the community such as banks, doctor’s offices or other professional services which are sparsely located in North Omaha. Single Family Homeownership Gap Financing will enable 75 North to continue its mission of providing affordable and workforce housing homeownership opportunities in the neighborhood. A housing market study conducted in 2019 indicated there were approximately 100 vacant lots suitable for housing construction in the target area. 75 and North and the City have partnered to begin development on approximately 30 of those lots. It will also encourage additional development on privately owned land. Final plans have not been developed for sites considered in the Targeted Demolition and Site Preparation for Development section, and therefore these sites have the most flexibility. A leading idea for the former Freedom Worship Center site is a mixed-use building with a grocery store on the bottom floor and workforce housing on top. A number of ideas have been discussed for the Spencer Homes East site, ranging from a pump track to housing developed in partnership with graduates from the Spark! Developer’s Academy. In 2019, when the longtime owners of the Stage II Lounge announced plans to retire and sell their business and property, they contacted 75 North who subsequently purchased the building with plans to incorporate the land into North 30th Street revitalization activity. Stage II neighbors the Early Learning Center at Kennedy to the North and currently sits in disrepair. The structure needs to be demolished to support the growing activity at the ELC as well as housing/commercial development plans connected to the redevelopment of Spencer Homes public housing.
LB 1024 states that funds should have an emphasis on housing needs, assistance for small businesses, job training, and business development within such communities and neighborhoods. The projects in this application strongly support housing development, which is by far the largest part of this grant application which focuses on both mixed-income multi-family rental housing and single-family homes for home-ownership in the North 30th Street corridor. It provides much needed space for professional and retail businesses. Educational facilities are located at Highlander to help build a stronger workforce.
The execution of the Highlander Neighborhood Revitalization project and the adjacent North 30th Street Choice Neighborhoods Implementation grant program has already resulted in a North Omaha investment of more than $115M, with an estimated $50M of future investment planned through 2025. This development activity has produced a number of targeted programs that support critical improvements to public safety, the built environment, and broad economic development, which has and will continue to position the North 30th Street corridor for future growth and revitalization. These improvements not only expand mixed-income housing access and commercial development opportunities, they also improve pedestrian, bike and public transportation accessibility, connectivity infrastructure, green space and recreational amenities, and homeownership access and reinvestment. The economic impact of this initiative has been far-reaching and maximizes the growth potential of a once disinvested community. Fundamentally, the renovation/expansion of a formerly blighted site improves the property value for the subject property and like kind properties in the surrounding area. Increased property values generate equity for property owners and remove the barriers to accessing capital or improving their property. Additionally, grocery stores generate substantial state, and local tax revenue. According to the Tax Foundation (https://taxfoundation.org/state-local-tax-collections/), general sales accounted for nearly 25% of tax revenue across all states in 2020. Tax revenue is essential for disinvested neighborhoods that also have higher concentrations of non profit organizations. Grocery stores create direct and indirect job opportunities. The average grocery store directly employs approximately 32 people. A grocery also facilitates entrepreneurial opportunities by making self space available for micro enterprises.
At this time we cannot estimate the number of jobs that will be created through the project. Tenants have not been selected for retail spaces. However, grocery stores create direct and indirect job opportunities. According to IBIS World, the average grocery store employs 32 people. It may also facilitate entrepreneurial opportunities by making self space available for micro enterprises. (https://www.ibisworld.com/industry-statistics/employment/supermarkets-grocery-stores-united-states/)
The Associated Builders and Contractors website (https://www.abc.org/News-Media/Newsline/entryid/16185/the-construction-industry-needs-to-hire-an-additional-440-000-workers-in-2019) cites a report that 6,300 jobs are created for each $1 billion spent on construction. That means one job is created for approximately every $160,000 spent on construction. Through this request and using that ratio, LB 1024 funds alone will create approximately 150 construction jobs. The total budget for the projects in this application is approximately $132 million, which means approximately 830 construction jobs will be created.
Construction jobs will meet or exceed Davis-Bacon prevailing wage requirements.
75 North, the City, OHA, and Brinshore Development have held five contractor events for projects since 2020. Each event focused on the CNI construction schedule and available bids, reviewed federal contracting requirements, and allowed time for contractors to meet with local contracting resource providers. Past events have included participation from the Greater Omaha Chamber's REACH Program, the Nebraska Enterprise Fund, the Nebraska Business Development Center, Heartland Workforce Solutions, and Catholic Charities.
Overall, the projects in this application provide a holistic solution to neighborhood revitalization, an effort that provides housing for new residents while supporting and improving the quality of life for existing residents. This application benefits the community by providing safe, decent mixed income housing opportunities for both renters and households pursuing home ownership.It will create a denser population that, in turn, will create more demand for local goods and services. It creates professional and retail space to create economic opportunities and support economic growth in the neighborhood. These opportunities will create and support jobs within the neighborhood. It will provide greenspace for recreational activities to support the health and welfare of neighborhood residents.
The projects in this application introduce hundreds of high quality rental and owner-occupied housing units into the neighborhood, which greatly increases density. Population density provides greater opportunities for local and neighborhood businesses to start up and grow. The projects also support professional and retail space development to encourage those local businesses. Although density will increase, it balances density with the natural environment. Projects in this application also provide much needed, and requested, amenities for green space and recreational space including trails.
Highlander and Kennedy Square follow the Purpose Built Communities model which has a proven record in communities across the nation. (https://purposebuiltcommunities.org/) The approach of Purpose Built Communities, Mixed-Income Housing, Cradle-to College Education Pipeline, and Community Wellness, address many Needs presented by the community in the Visioning Statement Summary. This model is being replicated in South Omaha at Southside Terrace and could be replicated in other locations. 75 North, the CIty, OHA, and Brinshore have done a tremendous job engaging the community and contractors to provide information on the project schedule and opportunities for contracting. There are plans to increase engagement based on feedback received from the community and contractors. As we increase engagement, we hope lessons learned and successful practices can be reviewed and used by other developers working in eastern OMaha. Certainly, much of what the team has learned will be transferred to other projects within the City.
Outcomes can be measured in many ways. For housing, we can track the number of replacement, affordable, and market rate units produced. These outcomes are ultimately tracked by the City, OHA, 75 North, and Brinshore Development. One goal of this effort is to catalyze additional housing construction in the neighborhood through private development. As previously stated, there are many vacant lots suitable for housing development in this neighborhood. Since 2019, the City has seen an uptick in the number of people wanting to acquire City-owned vacant lots for housing construction. The number of temporary jobs created during construction with an emphasis on the number of hours performed by Section 3 businesses and individuals. Section 3 is a Federal program that encourages contracting participation by people living in the neighborhood in which the project takes place. Davis Bacon compliance ensures workers are paid an appropriate wage for the work they perform. Permanent jobs are subject to the businesses that will locate to the area once construction of professional and retail space is complete. Other measurables may be evaluated over time such as crime reduction, the percentage of owner-occupied housing units, poverty rates and income levels, student performance, etc.
Projects involving public funds will be tracked by the team as these outcomes are also required for other funding sources. Information regarding safety is tracked by the Omaha POlice Department while other outcomes, such as household income, are tracked by the United States Census Bureau.
We believe this project will act as a catalyst for co-investment and secondary investment. In fact, the entire purpose of the Highlander and the North 30th Street Revitalization Plan was to act as that reinvestment spark. Reinvestment on a large scale, such as in this case, attracts people. Reinvestment in housing, education, and amenities brings people to the neighborhood who previously had no reason to be there. Creating an environment people want to experience drives a need for housing units, jobs, and recreational opportunities. We believe the projects in this application will increase the rate and degree of reinvestment in this community.
Yes
Seventy-Five North Revitalization Corporation is a community-based organization. Our mission is to “To facilitate the revitalization of a healthy, sustainable, mixed-income community in the Highlander neighborhood. We work to break the cycle of poverty and community deterioration by partnering to create high-quality housing, thriving schools, recreational facilities and other neighborhood enrichment amenities.” Our partnerships with other community organizations include Howard Kennedy Elementary School, No More Empty Pots, Metropolitan Community College and Creighton University, the City of Omaha, the Omaha Housing Authority, and other organizations Additional information on the nature of these relationships and arrangements can be provided upon request..
Nearly all of the partnerships mentioned above are memorialized in an MOU, lease, or other formal agreement. Additional information can be provided upon request.
Yes
Residents of Spencer Homes East and Spencer Homes West were temporarily relocated prior to the demolition of those housing facilities. They have first right of refusal to return to the newly constructed Kennedy Square East and Kennedy Square West. They may also elect to find other housing solutions. No other residents or businesses are being displaced by these projects. All the buildings targeted for demolition are vacant as are all the vacant lots slated for housing construction.
The redevelopment plan target area is located along North 30th Street, bounded by Bristol Street on the north side, and Hamilton Street on the south side. The North Freeway is the eastern boundary and North 33rd Street is the western boundary. The projects submitted for consideration are scattered throughout the target area. A map of the projects in the target area and maps of the individual project locations are included in the attachments. Multi-Family Residential Rental Projects Kennedy Square East is located on the north side of Spencer Street between North 28th and North 30th Streets. Kennedy Square West is located at 3005 North 30th Street. Davis Ridge is located at 2198 North 31st Street. Community Impact Projects The Multi-Use Recreational Facility will be located near North 28th and Spencer Streets. The Greenhouse at Highlander is located at 2120 North 30th Street. The former Faith Deliverance Church site is located at 2901 North 30th Street. The lights along North 30th Street will be installed between Burdette and Spencer Streets. The Curb Appeal Program will benefit neighbors living along key streets in the area. Sidewalks will be improved along North 30th Street. The former Faith Deliverance Church is located at 2901 North 30th Street. Economic Impact Projects Highlander IV is located at 2120 North 29th Street Kennedy Square East is located on the north side of Spencer Street between North 28th and North 30th Streets. Kennedy Square West is located at 3005 North 30th Street. Single-Family Residential Homeownership Projects North 32nd and Corby Streets North 28th and Charles Streets North 29th Avenue between Blondo and Burdette Streets Targeted Demolition Projects Spencer East is located near North 27th and Bristol Streets. Freedom Worship Center is located at 3025 Parker Street. Stage II is located at 3210 North 30th Street.
Within one or more QCTs
Plans and renderings for Kennedy Square East, Kennedy Square West, and Davis Ridge are uploaded at the end of the application. Other plans and renderings can be created upon request. The sites are owned by a combination of the Seventy-Five North Revitalization Corp., the Omaha Housing Authority, and Brinshore Development. The ownership mix varies at each site. Proof of ownership can be provided upon request. Excluding the targeted demolition projects, all projects have been reviewed under 24 CFR Part 58 and are in compliance with NEPA regulations or a review under Part 58 is underway.. These reviews include Phase I and Phase II Environmental Site Assessments, among other studies. NEPA compliant environmental reviews for the Targeted Demolition Projects can be completed if funds are awarded, including Phase I Environmental Site Assessments and subsequent studies, if necessary. Environmental documentation can be provided upon request.
Yes
Yes
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Yes
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Yes
Brinshore has experienced cost increases of roughly 25% over the last two years for multi-family housing construction projects. As such, we have had to accelerate our use of gap financing to keep projects moving. The consequence of that is that we need additional funds to complete the projects in this application. For Kennedy Square East, we are requesting $2.5 million to replace the Choice Neighborhoods funds that were reallocated to support this project. For Davis Ridge and Kennedy Square West, we are budgeting for a 10% increase in costs this summer alone and this funding will address that gap and rising inflation. Other proposed projects will use LB 1024 funds to spark new initiatives that will benefit the community, such as housing, safety improvements, etc.
There is already significant financial support for most of these projects, specifically the projects related to rental housing and housing for homeownership. LB 1024 funds will help close gaps created by unanticipated rising construction costs and inflation. LB 1024 will unlock the continued progress of these important mixed-income, mixed-use neighborhood transformation projects which will simultaneously benefit the neighborhood and residents.
Yes
The multi-family housing and mixed-use buildings will generate cash flow to sustain themselves and they will be managed by a property management company. The single-family homes will be sold to eligible homebuyers who will maintain them. Public improvements will be maintained by the City or 75 North.
Several funding sources support the projects in this application. Kennedy Square East includes Choice Neighborhood, Tax Increment Financing (“TIF”), and HOME funds through the City. LIHTC offered by NIFA are also part of the financing structure for this project. Additional funds are provided by 75 North. Kennedy Square West and Davis Ridge will likely receive Choice Neighborhood funds, HOME, TIF, and possibly Section 108 funds offered by the City. LIHTC and funds provided by 75 North are possible. The team will explore the possibility of securing Nebraska Qualified Census Tract Affordable Housing funds for these projects. Choice Neighborhood funds will also support the retail build out components of these projects. The single-family housing projects will be supported by HOME and Community Development Block Grant funds provided by the City of Omaha. Some units in these projects will be supported by Workforce Housing funds provided by the State of Nebraska. The team will explore the possibility of securing Nebraska Qualified Census Tract Affordable Housing funds for these projects, as well. The team will seek leveraging funds for other projects proposed in this application. The LB 1024 will ensure that the projects will not be slowed so that they cannot meet their current schedule goals. A detailed list of funding sources can be provided upon request.
Choice Neighborhood funds are already committed to the projects in this application. The City’s HOME and CDBG funds are already committed with future awards anticipated in the coming years. LIHTC is awarded to Davis Ridge and will close in March. We anticipate an announcement on LIHTC for Kennedy Square East sometime soon. The timeliness of other funding sources cannot be accurately predicted at this time.
LIHTC funds are probably the most important source of funding for the multi-family housing projects and cannot proceed without an award. It is possible that several projects may not proceed without LB 1024 funds as these funds.
The application is entirely scalable. With a few exceptions, none of the proposed projects in this proposal are reliant on another being funded, although there are synergies between certain projects. Retail space in Kennedy Square East, Kennedy Square West, and Highlander IV are dependent on the completion of those projects.
The proposed budget and uses tables show the individual project components.
For every dollar requested in this application, there is approximately $8 of leveraged funds. 75 North, the City, and OHA acquired a $25 million Choice Neighborhood Implementation grant from HUD. The City has also provided CDBG and HOME funds while NIFA has provided LIHTC funds. These two entities will continue to support projects presented in this application. A detailed list of committed funds can be provided upon request.
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Additional Location Documents (see application for list) Data table of uses (breakdown of how the requested funds will be used for your proposal) Organizational Chart Plans and detailed descriptions, including pictures and a map of the site location/surrounding area Proposal Budget/Sources and Uses Schedule