Two Omaha housing projects to share $4M in federal disaster recovery funds

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OMAHA — Two Omaha apartment projects are to share $4 million in federal disaster recovery funding awarded by the Nebraska Department of Economic Development, the DED announced Monday.

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. It gives priority to distressed areas and prioritizes lower income persons and vulnerable populations.

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 two awardees:

• Brinshore Development LLC, $2 million for its 74-unit new construction building that is part of an off-site phase of the Southside Terrace-Indian Hill Choice Neighborhoods Transformation Plan at 3030 Upland Parkway in Omaha. Some units will have as many as five bedrooms. The project also will include a community space.
• Foundations Development LLC, $2 million for its new construction project reserved for seniors age 55 and older at 192nd and Q Streets in Omaha. That four-story development will contain 88 two-bedroom units.

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 construction of affordable housing, aiding the state’s recovery following the 2019 flood disaster declaration.

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