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Council approves $810,899 TIF for 51-unit Popleton affordable housing project
Summary
The council approved tax-increment financing support of up to $810,899 for the Popleton Project East, a proposed 51-unit, 4–5 story affordable apartment building developed by InCommon Housing and InCommon Housing Development Corporation with a complex capital stack including LIHTC, ARPA and HOME funds.
The Omaha City Council voted to support the Popleton Project East redevelopment plan with up to $810,899 in tax-increment financing (TIF) to help fund a proposed 51-unit, 4–5 story apartment building intended for very low-income households.
Don Seaton of Omaha City Planning and Cheryl Garce of InCommon Housing Development Corporation described the project as an approximately $19,000,000 investment on a vacant lot near 20th and Poppleton. Garce and Seaton said the financing relies on low-income housing tax credits (LIHTC), American Rescue Plan Act (ARPA) funds, federal and…
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