Planning board OKs Urban Core amendment to unlock $40 million for affordable housing and mobility projects

The Omaha Planning Board unanimously approved an amendment to the Urban Core Housing and Mobility Redevelopment Plan that identifies additional projects and allows the city to access up to $40 million from a private partner to accelerate affordable housing and mobility investments.

Jennifer Taylor of the City Law Department said the original plan (adopted in 2022) envisioned a modern streetcar and the related TIF revenues; the amendment complies with state law and adds projects such as affordable housing programs, protected bikeways and other connectivity pieces that can be funded with tax‑increment financing in the district.

"We have the opportunity to access up to $40,000,000 in funding from a private source with which we can use within the urban core redevelopment plan," Taylor said. She described the bonds for this portion as non‑recourse to the city and subordinate to streetcar financing.

Jody Holston of Front Porch Investments and Steve Jensen, deputy chief of staff for economic development, outlined Front Porch's prior work with the city and the proposed program design, including 20‑year land‑use restrictions and ongoing monitoring to preserve affordability. "All of it would be for developers who are building either for‑sale or rental housing," Holston said.

Staff recommended approval; the board voted 6–0. The amendment positions the city to deploy private financing together with TIF revenues to fund affordable housing projects sooner rather than waiting for tax increment to accumulate.