Omaha Community Celebrates More Affordable Housing

Rhea-AI Summary

U.S. Bancorp Impact Finance contributed $18.1 million to finance 62 affordable housing units in Malcom's Place, Omaha, Nebraska. The project includes a mix of project-based voucher units, affordable units, and market rate units. The development aims to provide much-needed affordable housing, programs, services, and investments in the community. The Choice Neighborhoods Implementation effort utilizes public and private funds to revitalize distressed neighborhoods. U.S. Bank remains committed to the long-term success of these initiatives.

Positive

• U.S. Bancorp Impact Finance provided $18.1 million in equity to finance 62 affordable housing units in Malcom's Place.

• The project offers a mix of project-based voucher units, affordable units, and market rate units to cater to various rent levels.

• The development includes programs, services, and investments in the community, aiming to address the need for affordable housing.

• The Choice Neighborhoods Implementation effort uses public and private funds to revitalize distressed neighborhoods and bring hope to communities.

• U.S. Bank's commitment to the long-term success of neighborhood revitalization projects demonstrates their reliability and dedication to community development.

Negative

• Although the project aims to provide affordable housing, some phases of the neighborhood are still in development, potentially causing delays in completion.

• While the project is significant for the Omaha community, there may be challenges in ensuring the sustainability and continued support for the affordable housing units in the long run.

NORTHAMPTON, MA / ACCESSWIRE / April 29, 2024 / U.S. Bank

U.S. Bancorp Impact Finance contributed $18.1 million to Malcom's Place, financing 62 affordable housing units U.S. Bancorp Impact Finance provided $18.1 million in equity to Malcom's Place in Omaha, Nebraska, to finance 62 affordable housing units.

Originally published on U.S. Bank company blog

Omaha, Nebraska residents, community leaders, government officials and key collaborators, including U.S. Bank, recently gathered to celebrate the groundbreaking of MLK Square, the final phase of the North 30th Street Choice Neighborhoods Implementation effort.

U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, provided a federal and state Low-Income Housing Tax Credit (LIHTC) equity commitment of $18.1 million to Malcom's Place to finance 62 affordable housing units. Malcom's Place features 95 units overall, including some at market rates.

"This development is significant to the Omaha community because it not only provides much-needed affordable housing, but it also offers programs and services to residents and makes investments in the neighborhood," said Kellie Johnston Dorsey, assistant director, Housing & Community Development, for the City of Omaha Planning Department.

The housing is provided in a mixed-income format, with about one-third project-based voucher units, one-third affordable units and one-third market rate units, so units are available at multiple rent levels.

Malcolm's Place is located at the former Spencer Homes West site in North Omaha and is expected to be completed this summer. Some phases of the neighborhood are finished while others are still in development.

The Choice Neighborhoods program uses public and private dollars to support local strategies designed to address struggling neighborhoods with distressed public or HUD-assisted housing through a comprehensive approach to neighborhood transformation.

"Choice Neighborhoods Implementation brings hope to communities and is a wide-scale revitalization centered around housing," said Vihar Sheth, Impact Finance managing director of Affordable Housing. "U.S. Bank is a reliable partner through the life of these neighborhoods because there are multiple phases of the investment, and we are both big enough and committed enough to be there for the long haul and bring all parts of the bank to the overall effort."

A video featuring the neighborhood shares local perspectives.

At completion, North 30th Street will contain nearly 450 units of new mixed-income, energy-efficient housing and include new infrastructure, playgrounds, retail storefronts, and community space.

View additional multimedia and more ESG storytelling from U.S. Bank on 3blmedia.com.

Contact Info:
Spokesperson: U.S. Bank
Website: https://www.3blmedia.com/profiles/us-bank
Email: info@3blmedia.com

SOURCE: U.S. Bank

View the original press release on accesswire.com

FAQ

How many affordable housing units were financed in Malcom's Place by U.S. Bancorp Impact Finance?

U.S. Bancorp Impact Finance provided $18.1 million in equity to finance 62 affordable housing units in Malcom's Place.

What is the mix of units at Malcom's Place in terms of rent levels?

Malcom's Place offers a mix of project-based voucher units, affordable units, and market rate units, with approximately one-third for each rent level.

What is the goal of the Choice Neighborhoods Implementation effort?

The Choice Neighborhoods Implementation effort aims to revitalize distressed neighborhoods using public and private funds to bring hope to communities.

How does U.S. Bank support the long-term success of neighborhood revitalization projects?

U.S. Bank demonstrates commitment to the long-term success of neighborhood revitalization projects by remaining a reliable partner throughout the investment phases.