NOTICE OF

REQUEST FOR FINANCING

LETTERS OF INTENT (LOI)

NOTICE IS HEREBY GIVEN that on Friday, June 21, 2024 by 5:00 PM CST the inCOMMON Housing Development Corporation will accept LOI proposals for permanent, construction and investor equity financing for Poppleton Project East, LLC.

The inCOMMON Housing Development Corporation “inCOMMON”, is requesting $3,400,000 in permanent financing, $14,800,000 in construction financing along with federal and state equity investors for $947,902 of annual 9% LIHTC and $3,583,069 of Nebraska State Affordable Tax Credits for Poppleton Project East, LLC. This is a residential low-income housing tax credit project with 51 residential units on the southeast corner of 29th & Poppleton, 2911 Poppleton. inCOMMON owns the existing 1.1 acre lot. The eastern half will be developed for the 51-unit housing development. No persons will be displaced by the development. Units will be reserved for residents making at or below 40-80% area median income (AMI).

According to the Assessment of Housing Affordability Study (2021), 98,500 households in the larger Omaha/Council Bluffs region need affordable housing of some type to not be cost-burdened, but fewer than 20,000 dedicated units are available (p. 9). The Park Avenue neighborhood where The Poppleton will be built is on the front lines of the crisis. The Park Avenue area where the project is located has been subject to the impact of gentrification over the past decade and the pandemic has accelerated the impact of our lower-income residents to become vulnerable to displacement from their own community altogether. About 1 in 3 residents in the neighborhood census tract live below the Federal poverty line, and rapid redevelopment in the area has brought many challenges especially in the area of housing. This density also magnifies the impact of affordable housing investments as many low-income residents are regularly displaced from their homes, and are “priced out” of the area altogether. In 2015, inCOMMON conducted an Affordable Housing Attrition Survey that estimated approximately 200 individuals were directly affected by the loss of affordable housing between 2012 – 2015. This number has increased since then due to the pandemic and increasing housing costs. Frequent moves, difficulty paying rent, and eviction have a devastating impact on mental and physical health. Children lose academic ground when forced to change schools. The project will provide 51 units of quality, affordable units benefiting low-income neighbors where the median household income is $33,330. In turn, these units will provide healthy, quality, and affordable housing ultimately resulting in reduced housing instability and homelessness, increased education and employment, and increased health outcomes for the neighborhood.

Funds expected to be used on this development for site acquisition, general site work and new unit construction are: $3,400,000 conventional loan, $7,962,374 Federal Low Income Housing Tax Credits, $3,583,069 Nebraska Affordable Housing Tax Credits, $500,000 State of Nebraska HOME funds, $300,000 City of Omaha HOME funds, $350,000 city TIF funds, $400,000 deferred developer fee, $200,000 owner equity and $1,125,000 ARPA Department of Economic Development in order to build the affordable units for the populations with household income mentioned above. The project will be under Federal Procurement 2 CRF 200 regulations but excludes Davis Bacon requirements. The project is currently in NIFA CRANE process in line for 2025 tax credits.

All interested parties in receiving a copy of the RFP can email Sheryl Garst, Project Manager at sheryl@incommoncd.org. Proposal will be accepted if received on or before Friday, June 21, 2024 by 5:00 PM CST.

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