Omaha Community Celebrates More Affordable Housing

U.S. Bancorp Impact Finance contributed $18.1 million to Malcom’s Place, financing 62 affordable housing units
Apr 29, 2024 10:40 AM ET

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.