OMAHA, NEB. — The Annex Group has broken ground on Central at Columbus Park, a 156-unit affordable housing community in Omaha. The nearly $60 million property will feature one-, two-, three- and four-bedroom units for households earning a range of income levels starting at 30 percent of the area median income. Amenities will include a parking garage, community room, computer room, fitness room, storm shelter and bike storage.
Project partners include BVH Architecture, Lange Structural Group, Engineering Technologies Inc., REGA Engineering, Terracon, RMD Group, Wells Fargo, NP Dodge, Nebraska Investment Finance Authority (NIFA), Front Porch Investments and the City of Omaha.
Wells Fargo provided more than $24 million in federal equity, and the bank’s debt team served as construction lender and senior permanent lender, contributing over $42 million and $24 million, respectively. NIFA allocated 4 percent tax credits and issued $28 million in tax-exempt bonds. The City of Omaha issued tax-exempt bonds and awarded a 20-year tax-increment financing package, which is intended to offset property taxes throughout the compliance period.
Front Porch Investments and the State of Nebraska, Department of Economic Development Housing Trust Fund provided soft funding, contributing $3 million and $1.8 million in proceeds, respectively.
The project marks Annex Group’s fourth affordable housing community in Nebraska, but its first in Omaha.