- Two buildings in downtown Omaha, at 1501 Howard Street and 500 S 18th Street, will be redeveloped.
- The City Council approved up to $1.3 million in Tax Increment Financing (TIF) for the projects.
- The buildings will offer a total of 56 residential units and commercial spaces on the first floor.
- Rents for one-bedroom units will range from $955 to $1,225, close to the city's average rent of $1,100.
- The developer says they are considered "affordable" housing however some downtown residents disagree.
The Omaha City Council approved TIF for two extremely blighted buildings to create 56 residential units and commercial spaces on the first floor.
The buildings are located at 1501 Howard Street and 500 s 18th Street. The pair are historic buildings that were once home to thriving businesses. But, are currently sitting empty with boarded up windows and cracking facades.
City Council President Pete Festersen says they're getting a second chance.
"The project we just approved last week will add a 56 units," said Festesen.
The City Council approved up to $1.3 million in Tax Increment Financing (TIF) for the project, because they're considered extremely blighted. The developer says it'll be more "affordable" housing for the area.
Residential Unit Information provided by the developer HowardStreetRehabOwner, LLC:
1501 Howard Street:
Studio Apartment: $936-$956
One Bedroom: $1,195-$1,225
500 S 18th Street (The Standard):
Studio Apartment: $766-$921
One Bedroom: $955-$1,175
According to Zumperin Omaha the average rent for a one bedroom unit is about $1,100. Tyler Wilcox lives in downtown and says average should not be considered affordable.
"I wouldn't even call that affordable housing. I think that kind of sounds more like kind of like a, a joke. Don't label it something and then be, be the other thing," said Wilcox.
According to The City of Omaha's 2023 Affordable Housing Report for individuals making $25,000 to $50,000 a year, an affordable apartment is between $500-$1,000 a month.
The majority of one bedroom apartments in these locations wouldn't qualify as affordable under that report. However, every studio apartment in the buildings do fall in that range.
"One of our biggest challenges right now throughout the city, people are struggling to find affordable housing, whether that's a single family home and a mortgage or whether that's a rental unit or an apartment" said Festersen.
Festersen says, the need for affordable housing is one of his top concerns.
"Dozens of policy concerns I think we should be moving forward with and I'm interested in getting involved with that more aggressively now," said Festersen.
Construction is estimated to begin in January 2025 and is projected to be done in February 2026.
