OMAHA, Neb. (KMTV) — Omaha's Front Porch Investments is offering zero-interest "greenlining" loans to homeowners in the city's formerly redlined neighborhoods.
Redlining refers to the practice of denying loans to residents in parts of cities where people of color largely reside. In 1968, the practice was banned. But as Front Porch's Maxwell Morgan says, there is a lasting impact.
"Those issues have not been addressed," he said.
Front Porch is offering up to $50,000 in interest-free home repair and renovation loans for homeowners in Omaha's historically redlined areas in North and South Omaha. As the loans are repaid, the funds will stay in the program.
In this pilot run of the program, $1 million of funding from private philanthropy is available. An additional $4 million is designated for future investments.
Forty homeowners who submit interest forms by July 10 will be randomly selected to apply in the first run. The funds are intended to help with home repairs and other improvements, including those related to energy efficiency and aging in place.
Kim Bradford, a member of the community advisory board for the fund, said the fund is important to make sure the community flourishes. She says she grew up in a redlined area but now understands more about
"We missed out on a lot of things," she said. "Greenlining is to un-design the red line, to give people in this community the opportunity that other people in other communities receive."
More information on how to submit your interest and see if you're eligible is here.
Informational open houses were held Tuesday in North Omaha. Another session will be held on Wednesday from 5-7 p.m. at Canopy South at 2411 O Street.
Download our apps today for all of our latest coverage.
Get the latest news and weather delivered straight to your inbox.
