There’s a twist to the latest midtown Omaha apartment structure poised to rise five stories on a grassy lot where a taco truck typically parks.
The developer is not seeking market rate rents for the 134 units to be built southeast of 27th and Leavenworth Streets.
Rather, residents will pay more affordable rates but must meet certain income restrictions to live in the $26 million structure.
The project is to be assisted by federal low-income housing tax credits and other sources including tax-increment financing.
Neeraj Agarwal, spokesman for developer 27LeavenworthOwner LLC, believes the structure will be the first apartment complex in recent years to be built in the downtown and midtown area that is fully dedicated to income-restricted affordable housing.
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“It’s going to lease up just like that,” Agarwal said. “There is such a demand.”
He said a recent change in the way low-income housing tax credit financing works made it easier to finance such a project. If all goes as planned, construction could begin in July and move-in could start before the close of 2022.
Ninety single-bedroom units would average about 700 square feet in size and lease for about $750 a month. The 44 two-bedroom units will span about 1,000 square feet and rent for about $950, according to planning documents.