Omaha, Nebraska – In a commendable urban restoration project costing $17 million, two historically significant buildings, the oldest being over 130 years old, are set to offer affordable accommodation in one of Omaha’s most venerable and dynamic neighborhoods.
The Georgia Row Apartments and the neighboring Hanscom Apartments, together, are prepared to offer 75 rental units, encompassing family-size residences, to tenants who meet the federal income eligibility criteria.
The Hanscom Apartments, constructed in 1921, forms part of this substantial restoration venture aimed at transforming two age-worn, yet historically noteworthy structures in the Park Avenue region of midtown Omaha into reasonably priced residences. Christian Gray, the co-director of inCOMMON Community Development, the nonprofit organization steering the project, stated that their aim is to nurture local leadership within susceptible communities.
Gray noted that these rejuvenated rental residences offer an affordable housing option for emerging local leaders in the Park Avenue region, a zone experiencing an influx of higher-priced residences, as private developers continue to invest in the area.
Public funding methods have been deployed to facilitate this affordable housing project, including low-income housing tax credits, historic tax credits, and tax-increment financing. The venture was also supported by private philanthropic contributions, Gray added.
The grand opening of the residences, scheduled for August 25 and set to feature building tours and a complimentary neighborhood party, coincides with Nebraska’s heightened focus on affordable housing, a measure designed in part to meet the rising demand for labor and workforce accommodation.
The City of Omaha’s affordable housing action plan, mandated by the Nebraska Legislature, reports a need for approximately 30,000 housing units in Douglas County by 2030, with affordable units comprising 60% of this demand.
Rental costs for the Georgia and Hanscom apartments are expected to range between approximately $525 to $1,000, varying according to the size of the apartment. This pricing aligns with the city’s affordable housing action plan.
The Georgia Row and Hanscom apartments, while having separate addresses, will share amenities such as a community room, library, fitness area, and indoor bicycle storage. These buildings are also in close proximity to inCOMMON’s neighborhood resource center, which offers an array of programs encompassing adult education, workforce development, youth initiatives, and various neighborhood enhancement endeavors.
This restoration initiative has been in the pipeline since 2015 when inCOMMON purchased the Hanscom apartments, originally known as the Bristol apartments. The Georgia Row was acquired the subsequent year.
Gray stated that while inCOMMON did not initially plan to venture into property management, these projects are perceived as instrumental in their fight against gentrification in the area. The organization takes pride in the quality of the rental units, boasting finishes that include hardwood floors, granite countertops, and stainless steel appliances.
Gray added that past tenants of the Bristol (now Hanscom) are being sought out to see if they would be interested in returning to the restored building.
