ATLANTA, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, finances and manages a diversified portfolio of projects generating both federal and state tax credits, is pleased to announce the closing of tax equity financing for the historic preservation and adaptive reuse of 1904 Farnam, a major redevelopment project located in downtown Omaha, Nebraska. The $25 million development, spearheaded by Clarity Development, will transform the historic building into 54 studio and one-bedroom units, providing much-needed affordable housing for the community. The financing includes Nebraska Low-Income Housing Tax Credits (LIHTCs) as well as State Historic Tax Credits (HTCs), making it a powerful tool for community revitalization.
The 1904 Farnam project will offer affordable housing options to tenants earning 40%, 50%, and 60% of the Area Median Income (AMI). All units will be located in a seven-story, elevator-serviced building with ground-floor commercial space, designed to support the local economy and meet community needs. The development is expected ...
