Omaha, Neb. [September 26, 2023] National Affordable Housing Trust (NAHT) is proud to announce the preservation of Timbercreek Apartments in the Millard neighborhood of Omaha, Neb. NAHT closed on Timbercreek Apartments with Mercy Housing Mountain Plains Region, a nonprofit and development organization, and an investment from UnitedHealth Group, the holding company of UnitedHealthcare and Optum.
Timbercreek Apartments is an existing 180-unit apartment community serving families at 40% to 80% Area Median Income. The project is supported with Housing and Urban Development Project Based Rental Assistance on 13 units, and Section 8 Project Based Rental Vouchers on 45 units.
The garden style apartment community is receiving its first major renovation since it was built in 1974, and will receive new siding, windows, doors, lighting, accessibility improvements, interior finishes, cabinets, appliances and plumbing fixtures.
In addition to the renovation, support services will be provided to assist the lowest-income residents in the areas of health and wellness, financial stability, housing stability, educational support, out-of-school programming, and community participation.
“Mercy Housing is excited to revitalize Timbercreek Apartments. Renovating affordable housing is not only a commitment to the present but an investment in the future well-being of the community. We are grateful to the many partners including National Affordable Housing Trust, UnitedHealth Group and Front Porch for their investment and commitment to affordable housing.” said Shelly Marquez, President of Mercy Housing Mountain Plains.
Financing includes $11.5 million in low-income housing tax credit equity by UnitedHealth Group, $18 million in construction debt financing and $8.35 million in permanent debt financing by Cedar Bank & Trust, a Seller Note, a $1.75 million Mercy Gap Loan, a $3.9 million Omaha Housing Authority Loan, a City HOME Loan, Front Porch in the amount of $500,000, and a Mercy Preservation Loan.
“NAHT is proud to partner with Mercy Housing Mountain Plains and UnitedHealth Group in the preservation and recapitalization of these 180 family homes in Omaha, Nebraska. We appreciate Mercy Housing’s commitment to high quality affordable housing along with support services. We look forward to seeing the residents in the completed homes,” said Paul Cummings, Senior Vice President at NAHT.
The renovation of Timbercreek will have a positive impact on the community, preserving safe and quality affordable housing and providing temporary employment opportunities during the construction for residents of the property.
“We know that access to safe, affordable housing has a direct correlation with improved health and quality of life and community vitality. We are honored to have such great partners in Mercy Housing and the National Affordable Housing Trust,” said Andy McMahon, Vice President of Impact Investments, UnitedHealth Group.
As part the company’s mission to help people live healthier lives and to help the health care system work better for everyone, UnitedHealth Group continues to evaluate opportunities to partner with and invest in neighborhoods across the country where the most vulnerable populations reside to advance health equity through increased access to and affordability of vital health and social resources.
Since December 2019, UnitedHealth Group has invested over $200M in the Health & Housing Fund, which partners with Stewards of Affordable Housing for the Future (SAHF) and NAHT, to help build more than 2,000 new homes for families and seniors facing housing insecurity. This investment brings the company’s total contribution in safe and affordable housing to over $800 million since 2011.
About Mercy Housing
Mercy Housing Mountain Plains (MHMP) serves Arizona, Colorado, Missouri, Nebraska, Iowa, South Dakota, and Utah with affordable homes and Resident Services. With 39 properties, MHMP serves over 6,000 residents. MHMP is a regional office of Mercy Housing, Inc., a leading national affordable housing nonprofit that serves tens of thousands of people with low incomes every day. Mercy Housing’s mission is to create stable, vibrant, and healthy communities by developing, financing, and operating affordable program-enriched housing for families, seniors, and people with special needs who lack the economic resources to access quality, safe, housing opportunities.
National Affordable Housing Trust (NAHT) is a nonprofit low income housing tax credit (LIHTC) syndicator, specialized financial intermediary and development advisory firm. As a mission-first syndicator with a commitment to racial equity and inclusion, NAHT strategically partners with developers and investors to create and preserve affordable, quality rental homes that promote thriving and resilient communities. NAHT is a joint venture of LIIF (Low Income Investment Fund) and SAHF (Stewards of Affordable Housing for the Future). www.naht.org
About UnitedHealth Group
About UnitedHealth Group UnitedHealth Group (NYSE: UNH) is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone through two distinct and complementary businesses. Optum delivers care aided by technology and data, empowering people, partners and providers with the guidance and tools they need to achieve better health. UnitedHealthcare offers a full range of health benefits, enabling affordable coverage, simplifying the health care experience and delivering access to high-quality care. Visit UnitedHealth Group at www.unitedhealthgroup.com and follow @UnitedHealthGrp on Twitter.