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 to be completed by the end of 2025.
Originally constructed in 1927 as The Union State Bank building, 1904 Farnam is a significant part of Omaha's architectural and economic history. The building, which exemplifies early Art Deco design, reflects the spirit of modernity that characterized the 1920s and 1930s. Situated in the heart of Omaha, it has long been a landmark of the city’s growth and development. Of note, the building is located directly across the street from Omaha’s City Hall and the District Courthouse; furthermore, Omaha’s streetcar main route from Downtown to Midtown Omaha will run down Farnam Street.
"Being part of a development that benefits the community in such a meaningful way is a privilege," said Rick Chukas, Partner and Managing Director of Historic Tax Credits at Monarch Private Capital. "This project not only preserves a piece of Omaha's history but also addresses the critical need for affordable housing in the downtown area. We are proud to support developments that have a positive impact on communities."
“The 1904 Farnam project is a great example of how LIHTC financing can be used to create affordable housing in areas that need it most,” said Steve LeClere, Partner, LIHTC at Monarch Private Capital. “With the help of Nebraska LIHTCs, we’re able to transform a historic building into modern, affordable housing while preserving the character and history of Omaha.”
The redevelopment of the Farnam Building continues its legacy as an integral part of the downtown business community, while providing much-needed affordable housing in Omaha. Monarch Private Capital's involvement underscores its commitment to community impact and sustainable development.
For more information about Monarch Private Capital and its investment initiatives, please visit www.monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.
CONTACT
Jane Rafeedie
Monarch Private Capital
jrafeedie@monarchprivate.com
470-283-8431
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4b1343b0-2a34-4a27-ad7b-64b884c626ef
