Renovation of the Historic
|Omaha�s historic Livestock Exchange Building overlooking the now closed Union Stockyards. Photo courtesy of the City of Omaha Planning Department.|
|The newly-renovated Livestock Exchange Building in Omaha.|
Since its construction in 1926 the Livestock Exchange Building has stood in the heart of the stockyards area of South Omaha. But, these sprawling stockyards, once the largest in the nation, began to decline during the latter part of the century. Having once employed about half of Omaha�s workforce, they finally closed in 1999 after more than 115 years in business. As the stockyards declined, so did the Livestock Exchange Building.
However, this historic building is once again a center of activity in the stockyards area thanks to a $15.6 million mixed-use redevelopment project. Restoration of this 240,000 square foot building produced 102 affordable housing units, and commercial and community space. Redevelopment of the surrounding stockyards area will provide more commercial, medical, and light industrial uses.
Funding for this large renovation project was complex. The city of Omaha donated the property and provided almost $900,000 in HUD�s Community Development Block Grant funds and a $129,600 loan through its lead-paint-abatement grant. Major funding for the project came from low-income housing tax credits, historic rehabilitation tax credits, and a low-interest mortgage. Added funding came from tax increment financing and a Federal Home Loan Bank of Topeka Affordable Housing Program no-interest loan.
Although the Community Development Block Grant funds were only a fraction of the total cost of the project, the Livestock Exchange Building renovation represents the largest and most expensive project ever completed with CDBG funding in Omaha.