The Housing Authority of the City of Tulsa

PROJECT PURPOSE

The Housing Authority of the City of Tulsa (THA) seeks $50 million in funding to leverage up to $230 million of investment in a mixed-income housing development Project in Tulsa. The Project will address the critical shortage of decent, safe, and high-quality affordable housing in four communities through acquisition, rehabilitation and new construction of over 1,000 housing units. Part 1) Demolition of 272 units and new construction of 545 housing units under the implementation of the Envision Comanche Park Master Plan located in North Tulsa, leveraging nearly $185 million to build a mixed-income rental and single-family homeownership community; 2) Acquisition, demolition and new construction the 150-unit Sunset Plaza Apartments, located in the Greenwood Community, leveraging $15 million to demolish the dilapidated federally subsidized complex and rebuild a mixed-income community on the site targeting workforce housing; 3) Rehabilitation and expansion of the current fully subsidized 225-unit Parkview Terrace Apartments, located in the Tulsa Hills Community, to a 280-unit mixed-income community leveraging $18 million in investments targeting workforce housing; and 4) the Acquisition to repurpose a dilapidated hotel, in the Downtown Community, for conversion to 125 units of mixed-income rental housing leveraging $12 million to bring more foot traffic to small businesses.

EVIDENCE

The 2020 City of Tulsa's Affordable Housing Strategy states, "Tulsa has a critical shortage of quality affordable housing options throughout the city. Over 30% of Tulsans are cost-burdened by their housing and there is a need for over 4,000 new affordable housing units. The lack of quality affordable housing is causing Tulsans to choose substandard housing options that compromise the health and safety of their families." The Strategy is further supported by the 2020 Downtown Housing Study that calls for up to 1,000 new units of affordable housing, at or below 60% AMI, to meet current rental demand.

POPULATION DESCRIPTION

The Project spurs 1. economic development; 2. de-concentrates poverty; 3. stabilizes low-income families; and 4. leverages approximately $230 million for each dollar grantedof investment, if awarded, through new construction of affordable / market-rate housing units. According to the American Academy of Pediatrics, lower-income families provide a high percentage of the essential workforce and experienced more economic hardships caused by the pandemic than upper-income households. The Project will preserve subsidized housing units, while reducing the concentration of poverty by creating market-rate housing units, improving opportunities for all families and individuals to achieve self-sufficiency in each community. The Envision Comanche Park redevelopment in North Tulsa will demolish 271 deteriorating subsidized units at or below 30% Area Median Income (AMI), and construct 545 mixed-income rental and homeownership units for families and individuals with incomes up to 80% AMI. In Tulsa Hills and Greenwood communities, redevelopment work at Parkview Terrace and Sunset Plaza will preserve 375 housing units for families at or below 60% AMI and add 55 units for families up to 120% AMI. The Hotel to Housing Conversion in Downtown community, will repurpose a fifty-year-old hotel to provide quality rental apartments for individuals and families up to 120% AMI, spurring economic activity for small business.

PERFORMANCE MEASURING

THA will apply the following performance metrics to the Project: 1) Timely Construction within the proposed time frame; 2) Over 95% initial occupancy within 6 months from construction completion; 3) Sustainable cash flow at each development; 4) Low unit turnover rates; 5) measurable resident satisfaction; and 6) measurable economic impact through increased appraised values in each community. Metrics 1-4 are already tracked by THA through weekly Project Management meetings and Compliance Reporting. Item 5 will be measured through pre/post construction Resident Survey and quarterly resident meetings. Item 6 will be measured by pre and post construction Third-Party Appraisal Reports.

ONGOING INVESTMENT AMOUNT

$

ONGOING INVESTMENT DESCRIPTION

None

ONGOING INVESTMENT REQUIRED

Able to continue operation without additional funding from the State of Oklahoma