George Kaiser Family Foundation

PROJECT PURPOSE

Western Supply is a 351 unit mixed-income housing project in the Tulsa Arts District. With 1/3 or more of the units dedicated to individuals and families at 30%-60% AMI, it will begin to address Tulsa's 4000+ affordable housing unit shortage as well as complement the affordability goals of the adjacent Kirkpatrick Heights (historic Greenwood) neighborhood that is currently being masterplanned by the City of Tulsa. The remainder of the Western Supply units will serve as a "Talent Village" dedicated for workforce talent recruitment and retention iniatives such as Tulsa Remote, Holberton School, Teach for America, Tulsa Artist Fellows, corporate recruitment, among others.

EVIDENCE

High quality, safe and affordable housing is proven to lower childhood poverty, lower evictions, increase health outcomes and increase overall economic outcomes for both residents and the community. More than 30% of Tulsans are rent burdened, and it has the 11th highest evicition rate in the country, so this is an effort to combat those obstacles. Tulsa has seen the positive effects mixed-income housing projects like this can have on inclusive growth with all the similar work happening in the Kendall-Whittier neighborhood over the last 10 years.

POPULATION DESCRIPTION

Before Covid, Tulsa was already more than 4000 units short of needed affordable housing. In addition, it has the 11th highest eviction rate in the country and more than 30% of Tulsa residents are rent burdened. Since Covid, nationally evictions and foreclosures have increased by 7%, mortgage and rent delinquency by 11% and utility payment delinquency by 13%. However, these rates are as much as 55% higher for black and Latino residents. Therefore, this project would target these vulnerable populations and provide them with high quality, safe and affordable mixed-income housing. Again, with the proximity to the adjacent Kirkpatrick Heights masterplan effort, Western Supply would have a particular focus on complementing that plan's affordability efforts by addressing housing needs in that community. Like the results in Kendall-Whittier over the last 10 years, this project presents the opportunity to catalyze further mixed-income housing and economic growth in the area.

PERFORMANCE MEASURING

Property management will be required to collect resident data, per federal guidelines of the Low Income Housing Tax Credit and National Housing Trust Fund programs, to ensure compliance with the stated affordability goals of the project. In addition, similar data will be required to be collected regarding the workforce talent goals.

ONGOING INVESTMENT AMOUNT

$

ONGOING INVESTMENT DESCRIPTION

None

ONGOING INVESTMENT REQUIRED

One-time project will not need continued funding