Vintage Housing, Inc.

PROJECT PURPOSE

Our proposed project is a 52 unit two-story senior housing community situated on approximately three acres. Located in North Tulsa, the community would include a residential recreational park opportunity, saferoom with 120 person capacity, and a proposed serving kitchen. With a proposed budget of $13,776,000, the project is based on a similar community currently under construction in the Whittier area of Tulsa, funded by LIHTC, HOME funds, and debt. Affordable senior housing is a need in the underserved North Tulsa area. The project would be part of the Vintage Housing organization, which currently owns 17 senior communities for low-income seniors throughout northeastern Oklahoma. The management company for the project would be Volunteers of America, who would work with potential residents for any subsidy opportunities available to them. The assumptions utilized in determining cash flow opportunities for this project is that the ARPA funding would cover all projected costs to get the project completed and rented. There would be no ongoing debt to fund the building or interest expenses associated with construction.

EVIDENCE

City of Tulsa 2020-2024 Consolidated Plan Target Area identifies the area we intend to build the low-income, senior community as 51% or greater have low to moderate-income. Twenty percent of the residents in the area are age 65 or older, according to the 2020 U.S. Census. According to INCOG, 20% or more of the population is disabled in the identified Census Tract, 2021. The total number of housing units in the Census Tract has decreased by 13% since the 2010 U.S. Census.

POPULATION DESCRIPTION

This project will serve vulnerable, low-income seniors. Arguably disproportionately impacted by the pandemic, low-income seniors faced limited means of reaching essential resources. With significantly higher levels of poor health outcomes resulting from COVID-19, seniors would benefit from this affordable senior housing.

PERFORMANCE MEASURING

Vintage Housing would measure performance by occupancy levels, compliance reporting, as we have historically successfully provided in HUD reported requirements. We would work with LIFE Senior Services connecting independent case managers with residents. Working with case management has a proven record of success in helping seniors avoid costly nursing home occupancy. A percentage of residents taking part in LIFE Senior Services programming would be measured and collected. Vintage Housing owns and operates 17 communities throughout Northeastern Oklahoma with 688 available rooms. Whittier Heights is our most recent, and currently under construction, endeavor. We average 97% occupancy over the last 12 months. Vintage Housing was founded in 1995. Vintage has a successful history of compliance with HUD requirements.

ONGOING INVESTMENT AMOUNT

$

ONGOING INVESTMENT DESCRIPTION

None

ONGOING INVESTMENT REQUIRED

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