TULSA, Okla. — Tulsa voters approved the latest Improve Our Tulsa tax package, which includes a $75 million investment in the city’s housing needs.
It’s no secret that the city suffers from affordable housing.
In a statement from the city, Mayor GT Bynum called this move the “single largest investment in housing” in the city’s history.
Mark Smith serves as Housing Solutions Tulsa’s CEO. He feels a sense of urgency to address the housing crisis.
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“Unfortunately, when we talk about the need to address housing in Tulsa, it doesn’t go as far as you think,” Smith said. “When we looked at the Tulsa housing assessment that came out a year or two ago, and when we looked at the Tulsa housing strategy that came out this spring, there’s a gap of about $37 million annually that needs to go toward increased housing development at all income levels. “
As a member of the mayor’s 3H Task Force, Smith explained that the idea behind this resolution is to set focus areas for the funding — but let developers or community members come up with plans to best use the dollars.
“I think some of the investments that the city is looking at like how can the city do things that it already does well like infrastructure to open up more pieces of land that maybe couldn’t be developed or it would be too expensive is really smart, but how can we get started right away?”
Let’s take a look at how the funds are distributed.
- $25 million is set aside for a housing grant fund
- $25 million for housing infrastructure
- $10 million for a housing acquisition fund
- $7 million for a housing investment fund
- $5 million for housing preservation and rehabilitation
- $2.5 million for bond issues and interest expenses
- $350,000 for administrative expenses
- $150,000 for performance evaluation
According to Zillow’s Home Value Index, the average house in Tulsa costs about $203,000.
Tulsa Housing Authority’s Ginny Hensley takes the same view.
It’s the first domino to fall, she said.
“$75 million is an incredible start and frankly, we haven’t seen that level of investment before,” Hensley said. “Now the city of Tulsa has a little more skin in the game in terms of that level of investment, so that’s encouraging, but that’s just the starting point. We’ve got to look to the philanthropic community. . . . It’s just a matter of pulling out all the resources, because the problem is so big that it takes a big bold solution to make a difference.”
Although both housing leaders are not exactly sure how the funds will be allocated to them, they are encouraged by this investment.
“We need to bring more devices to our community, that’s for sure,” Hensley said. “Also a focus on preservation and being able to rehabilitate existing affordable housing. That’s something we’re working feverishly on here at the housing authority right now, with three of our properties undergoing extensive renovations to try to extend their lifespan. Because we can’t afford to lose some affordable housing, even as we bring new apartments online.”
Smith is hopeful that receiving this local support will spur funding from the state or other community partners in the future.
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