TULSA, Okla. — Tulsa voters approved the latest Improve Our Tulsa sales tax package, which includes a $75 million investment in the city's housing needs.
It's no secret the city is hurting for affordable housing.
In a statement from the city, Mayor G. T. Bynum called this move the 'single-greatest investment in housing' in city history.
Mark Smith serves as Housing Solutions Tulsa's CEO. He feels a sense of urgency to address the housing crisis.
“Unfortunately, when we talk about the need to address housing in Tulsa, it doesn’t go as far as you think," said Smith. "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 past spring, there is a gap of about $37 million annually that needs to go into increased housing development at all income levels.”
As a member of the mayor's 3H Task Force, Smith explained the idea behind this resolution is to set focus areas for the funding - but let developers or community members bring plans forward to best utilize the dollars.
“I think some of the investments the city is looking at on 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 break down.
- $25 million is allocated to 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 & rehabilitation
- $2.5 million for bond issuance & interest costs
- $350,000 to administrative costs
- $150,000 for outcome evaluation
According to Zillow's Home Value Index, the average house in Tulsa costs around $203,000.
Tulsa Housing Authority's Ginny Hensley has the same outlook.
It's the first domino to fall, she said.
“$75 million is an incredible start and honestly, really, that level of investment we haven’t seen before," said Hensley. “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 it’s just the starting point. We have to look to the philanthropic community... the corporate community. Just making that we are exhausting all resources, because the problem is so large, it’s going to take a large bold solution to make a difference.”
While both housing leaders aren't exactly sure how the funds will be allocated to them, they're encouraged by this investment.
"We have to bring more units to our community, that’s a given," said Hensley. "Also the focus on preservation and being able to make rehabilitation to existing affordable housing. That’s something we’re working feverishly at here at the housing authority right now, with three of our properties undergoing extensive renovations to try to extend their usable life. Because we can’t afford to be losing any affordable housing, even as we bring new units online.”
Smith is hopeful that getting this local support will incentivize funding from the state or other community partners in the future.
Stay in touch with us anytime, anywhere --
- Download our free app for Apple, Android and Kindle devices.
- Sign up for daily newsletters emailed to you
- Like us on Facebook
- Follow us on Instagram
- SUBSCRIBE on YouTube
