TULSA, Okla. — The Tulsa Housing Authority secured funding for redevelopment of Pioneer Plaza Apartments aiding extremely low to zero-income elderly or disabled people who may experience homelessness.
- Previous coverage >>> Study: $2.45 billion needed to successfully combat Tulsa housing crisis
The Pioneer Plaza Apartments located at 901 North Elgin is the base for the project as 191 units will be renovated, and an additional ten units will be added in the $53 million redevelopment.
The renovation also includes the community space, residential lobby, and a commercial kitchen to expand social services to residents.
The project addresses concerns over Tulsa's elderly and disabled low-income to zero-income community.
According to the 2020 census data, 18.3% of Tulsans live below the poverty line, with 6.31% of those above the age of 65.
THA currently provides public housing for low-income families and targets specific demographics for this housing development creating like communities.
THA developed what they call six layers of financing to fund the project. The funding provided by the Oklahoma Housing Finance Agency uses low-income tax credits as well as state and federal historic tax credits.
THA also recruited funding from the U.S. Department of Housing and Urban Development finishing with financial experts closing the deal.
THA president and CEO Aaron Darden said he is proud of the financial closing and the prospect of the building.
The financial closing and $53 million redevelopment of this historic building is a milestone for the investment in housing for persons who would likely be experiencing homelessness without this apartment community. This project proves that with the right team and funding partners, Tulsa can make impact investments to provide housing that is deeply rent subsidized for those who need it most, and THA is ready to lead that effort.
With funding secured, the redevelopment is set in motion and is a large investment into affordable housing for an in-need population.
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