Affordable Housing Trust Fund: $12.5M pledged; staff reports awards, construction delays and new RFP round

Staff provided an update on the Affordable Housing Trust Fund and development projects the fund supports, detailing the fund’s sources, projects awarded, and schedule changes on some developments.

Funding and flow Presenters said the fund’s initial capitalization includes about $8.5 million from philanthropic partners and $4 million from the City of Tulsa, for an approximate total of $12.5 million. Staff said the philanthropic contributions flow through the Tulsa Community Foundation to provide a single point of contact for drawdowns.

Awards and projects Staff said the AHTF has so far awarded approximately $7.5 million for housing development projects and about $2.7 million for rental and homeowner/landlord assistance programs. Presenters said the funded housing projects are expected to produce roughly 484 housing units in total; staff reported that a portion of those units have already been completed and that others are under construction. Presenters described two earlier rounds of awards: an open application first round (with standard 10‑year affordability terms at 0% interest) and a second round conducted via RFP with seven‑year affordability periods that include a balloon payment at term.

Timing and delays Staff told trustees many RFP‑selected projects have later construction starts than originally forecast because developers are still assembling capital stacks and securing lending. Staff said they have met with developers to confirm financing and plan minor amendments to development agreements to clarify construction timelines; staff expects those amendments to be ready for the March board meeting.

Other items Presenters noted the fund has produced completed projects and that one previously awarded developer (Verra Living) requested termination for a Midtown project; Verra has another conversion project that staff said is complete. Staff and trustees discussed whether Tulsa should create a list of suggested lenders to help expedite capital stack assembly and whether the AHTF should coordinate with other local and national capital providers, including a Housing Partnership Network (HPN) engagement described in the meeting as bringing CDFI capacity and additional capital and technical assistance for emerging developers.

Next steps Staff said roughly $2 million remains available to fund additional projects and that a new RFP round is anticipated in March 2025. Staff also said they plan to request additional city funds (referred to as “IOT3 funds” in the presentation) in the future to expand the program. Trustees asked staff to provide more detail on developer capital stacks and to return with amendments and a proposed RFP timeline.

Notes on figures The presentation contained several numerical summaries that were read quickly; staff said more granular documentation (project‑level budgets, capital stacks and the detailed AHTF ledger) would be provided to trustees and that the March meeting would include development agreement amendments for board action.

Speakers on the item included staff leads Nia and Karen (presentation), with follow‑up discussion among trustees and staff. Trustees asked about preferred lender lists and whether the AHTF should be coordinated with larger CDFI efforts; staff said they are working on those connections with partners and funders.