Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Affordable Housing Trust Fund topic
No spam. Unsubscribe anytime.
Affordable Housing Trust Fund: $12.5M deployed to date; second funding round shows larger unit yields, staff says
Summary
Staff reported $12.5 million in initial capitalization for Tulsa's Affordable Housing Trust Fund, $7.5 million awarded to housing development and $2.7 million to rental/homebuyer assistance; RFP-selected second-round projects produced higher unit counts but are seeing construction delays tied to capital stacks.
Staff updated trustees on the Affordable Housing Trust Fund and progress on awarded projects, telling the board the fund now totals $12.5 million and that awards to date are yielding hundreds of housing units.
Nia and Karen led the presentation, saying the trust fund received $8.5 million from philanthropic sources (flowed through the Tulsa Community Foundation) and $4.0 million from the city of Tulsa, for a $12.5 million fund supporting housing development and social services. Staff reported approximately $7.5 million has been awarded to housing development projects and roughly $2.7 million for rental, homebuyer and landlord assistance programs.
According to staff, the housing development awards are expected to produce 484 units in total; presentation text included several numbers that were clarified in discussion. The first open-application round produced five projects and about 34 units with 10-year affordability terms; two of those loans were structured as forgivable based on deep affordability. The second round — run as an RFP — produced a larger unit yield and nearly all of those units will be affordable under seven-year affordability terms with a balloon payment at term.
Trustees and staff discussed why construction timelines slipped on several second-round projects. Staff said the primary delay was partners finalizing capital stacks with lenders; staff plans to bring minor amendments to development agreements to clarify timelines at the March board meeting. One project awarded to Habitat is set to begin construction in March. Board members suggested creating a preferred-lender list and offering navigation support to help developers assemble financing more quickly.
Staff also noted the fund had deployed awards that will produce an early tranche of affordable units, some already completed, and that about $2.0 million remains available for additional projects. Trustees discussed coordination with other local financing sources and larger lenders, including a possible complementary role for national CDFIs and the Housing Partnership Network in providing larger bridge or long-term loans.
Trustees asked for a timeline and public engagement plan for small-area sector plans and for the trust fund staff to return in March with any required contract amendments and updated construction schedules.
