Trust allocates $100,000 in GO-bond funds to 38-unit supportive housing project

The Oklahoma City Economic Development Trust voted Nov. 18 to approve a $100,000 allocation from 2017 general obligation bond proceeds to support a 38‑unit permanent supportive housing project developed by We Are Society.

Cathy O'Connor of Co Align Group, representing We Are Society, told trustees the project at 1645 NW 4th Street will offer 34 one‑bedroom units and 4 two‑bedroom units targeted at households at or below 30 percent of area median income. O'Connor said the total project cost is about $8 million and the development will rely on a mix of financing, including low‑income housing tax credits, HOME‑ARP and local ARPA and MAPS 4 funds; the developer plans to defer most of its fee to make the financing work. The Oklahoma City Housing Authority will hold a 51 percent ownership stake but, O'Connor said, will not provide guarantees on the financing.

Trustees asked when construction would begin. O'Connor said everything except closing on LIHTC financing is in place — "We already have our building permits" and zoning approvals, and construction will begin after the financing closes, a process she said can take a couple of months for a LIHTC project.

The trust took a motion and second and approved the joint resolution allocating the bond funds. The board did not identify a mover or seconder on the record.

Next steps: the developer will close financing for LIHTC equity and other deferred resources before starting construction; staff did not provide a timetable for completion or a schedule for tenant selection during the meeting.