City of Tulsa’s Post

The City of Tulsa has extended the timeline for developers to respond to the latest Request for Information (RFI) targeted to Tulsa housing developers as we seek to better understand what projects may be on the horizon. These responses will help us determine how to best disburse and/or bond all or a portion of the $75 million in Improve Our Tulsa (IOT) 3 housing funds. The RFI follows the work of the 3H Task Force, in addition to the Mayor’s executive order earlier this month that set housing as a priority and shifted resources to support the City’s housing goals. The City of Tulsa is considering bonding up to $35 million of the IOT 3 funds to immediately deploy toward selected development projects as early as this year, which would accelerate housing developments to meet Tulsa’s housing needs. One of the decisions will be how to best allocate the portion of bonded funds to go toward one or more of the following housing programs: • Housing Grant Fund: Leverage other programs, such as the Low-Income • Housing Tax Credit (LIHTC) to increase the supply of affordable housing for households at or below the 60% area median income. • Housing Investment Fund: Deploy revolving funds to increase the supply of affordable housing for households earning up to 120% of the area median income. • Housing Acquisition Fund: Acquire strategic sites across the city to produce housing units. • Housing Infrastructure: Invest in strategic areas where increase in capacity could enable more housing development with focus on projects that will utilize existing public infrastructure. • Housing Preservation & Rehabilitation: Preserve housing by investing in the rehabilitation of vacant and abandoned housing units. To see more information about the RFI visit https://lnkd.in/gMhnyMuH