TULSA, Okla. — Tulsa voters approved the latest Improving Our Tulsa sales tax package, which includes a $75 million investment in the city’s housing needs.

It’s no secret: the city lacks affordable housing.

In a city release, Mayor GT Bynum called this movement the “largest investment in housing” in the city’s history.

Mark Smith is CEO of Housing Solutions Tulsa. He feels a sense of urgency to solve the housing crisis.

Tulsa Rep Aims to Address Housing Problems by Creating Statewide Commission

“Unfortunately, when we talk about the need to address the housing problem in Tulsa, it doesn’t go as far as people think,” Smith said. “When we looked at the Tulsa Housing Assessment released a year or two ago, and when we looked at the Tulsa Housing Strategy released last spring. There is a deficit of about $37 million a year which must be dedicated to increasing housing development at all income levels.

As a member of the mayor’s 3H task force, Smith explained that the idea behind this resolution is to define priority areas for funding – but to let developers or community members come up with plans to best use money.

“I think some of the investments that the city is looking at, like, how can the city do things that it already does well, like infrastructure to open up more land that maybe couldn’t be developed or that would be too expensive, are really smart, but how can we start right away?

Let’s take a look at the distribution of funds.

• $25 million allocated to a housing assistance fund
• $25 million for housing infrastructure
• $10 million for a housing acquisition fund
• $7 million for a housing investment fund
• $5 million for the preservation and rehabilitation of housing
• $2.5 million for bond issuance and interest costs
• $350,000 in administrative costs
• $150,000 for results evaluation

According to Zillow’s Home Value Index, the average home in Tulsa costs about $203,000.

Ginny Hensley of the Tulsa Housing Authority has the same outlook.
It’s the first domino to fall, she said.

“$75 million is an incredible start and honestly, it’s really a level of investment we’ve never seen before,” Hensley said. “Now the city of Tulsa has a little more leverage in the game in terms of that level of investment, so that’s encouraging, but it’s just a starting point. We have to look to the community philanthropic…the business community just arguing that we’re exhausting all the resources, because the problem is so big it’s going to take a bold solution to make a difference.

Although the two housing industry leaders aren’t sure how the funds will be allocated to them, they are encouraged by the investment.

“We need to bring more units into our community, that’s a no-brainer,” Hensley said. “There is also a focus on the preservation and ability to rehabilitate existing affordable housing. This is something we are working feverishly on here at the housing authority at the moment, with three of our properties undergoing significant renovations to try to extend their useful life Because we cannot afford to lose affordable housing, even as we bring new housing online.

Smith hopes gaining this local support will encourage funding from the state or other community partners in the future.

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