Three years after Tulsa voters set aside $75 million for housing, the first of that money is finally reaching job sites.
The City of Tulsa and the Tulsa Housing Impact Fund announced Sept. 25 the first projects to receive dollars from the voter-approved Improve Our Tulsa 3 housing program. According to the city's announcement, three projects have been funded so far with a combined $7.25 million, supporting 218 housing units and about $61.18 million in total housing investment.
Three more projects are in final approval, adding $10.75 million and 345 units. All together, the city says the six projects represent 563 housing units. The city's headline puts the committed money at $14.145 million, while the body adds up the six projects at $18.845 million. Either way, it's the first real money out the door.
What got funded
The first three projects show the range of what the fund is meant to do:
- THA The Summit: $2.6 million for 60 new units, including units for households at or below 60% of area median income.
- THA Enclave: $3.465 million for 99 new units, including units at 50% and 60% of area median income.
- Revitalize T-Town: $1.18 million to preserve 59 existing units.
The three projects in final approval include $750,000 to rehab and rebuild two vacant fourplexes next to each other, $8 million for a proposed 306-unit new apartment development, and $2 million to turn a former church campus into 31 affordable apartments plus a music venue and a café.
"We set a goal of bringing 6,000 affordable housing units online by 2028 and reaching that goal requires us to put every available tool and partnership to work," Mayor Monroe Nichols said.
How the money works
Of the $75 million, $25 million is set aside for housing infrastructure, $25 million for grants, $10 million for acquisition, $7 million for investment, $5 million for preservation and rehab and $3 million for administrative costs. The city says $47 million of it runs through the Tulsa Housing Impact Fund, which is managed by the Housing Partnership Network, a national nonprofit, and led by president Chloe Williams Dotson.
The idea is to use city money to pull in private and charitable dollars. The fund reported $101 million raised toward a $120 million goal, including the city's $47 million and about $27 million in local philanthropic grants.
There's plenty more in line. Three projects with about 282 units were scheduled to go before the fund's loan committee in late September, and four more with about 454 units are expected to be reviewed in October. The fund expects about 1,300 units to have committed financing by the end of 2026. Its wider pipeline lists 84 possible projects with about 5,312 potential units across all nine City Council districts.
"Tulsa voters entrusted us with a historic investment in housing," Council Chair Karen Gilbert said.
The need is real. A 2023 citywide housing study found Tulsa needs about 12,900 more housing units over 10 years.
Why it matters for Contractors
Money that's committed is money that turns into bids. Two new Tulsa Housing Authority developments, a 306-unit apartment project, a church conversion and a pair of fourplex rebuilds all mean work for framers, concrete crews, roofers, MEP trades and finish carpenters. The city didn't name general contractors for these jobs, and we aren't guessing.
Smaller contractors should pay attention to the rehab side. Preservation money and fourplex rebuilds are the kind of jobs a local remodeler or small builder can actually win, and the fund says one of its goals is expanding access to capital for local developers.
The city is also trying to make building easier in other ways. This year it rolled out the T-Town Home Catalog of pre-approved house plans, building permit fee reductions and a program to take back vacant, abandoned properties. It's also negotiating to sell and lease city-owned lots expected to bring about 150 new homes. For a small builder, pre-approved plans and lower fees can cut weeks and dollars off an infill house.
With the mayor's 6,000-unit goal set for 2028, Tulsa is going to need a lot of hands. Contractors who learn how these programs work now will be ready when the next round of projects heads to bid.