TULSA, Okla. — Another $47 million is cleared for Improve Our Tulsa 3's housing initiative.
The City of Tulsa signed an agreement allowing the Tulsa Housing Impact Fund and the Housing Partnership Network to distribute funds approved by Tulsa voters in August of 2023.
WATCH: MORE FUNDING: Tulsa unlocks $47 million for housing initiatives:
"This is intended to create more subsidy to allow more developers to build housing and keep it affordable," City of Tulsa's senior adviser on housing Gene Bulmash told 2 News on Feb. 25.
In November 2024, the Tulsa City Council decided how the $75 million would be distributed.
- $25 million to the Housing Grant Fund
- $7 million to the Housing Investment Fund
- $10 million to the Housing Acquisition Fund
- $5 million to the Housing Preservation and Rehabilitation Fund
- $25 million to the Infrastructure Fund
- $3 million for administrative, compliance, and potential bond issuance costs
The partnership enables the Tulsa Housing Impact Fund to raise private capital to expand the community's housing supply. The Tulsa Housing Impact Fund will follow City-adopted policies when distributing the funds and meeting with housing investors, the city said.
So far, THIF received private commitments of $30 million, according to a release.
“This investment marks a significant step toward building a more affordable place for Tulsans to live and thrive," said Housing Partnership Network CEO Robin Hughes. "We are honored to work alongside the city, philanthropy, investors, and the development community to accelerate the creation and preservation of homes that will strengthen Tulsa for generations. We already have a strong pipeline of development opportunities and hope to announce our first round of funding commitments in the upcoming months.”
The city and Mayor Monroe Nichols have set a goal to build 6,000 affordable housing units by 2028.
"This is not, you know, the end all be all of affordable housing tomorrow because of this, but building takes time," Bulmash said. "And funding the building takes time. And so, this is a direct requirement in order to get us to the goals - the mayor's goals of 6,000 units that are affordable by 2028."
City Councilor Christian Bengel told 2 News the investment is going to improve communities across town, including his own district.
"I haven't heard a lot of opposition, even from a neighborhood that's more mature," Bengel said. "So I think people understand that this is a priority not just for all of us, but it's certainly detrimental to our city if we don't get it done."
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