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The Tulsa Housing Authority (THA), with co-developer The Michaels Organization, has closed the $19 million Phase IV financing for Choice Neighborhoods – River West, a mixed-income workforce housing development. The Choice Neighborhoods – River West project in Tulsa represents the largest investment in affordable housing in the city’s history, totaling more than $180 million.
Phase IV of the historic project includes 65 units, with 39 subsidized replacement units, 15 tax credit units and 11 market rate units. Housing for Phase IV includes six two- to three-story walk-up garden style buildings. Phase IV represents the last phase of the project to be built on the former Riverview Park Apartments public housing site footprint.
“It’s been incredible to witness what once was the Eugene Field neighborhood transform into River West. This project speaks to the power of mixed-income communities and their ability to drive transformative change for an entire neighborhood,” said Aaron Darden, THA president & CEO. “Financing for Phase IV represents a true commitment from a variety of partners to create a better Tulsa by transforming lives and communities.”
“We are pleased to partner with the City of Tulsa and the Tulsa Housing Authority on this exciting and ambitious project,” said Luci Blackburn, HUD’s Choice Neighborhoods director. “The Choice Neighborhoods program significantly invests in affordable housing, resident opportunity, and neighborhood improvements with a goal of creating equitable communities where all residents can prosper. We are thrilled to see the River West project move towards completion with HUD’s support.”
Phase IV funding includes, a HUD 221(d)(4) loan and bridge financing provided by M&T Reality Capital Corporation and M&T Bank, 9% LIHTC investment from RBC Community Investments, and investments from Anne and Henry Zarrow Foundation and George Kaiser Family Foundation.
“As THA continues to grow, we are excited to close the fifth housing finance project together, which builds new affordable housing in Tulsa” said John Galfione, director at RBC Community Investments. The sentiments were shared by Sandra DeFelice, senior managing director at M&T Reality Capital Corporation stating, “It was our pleasure to work with two high-capacity organizations in THA and The Michaels’ Organization to close on Phase IV and move swiftly to financing Phases V and VI to wrap the River West revitalization.”
“The redevelopment of the Eugene Field Neighborhood, years in the making, is one of the most significant redevelopment efforts that the City of Tulsa and the Housing Authority of the City of Tulsa has undertaken,” said Michaels Regional vice President Greg Olson. “Michaels is proud to have played a role in these efforts and look forward to building out the remainder of the neighborhood.”
The Housing Authority of the City of Tulsa (THA) and the City of Tulsa were awarded a $30 million CNI grant in 2017 by the United States Department of Housing and Urban Development (HUD) to launch the transformation of the Eugene Field neighborhood into River West, a mixed-income community. THA selected The Michaels’ Organization as its co-developer. The Choice Tulsa Transformation Plan includes the construction of up to 430 mixed-income apartments, a renovated West Tulsa Park, and extensive public infrastructure and stormwater improvements. Project totals are estimated at more than $180 million, representing Tulsa’s largest investment in affordable housing to date.
For more information on River West – Choice Neighborhoods Tulsa, visit riverwesttulsa.com.
About Choice Neighborhoods
A program of the United States Department of Housing and Urban Development (HUD), Choice Neighborhoods leverages significant public and private dollars to support locally-driven strategies that address struggling neighborhoods with distressed public or HUD-assisted housing through a comprehensive approach to neighborhood transformation. The program helps communities transform neighborhoods by revitalizing severely distressed public and/or assisted housing and catalyzing critical improvements in the neighborhood, including vacant property, housing, businesses, services and schools.
About Housing Authority of the City of Tulsa
The Housing Authority of the City of Tulsa (THA) is creating a better Tulsa by transforming lives and communities. THA has been serving the community since 1967, providing affordable housing solutions for Tulsa’s most vulnerable populations. THA owns and manages 13 communities, offers four Section 8 Project-Based Rental Assistance communities and manages the Housing Choice Voucher program. THA serves more than 20,000 Tulsans, providing affordable housing options in tandem with connection to supportive services to help all Tulsans thrive.
About The Michaels Organization
The Michaels Organization is a national leader in residential real estate, offering full-service capabilities in development, property management, construction and finance. Serving 145,000 residents in more than 400 communities nationwide, Michaels is committed to crafting housing solutions that jump start education, civic engagement and neighborhood prosperity and to creating Communities That Lift Lives.