Tulsa Housing Authority (THA) has successfully acquired Country Club Gardens Apartments from The Michaels Organization (TMO), furthering THA’s commitment to preserving and increasing affordable housing in Tulsa. THA and TMO partnered on the transfer of ownership and rehabilitation.
The 353-unit Country Club Gardens community was originally developed by TMO as a HOPE VI project beginning in 2005. The acquisition by THA and rehabilitation project will invest $60 million across five phases during an 18-month construction period administered by TMO subsidiary entity Prestige Construction. The site’s multifamily and senior mid-rise tower units will undergo conversion to the Rental Assistance Demonstration (RAD) program as THA seeks to convert all of its portfolio, nearly 3,000 units, to RAD in the next several years.
“We’re very excited to have Country Club Gardens back in our portfolio, as it was a successful HOPE VI project and will certainly be a successful RAD conversion that will improve the community,” said Aaron Darden, THA president & CEO. “This addition of more than 350 units to our portfolio will allow us to continue to create a better Tulsa by transforming lives and communities.”
Originally developed in 2003 as a HOPE VI project with a 15-year Low-Income Housing Tax Credit (LIHTC) compliance period, THA invested more than 18 months towards the acquisition of the property from TMO, including securing financing partners to strategically recapitalize the asset to best preserve and expand affordability.
Financing for the acquisition and rehabilitation was achieved with a 4% LIHTC commitment from the Oklahoma Housing Finance Agency, a $12 million investment from RBC Community Investments and $30 million in Tax-Exempt Bonds financed by Citi who purchased the total and also provided permanent debt of $18 million.
“We are excited to continue our partnership with the development team at THA through the closing of the fourth housing finance project that builds and preserves affordable housing in Tulsa,” said John Galfione, director at RBC Community Investments.
Carrie Lee, Citi’s director of community capital, shared, “We are excited to enter the Tulsa market with a high-capacity partner in THA, and look forward to making future investments in Tulsa housing market.”
All eligible residents will be given first right to return upon completion of unit rehabilitation. THA has partnered with Urban Strategies, Inc. as lead on Resident Services to support the relocation effort during the construction period. A detailed relocation plan is available on THA’s website.
For more information, visit https://www.tulsahousing.org/development/.
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About Housing Authority of the City of Tulsa
The Housing Authority of the City of Tulsa (THA), and its subsidiary THA Development Corporation, Inc., 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 15 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.