2023

Annual Report

Aaron Darden

President & CEO
Tulsa Housing Authority

It’s easy to look at the impressive metrics shared in this report and to focus in on those datapoints – millions invested in affordable housing, thousands of Tulsans served through our various programs, and more. But I don’t want to overlook the fact that each of those figures represents a life transformed through the provision of safe, stable, affordable housing. It’s important to see the individual impact through the collective outcomes shared below.

One example of that individual impact lies in the story of Harold, who lives at our Murdock Villa community. After decades of working as a painter, Harold fell from a ladder and became injured to the point of no longer being able to work. He was scared and didn’t know how he would survive without his occupational income. A friend heard the sadness in his voice in a phone conversation and suggested he apply to live in a Tulsa Housing Authority property. He did, and has lived at Murdock Villa ever since. Harold is so grateful for a safe, stable home that he can afford and for the community that he’s built while living in a THA property.

Every development, every rehabilitation, every activity of our Social Services department represents a life made better by our team at THA. Just as our organization invests in our community, our team invests in the lives of those we serve in real and meaningful ways every single day. I couldn’t be more proud of, or grateful for, Team THA.

While we celebrate the impact we’ve been able to make in lives across our community, I know that there are thousands of Tulsans still in need. Tulsa has reached a crisis level lack of affordable housing and we must take action as a city, and a state, to meet this challenge. We’re thankful for community
partners and government officials who understand the breadth of the issue and are coming alongside us
to address it.

I truly believe that, together, we can create a better Tulsa by transforming lives and communities. Let’s get to work!

Rick Neal

Chairman
Tulsa Housing Authority
Board of Commissioners

Since 2014, I have had the honor of working with my fellow Tulsa Housing Authority Board of Commissioners as we pursue our mission of providing safe, stable and affordable housing to our community. Like other communities in Oklahoma and across the nation we have had to deal with the pandemic, inflation and an unfavorable development environment, but with the hard work and expertise of the THA staff we have created a development pipeline of over $600 million into the Tulsa community.

Of course, we have not done this alone. Our philanthropic, government and service community partners have been critical in our efforts and on behalf of the Board of Commissioners and the THA Team, I thank you.

Looking forward, the issue of affordable housing is a public policy priority at the local, state and national levels. Oklahoma’s investment of over $200 million toward affordable housing and the City of Tulsa’s commitment of $75 million from the Improve Our Tulsa package are important steps towards meeting the challenges ahead.

Certainly, there will continue to be challenges, but working with the support of our partners, I believe that this year’s annual report shows that THA is fiscally and organizationally strong and prepared to continue our mission of providing safe, stable and affordable housing for Tulsa. Onward!

Creating a better Tulsa...

Affordable Housing Programs

0

Public Housing applicants selected

0

Maintenance work orders completed across THA portfolio

0

New move ins

Public Housing units – 159
Rental Assistance Demonstration units – 143
Project-Based Rental Assistance units – 22
Low-Income Housing Tax Credit units – 86

Rental Assistance Programs

Housing Choice Voucher (HCV)/Section 8 Vouchers

  • Participants selected from HCV/CM waitlist – 3,686
  • HCVs issued – 498
  • New HCV admissions – 286

Rental Assistance Demonstration Project-Based Vouchers (RAD PBV)

  • Participants selected from RAD PBV waitlist – 7,555
  • RAD PBVs issued – 440
  • New RAD PBV admissions – 322

Tenant Protection
Vouchers (TPV)

  • TPVs issued – 76
  • New TPV admissions – 67

Veterans Affairs Supportive Housing (VASH)

  • VASH vouchers issued – 15
  • New VASH admissions – 11

Emergency Housing
Vouchers (EHV)

  • EHVs issued – 9
  • New EHV admissions – 21

Project-Based Vouchers (PBV)

  • PBVs Approved and Sent to Property – 68
  • New PBV Admissions – 32
0

Inspections completed by THA Inspections Department

0

New landlords added to THA voucher programs

$ given in landlord incentives

$ 0

New Landlord Incentive Bonus

0

Landlord Expansion Bonus

Removed
0

of the 47 criminal categories screened for that could prevent an applicant from being housed

Reduced criminal background lookback period from 5 years to
2 Years

by transforming lives...

6 Family Self-Sufficiency graduates earned
$ 0

in escrow funds

Distributed more than
0

pounds of food to residents

Served over
0

meals across 7 family properties during Summer Feeding Program

More than
0

participants took part in Back to School Bashes across 7 family properties

More than
0

senior residents participated in THA’s first Senior Health & Wellness Fair

...and communities

River West

Completed Phase IV

65 units

  • 39 subsidized units
  • 15 workforce units
  • 11 market rate units

Completed Phase V

68 units

  • 40 subsidized units
  • 17 workforce units
  • 11 market rate units

Phase VI financial closing

  • 80 units
  • $25,150,000
0 %

of original Public Housing residents have returned

36N

Completed demolition, totaling
0

units

Awarded
$ 0

in 9% Low-Income Housing Tax Credits for Phase I, Phoenix @ 36N

Pioneer Plaza

0

units preserved

0

new units created

$ 0

rehabilitation

Other Projects

Awarded
$ 0

in 4% Low-Income Housing Tax Credits, generating $11,432,147 in equity for project

$ 0

in Tax-Exempt Bonds issued for Mohawk Manor construction financing

Awarded
$ 0

in 4% Low-Income Housing Tax Credits, generating $14,956,650 in equity for project

$ 0

in Tax-Exempt Bonds issued
for construction financing

Acquired and demolished Sunset Plaza,
0

units of severely distressed housing

Rehabilitated

0

units at Country Club Gardens and added 2 storm shelters

Team THA

0

IT helpdesk tickets opened

0

Incoming phone calls across all THA locations

0

New Hires

0

Promotions

0

Tulsa Apartment Association Zenith Award winners

Revenues, Contributions, Expenses and Change in Net Position

for the year ended December 31, 2023

REVENUES AND CONTRIBUTIONS
Table Header Table Header
Tenant Rentals
$3,287,298
Housing Assistance Payment Subsidies
$46,487,426
Operating Subsdies and Grants
$29,276,281
Interest Income
$428,324
Capital Contributions
$3,762,473
Development Income
$3,694,276
Sale of Assets
$4,942,762
Other
$12,248,284
Total Revenue and Contributions
$104,127,124
EXPENSES
Table Header Table Header
Housing Operations and Administration
$16,289,543
Tenant Services
$1,147,239
Utilities
$3,942,551
Maintenance
$13,287,297
Housing Assistance Payments
$46,289,476
Protective Services
$552,492
Interest Expense
$946,223
Insurance Premiums
$2,842,687
Depreciation and Amortization
$8,643,289
Other
$6,289,473
Table Header Table Header
Total Expenses
$100,230,270
Change in Net Position
$3,896,854
Total Net Position at Beginning of Year
$118,539,879
Total Net Position at End of Year
$122,436,733

Statement of Net Position

for the year ended December 31, 2023

ASSETS AND DEFERRED OUTFLOWS
Table Header Table Header
Cash equivalents and Investments
$17,064,031
Accounts Receivable
$8,443,528
Inventory and Prepaid Items
$3,242,946
Restricted Investments
$4,893,248
Assets Held for Sale
$130,000
Other
$7,964,175
Capital Assets, Net of Depreciation
$80,698,805
Total Assets
$122,436,733
LIABILITIES
Accounts Payable
Table Header Table Header
Accrued Liabilities
$3,246,843
Security Deposits
$528,961
Unearned Revenue
$324,501
Current Portion of Debt
$3,528,871
Accrued Compensated Absences
$1,243,298
Long Term Debt
$62,521,073
Total Liabilities and Deferred Inflows of Resources
$71,393,547
NET ASSETS
Table Header Table Header
Investment in Capital Assets, Net of Related Debt
$23,097,760
Restricted for Debt Service & Other Purposes
$10,307,492
Unrestricted
$17,637,934
Table Header Table Header
Total Equity/Net Assets
$51,043,186
Total Net Position
$122,436,733

Tulsa Housing Authority
415 E. Independence Street
Tulsa, OK 74106
918.582.0021

©2024 Tulsa Housing Authority. All Rights Reserved.