Tulsa Housing Authority Begins $53 Million Renovation at Pioneer Plaza Apartments, Addressing Homelessness by Housing Senior and Disabled Population
Redevelopment leverages Low-Income and Historic Tax Credits, National Housing Trust Funds and Tax-Exempt Bonds
TULSA, Okla. (August 1, 2023) –Tulsa Housing Authority (THA) developed and closed the $53 million financing for the redevelopment of Pioneer Plaza Apartments, an apartment community for extremely low to zero-income tenants who are elderly or have a disability. The redevelopment will extend the useful life of this historic building in Tulsa and represents the largest investment in affordable housing for the city’s senior and disabled populations who would likely otherwise face homelessness.
This historic project includes the redevelopment of 191 units and the creation of 10 additional units, providing 201 units of deeply rent-subsidized apartments, financed with six layers of funding assembled by THA and its financing partners. In addition to new units, the rehabilitation of the building includes new community spaces for residents, a renovated entryway lobby and a commercial kitchen to expand social services provided to tenants.
The six layers of financing include three sources provided by the Oklahoma Housing Finance Agency – Low-Income Housing Tax Credits as well as State and Federal Historic Tax Credits – and three sources provided by the U.S. Department of Housing and Urban Development – National Housing Trust Funds, Permanent Loan under the 221(d)(4) Program and the Rental Assistance Demonstration program. THA assembled a national team of legal and financing experts at Ballard Spahr and CSG Advisors and funding partners at RBC Community Investments and M&T Realty Capital Corporation to bring the project to financial closing.
“This project is a case study of affordable housing finance at its very best,” said Nicole Graham, CEO of CSG Advisors. “From the very beginning, the project was facing an uphill battle – including a flood, a freeze and a fire – but the team kept going, steadfastly making things work, and ultimately finding a way to finance this much-needed project that will improve the quality of life for residents for many years to come.”
“The financial closing and $53 million redevelopment of this historic building is a milestone for the investment in housing for persons who would likely be experiencing homelessness without this
apartment community,” said Aaron Darden, THA president & CEO. “This project proves that with the right team and funding partners, Tulsa can make impact investments to provide housing that is deeply rent subsidized for those who need it most, and THA is ready to lead that effort.”
“Oklahoma Housing Finance Agency is proud to have partnered with the Tulsa Housing Authority in their revitalization of this historic building providing affordable housing to our most vulnerable populations,” said Deborah Jenkins, OHFA executive director. “The recent Housing Study shows that more housing of this kind is needed in Tulsa and THA has taken the lead to ensure the community’s needs are met.”
“RBC is excited to be a partner on this complex redevelopment. It represents an investment in housing for those with the greatest need,” said John Galfione, director at RBC Community Investments. Sandra DeFelice, senior managing director at M&T Realty Capital Corporation shared, “It was our pleasure to work with the high-capacity organizations in THA to close this complex transaction to provide this much-needed housing in Tulsa.”
To learn more about THA’s development pipeline, including the rehabilitation of Pioneer Plaza Apartments, 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) 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.