PartnerTulsa and the City of Tulsa have released a Request for Proposals (RFP) seeking development proposals and requests for funding for housing projects to be funded through $8.1 million from the Downtown Development Redevelopment Fund (DDRF).
Proposals can include both market-rate housing and affordable housing projects.
“This program represents one of the many ways the City, PartnerTulsa and all of our community partners are working together to address Tulsa’s housing shortage,” said Mayor G.T. Bynum, who also serves as the chair for the Tulsa Authority for Economic Opportunity (TAEO). “As we look to close in on our $500 million housing challenge, I’m confident that innovative funding opportunities like this will help us close the housing gap in Tulsa.”
“With a demand for nearly 13,000 housing units in Tulsa over the next decade, increasing the availability of quality, affordable housing in Downtown Tulsa will be a critical part of the city’s housing strategy,” said Kian Kamas, Executive Director of PartnerTulsa. “The DDRF program has supported the construction of over 850 housing units over the past two decades, while also creating space for the amenities and services within developments that are critical to a thriving Downtown. We are excited to have the opportunity to support a new round of investments and look forward to partnering alongside developers in the coming months through this program.”
Development proposals are due June 2, 2023, and successful applications for funding will be announced in August. All developers interested in submitting a proposal must attend a mandatory pre-submission call on April 21, 2023. Proposals that include affordable housing projects will be scored higher.
“Local market data indicates immense demand for more housing across the spectrum of affordability in our downtown and the opportunity exists to double our population in the next decade,” said Brian Kurtz, president and CEO of Downtown Tulsa Partnership. “We are fortunate to have true partners in PartnerTulsa working to make development feasible via the Downtown Development Redevelopment Fund.”
For questions about DDRF, email PartnerTulsa at [email protected] or Casey Stowe, [email protected].
About DDRF
DDRF is intended to promote high-quality residential development within the Inner Dispersal Loop (IDL). Over the past 20 years, DDRF has been used to deliver more than 850 units in the IDL. Past projects include, but are not limited to, the Meridia, East End Village, the Mayo 420 building, Renaissance Uptown, and the Tribune Lofts. Funds are to be deployed as subordinate debt with a 6% interest rate, accruing as a Payment in Kind (PIK) and are added to the outstanding balance. Currently, there is $8.1 million available for projects that report to the RFP. Tulsa voters approved DDRF funding in four separate funding packages; 2013 Improve Our Tulsa, 1996 Sales Tax, Vision 2025, and the 2006 Third Penny Extension.
About PartnerTulsa
PartnerTulsa is the City of Tulsa’s economic development Authority that streamlines and strengthens Tulsa’s economic development efforts through the merging of the Mayor’s Office of Economic Development (MOED), Tulsa Industrial Authority (TIA), Tulsa Parking Authority (TPA), and Economic Development Commission (EDC) into a single, enhanced Public Trust. Partner Tulsa (aka TAEO) is governed by a thirteen (13) member Board of Trustees and provides staffing for and oversees the operations of the Tulsa Development Authority (TDA). For more information about PartnerTulsa, visit www.PartnerTulsa.org.
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