The City of Tulsa has released a Request for Proposals (RFP) to secure professional services to administer some of the $75 million in Improve Our Tulsa (IOT) 3 housing funds.
The funds to be administered may include a $25 million Housing Grant Fund, a $7 million Housing Investment Fund, a $10 million Housing Acquisition Fund, and a $5 million Housing Preservation and Rehabilitation Fund.
"Housing is one of the most urgent challenges facing our community, and we must address it directly and in a variety of ways if we want to create real change," Mayor Nichols said. "I am eager to get additional housing projects and supports off the ground as quickly and efficiently as possible and I look forward to getting an administrator in place to move us forward."
• Housing Investment Fund – This is a program to deploy revolving funds to increase the supply of housing that is affordable for households earning up to 120% of the Area Median Income
• Housing Grant Fund – This is a program to leverage other programs such as the Low-Income Housing Tax Credit (LIHTC) to increase the supply of housing that is affordable for households earning up to 60% of the Area Median Income
• Housing Acquisition Fund – This is a program to acquire strategic sites across the city to produce housing units
• Housing Preservation and Rehabilitation Fund – This is a program to preserve housing by investing in rehabilitation of vacant and abandoned housing units
IOT 3 monies are projected to be collected over approximately 4.5 years beginning January 1, 2026, unless the City chooses to issue revenue bonds for advance funding, which would allow funds to be appropriated when bonds are sold. The City of Tulsa is considering bonding some of the IOT 3 funds to immediately deploy toward selected development projects as early as this year, which would accelerate housing developments to meet Tulsa’s housing needs.
More information about the RFP and how to respond can be found online.
For more information about the Mayor’s housing goals, visit: www.cityoftulsa.org/mayor/housing
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