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HBSY Properties to Receive $187,000 Affordable Housing Trust Fund Development Loan

11/12/2021

The Tulsa Authority for Economic Opportunity (TAEO) has approved a $187,000 Affordable Housing Trust Fund (AHTF) development loan to go to HBSY Properties for the rehabilitation of 10 affordable housing projects in North Tulsa.

HBSY Properties, a local developer with ties to the North Tulsa community, will receive the funds as reimbursements for individual housing projects. Monies will be offered at 0 percent interest for 10 years.

Watch HBSY comment on plans for the 10 properties: https://www.youtube.com/watch?v=n31h2Kys7RE

“We are excited to be able to offer this opportunity from the Affordable Housing Trust Fund to a local and vetted developer we know will help provide affordable housing opportunities for years to come,” said Kristin Maun, TAEO’s Director of Housing Development and Incentives.
Through the Affordable Housing Trust Fund, TAEO is fulfilling our commitment to the City of Tulsa’s Affordable Housing Strategy and creating quality housing opportunities for all Tulsa residents.”

Upon completion, housing projects will be rented to Section 8 tenants for at least 15 years, offering long-term affordability. As part of the development agreement, HBSY Properties will participate in the City of Tulsa’s Gold Star Landlord Program, a program that provides incentives and rewards for landlords and property managers who engage in the best rental practices.

Though this is the first approved AHTF development loan, there have been five approved landlord incentive and rental assistance grants that will serve nearly 450 households.

AHTF landlord incentive programs are the first programs of their kind in Tulsa and provide landlords with risk-mitigation resources to help low-income tenants overcome housing barriers such as past evictions and justice involvement.

Find more information on the City’s Gold Star Landlord Program online.

Find more information on the City’s Affordable Housing Trust Fund online.