The City of Tulsa has launched the Affordable Housing Trust Fund, a citywide fund that can be accessed for production or preservation of affordable housing through the acquisition, new construction, reconstruction, and/or rehabilitation of affordable housing units in Tulsa.

The trust fund will be used for loans, grants, developer incentives, rental assistance and landlord incentives. Taxpayer money will be used to subsidize private property.

Before the onset of the COVID-19 pandemic, Tulsa was in need of more than 4,000 affordable housing units, with more than a third of residents cost-burdened by their housing. Additionally, Tulsa ranks at the 11th highest evictor in the nation. This trust fund will help provide more affordable housing, which in turn will help lower the number of Tulsans facing eviction.

“The Affordable Housing Trust Fund is an exciting step toward meeting our Affordable Housing Strategy goals,” said Becky Gligo, Housing Policy Director for the City of Tulsa. “For the first time in Tulsa’s history, we will have an entirely local fund that can be used for innovative housing initiatives. Our Trust Fund Committee will have the opportunity to make lasting change by awarding grants to neighborhoods and Tulsans who have historically been excluded from the essential investments they need for quality affordable housing.”

The fund will be housed at Tulsa Community Foundation and will contain no federal dollars to allow for maximum flexibility of funds.

 The Affordable Housing Trust Fund will commit roughly 15 percent of funds to landlord incentives, 14 percent of funds for direct rental assistance, 70 percent of funds to competitive proposals supporting the preservation and development of affordable housing, and 1 percent of funds to administrative grants, processing and oversight costs.