Eleven aging, at-risk affordable housing communities in Oklahoma have been preserved and newly renovated for low-income households.
Greystone Affordable Development and Green Companies Development Group partnered to acquire and rehabilitate 294 units in 11 U.S. Department of Agriculture (USDA) Rural Development Sec. 515 properties. Greystone’s affordable housing development group worked with USDA’s Rural Housing Service state and national offices as well as the Oklahoma Housing Finance Agency (OHFA) to secure the tax-exempt bonds and 4% low-income housing tax credits for the $38.9 million statewide pooled transaction. Boston Capital was the tax credit equity provider.
“Our development team, investment partners, and the two Oklahoma housing agencies (USDA Rural Development and OHFA) came together to meet the challenges of this major undertaking and successfully preserved nearly 300 at-risk affordable apartment homes across the state of Oklahoma. We are incredibly thankful to everyone who shared our passion and commitment,” said Tanya Eastwood, president and CEO of Greystone Affordable Development. “The valuable tax-exempt bond structure and 4% housing tax credits were essential to the financial feasibility of this complex project, and the preservation of this critical affordable housing will undoubtedly transform lives and communities for years to come.”
The rehabilitation modernized the properties, which were built between 1978 and 1986, and addressed accessibility and deterioration concerns without any residents being permanently displaced. Completed within 13 months, each unit underwent about $33,700 in renovations, including new HVAC systems, kitchen appliances, and plumbing. In addition, aesthetic updates were made to property interiors and exteriors.
The properties, which are located in eight counties, include Ada Terrace, Chouteau Terrace, Duncan Terrace, Inola Terrace, Kellyville Terrace, Lexington Terrace, Maysville Terrace, Meeker Terrace, Oilton Terrace, Pauls Valley Terrace, and Wellston Terrace.
“Since starting the preservation journey of these apartment communities, we have truly learned the value of critical programs such as USDA’s Sec. 515 debt platform,” added Brian Green, president of Green Companies Development Group. “We see that value every day in the joy on our residents’ faces as they take pride in their newly renovated homes.”