A new affordable housing development in northeastern Oklahoma City should break ground in six months if all goes according to plans.
Urban League of Greater Oklahoma City gained the Oklahoma Housing Finance Authority board's approval this week to receive $500,000 in tax credits toward the development, according to a press release.
Valerie Thompson, Urban League president, said building the $5.1 million townhouse, duplex-style neighborhood fits into the organization's commitment to providing "affordable, quality housing" to the city's northeast side.
"Not only will this bring much needed housing to the area, but it will stimulate economic development," Thompson said in a release, citing Greater Oklahoma City Chamber analysis that the project will add $1 million to the local economy.
The neighborhood, consisting of 36 two- and three-bedroom units, will be located on Kelley Avenue between N.E. 24th and 26th streets. Monthly rent will fall between $450 and $650, plus utilities, with discounts available for people who have disabilities.
The housing initiative fits into the league's "Opportunity Agenda," unveiled in November as part of Equal Opportunity Day events. That agenda strives to empower people to achieve economic self-sufficiency in home ownership, among other areas. "Emily Jerman