OKLAHOMA CITY — Construction of an affordable housing subdivision that has been in the planning stages for years could begin in the fall if the Oklahoma City Council approves the necessary funding next week.
The first phase of the three-phase Creston Park neighborhood affordable housing project in northeast Oklahoma City was fully funded at one point, but rising construction costs increased the amount needed, Ian said. Colgan of the Oklahoma City Housing Authority.
OCHA and its nonprofit arm, the Community Enhancement Corp., are seeking an allocation of $1.25 million from the proceeds of the Limited General Duty Tax Bonds to fill the gap. The total cost of the project was estimated at just under $40 million when the request was made and is now around $42 million, Colgan said Tuesday.
“Construction costs are an ongoing and fluctuating issue,” he said.
The city’s Economic Development Trust approved the $1.25 million allocation in July, and it was presented to city council in September. A vote on the item was postponed at the request of councilor Nikki Nice, who expressed concern about relocating residents to current housing that will be demolished to make way for the new development.
The project site – along Martin Luther King Avenue between NE 26 and NE 29 streets – includes 159 units on 15 acres known as Northeast Duplexes Public Housing along with an additional 15 acres of vacant land to the east .
The construction of phase 1 requires the demolition of 95 of the current dwellings. Colgan said about half of the residents moved on their own, and OCHA’s relocation coordinator worked with the remaining 39 residents to relocate. They were offered moving costs and their choice of a housing voucher, housing in other public housing or vacant housing on the site which is not demolished until the end of the first phase , did he declare.
“We offer the right of return (to a new unit) to anyone who wants it,” Colgan said.
The completed development will have four times the accommodation – 370 family homes, 60 independent seniors’ units and 150 assisted living/memory care units. It will be a mix of social housing and other affordable housing, Colgan said.
Plans also include commercial spaces along Martin Luther King, a community center, family resource center, education center, senior living center, activity grounds and pocket parks.
“It’s a big project and one of the biggest investments in the northeast,” Colgan said. “This is one of the biggest affordable housing developments in decades. It is more necessary than ever. »
The funding request was reintroduced to the city council last week before a final hearing and vote on April 12. Nice again requested that it be postponed.
“We all want development. The plan is great but… I always get asked what’s going on there and I don’t have an answer,” she said.
Vice Mayor Mark Stonecipher suggested the funding request be accepted and forwarded to the final hearing when more information can be presented.
“So if we’re not there, we can reschedule it,” Stonecipher said. “It’s an expensive project. Every month we wait, building materials keep going up and up and up.
The article passed 5-3 and will be taken up again on Tuesday for a final hearing and vote.