First Improve Our Tulsa 3 Housing Funds Deployed Through Tulsa Housing Impact Fund

First Improve Our Tulsa 3 Housing Funds Deployed Through Tulsa Housing Impact Fund

9/25/2026

$14,145,000 in voter-approved housing funds committed to 563 housing units; Expectation of 1,300 housing units to have committed financing by year's end

The City of Tulsa and the Tulsa Housing Impact Fund (THIF) today announced the first projects to receive funding through the voter-approved Improve Our Tulsa 3 (IOT3) housing program, marking the first public deployment of a portion of the $75 million Tulsa voters approved to expand and preserve housing opportunities across the city.

Three projects have now been funded with a combined $7.25 million in THIF financing, supporting 218 housing units and representing approximately $61.18 million in total housing investment.

Three additional projects are currently in final approval, representing an additional $10.75 million in combined THIF and IOT3 funding and 345 additional housing units. Together, the six projects represent $18,845,000 in housing funding and 563 housing units.

The fund also has three additional projects under consideration, representing another (approximately) 282 housing units, representing nearly $139.68 million in total housing investments in Tulsa. If those projects also move forward, the current pipeline of committed capital would represent approximately 845 housing units.

"These are the first dollars from Improve Our Tulsa that are now directly supporting projects in our community, and that is a significant step forward in our community," Mayor Monroe Nichols said. "We set a goal of bringing 6,000 affordable housing units online by 2028 and reaching that goal requires us to put every available tool and partnership to work. I'm grateful to the voters, the City Council, our philanthropic partners, the housing community and everyone who helped build this structure so we can turn a voter-approved commitment into homes for Tulsans."

"Today reflects the work so many in our community have undertaken to make Tulsa's housing future stronger and more stable," Council Chair Karen Gilbert said. "Tulsa voters entrusted us with a historic investment in housing, and city leaders have worked to ensure these dollars reach the projects that will make the greatest impact. I'm grateful for the support that made this work possible, and I'm so proud to see these projects strengthening our city and creating the homes every Tulsan deserves."

First Projects Funded
The first three projects financed through THIF demonstrate the range of housing needs the fund is designed to address, including new construction and preservation of existing homes.

• THA The Summit: $2.6 million to support 60 new housing units, including units serving households at or below 60% of Area Median Income (AMI).
• THA Enclave: $3.465 million to support 99 new housing units, including units serving households at 50% and 60% of AMI.
• Revitalize T-Town: $1.18 million through the Housing Preservation and Rehabilitation Fund to preserve 59 existing housing units for households at or below 60% of AMI.

The three projects currently in the final approval phase represent the following:

• $750,000 to support the rehabilitation and reconstruction of two adjacent vacant fourplexes
• $8 million for a proposed 306-unit, new construction development of affordable multifamily housing serving households earning up to 60% of AMI
• $2 million to support a multi-use redevelopment of a former church campus into 31 affordable apartments serving households at or below 60% AMI, a music performance venue, and a café

The three additional projects representing approximately 282 units are scheduled to be presented to the THIF Loan Committee for consideration later this month. Four additional projects representing approximately 454 units are anticipated for review in October.

THIF anticipates approximately 1,300 housing units will have committed financing by the end of 2026.

From a Community Need to a Historic Investment
The work behind these first projects began before the Tulsa Housing Impact Fund existed.

In 2023, the Mayor/Council Housing, Homelessness and Mental Health (3H) Task Force brought together community leaders, housing organizations, service providers and other stakeholders to better understand Tulsa's housing and homelessness challenges and identify actions the City could take to address them.

That work coincided with the City's first comprehensive Citywide Housing Assessment, released in March 2023, which identified a need for approximately 12,900 additional housing units over the following 10 years and estimated that approximately $370 million in investment beyond private-market resources would be needed to meet that demand.

The 3H Task Force continued that work through its Path to Home recommendations, which were released in April 2024. The recommendations included four goals and 33 actions, with 'Housing Production and Preservation' identified as the first goal. The recommendations helped establish a framework for how the City could use its policy, convening and financial resources to address housing needs.

That work helped inform the historic decision by Tulsa voters in August 2023 to approve the third Improve Our Tulsa package, which included $75 million for housing initiatives.

It was the first time Tulsa voters had approved a dedicated investment of that scale in housing, creating a new role for the City in helping address the community's housing needs.

Fast forward to today, Tulsans are now beginning to see those dollars translate into tangible projects.

Putting $75 Million in Voter-Approved Housing Funds to Work
In November 2024, the Tulsa City Council established the framework for deploying the $75 million in IOT3 housing funds, following the recommendations of the 3H Task Force.

The funding was divided among several housing initiatives:

• $25 million for the Housing Grant Fund
• $7 million for the Housing Investment Fund
• $10 million for the Housing Acquisition Fund
• $5 million for the Housing Preservation and Rehabilitation Fund
• $25 million for the Housing Infrastructure Fund
• $3 million for administrative, compliance and potential bond issuance costs

Of the $50 million designated for the first four housing programs, $47 million is being administered through the Tulsa Housing Impact Fund.

That $47 million represents a major portion of the City's overall $75 million housing commitment and is designed to do more than provide one-time grants. Through THIF, the City's public dollars can be combined with philanthropic and private capital to help close financing gaps and support additional housing development and preservation.

How the Tulsa Housing Impact Fund Came Online
Following voter approval and subsequent work by the 3H Task Force, the City began determining how the housing funds could be administered in a way that would maximize their impact and attract additional resources.

In August 2025, the City selected the Housing Partnership Network (HPN), a national nonprofit housing network with local experience, to lead the effort now known as the Tulsa Housing Impact Fund (THIF).

THIF was incorporated in Oklahoma in July 2025, held its first board meeting in October 2025, and entered into an agreement with the City in January 2026 allowing it to begin deploying $47 million in voter-approved housing dollars.

The City's partnership with HPN was designed to establish a dedicated public-private financing structure rather than a traditional grant program. HPN provides fund management services including staffing, underwriting, servicing and portfolio management, while THIF's Tulsa-based board and loan committee oversee projects and ensure they align with the City's housing goals and program requirements. The Fund is led by Chloe Williams Dotson, President.

Leveraging Public Dollars With Private and Philanthropic Capital
A central part of THIF's model is using the City's public dollars to attract additional investment.

THIF's September update shows $101 million raised toward a $120 million capital goal, including the City's $47 million in IOT3 housing funds and approximately $27 million in local philanthropic grants. The fund has also attracted approximately $27 million in senior debt, with another $10 million in pending Program Related Investments.

The fund's capital partners include the Anne and Henry Zarrow Foundation, George Kaiser Family Foundation, Ruth Nelson Family Foundation, Sanford and Irene Burnstein Family Foundation, Charles and Lynn Schusterman Family Philanthropies, Coretz Family Foundation and Tulsa Community Foundation

This blended approach is intended to make the City's public dollars go further by combining them with other sources of capital and using flexible financing tools to support affordable and workforce housing. THIF's mission includes supporting both rental and for-sale housing supporting households earning up to 120% AMI, expanding access to capital for local developers and strengthening historically underinvested neighborhoods across Tulsa.

The fund's pipeline reflects that citywide approach. THIF currently has 84 prospective projects representing approximately $174 million in funding requests and 5,312 potential affordable housing units, with projects spanning all nine City Council districts.

Building on Tulsa's Housing Goals
The work through THIF is part of a broader citywide effort to increase Tulsa's housing supply and expand access to affordable housing.
When Mayor Nichols took office in late 2024, he doubled down on the City's commitment to housing, setting the goal to get 6,000 additional affordable housing units online by 2028. That goal was coupled with efforts to reduce barriers to housing development and expand the City's ability to support new construction and preservation.

Because of the efforts from so many, Tulsa now has - for the first time - voter-approved housing investment of this scale supporting projects that will create and preserve homes for Tulsans, ultimately getting Tulsa closer to its housing goals.

Additional housing efforts this year include:

• Rollout of the City's T-Town Home Catalog (pre-approved plans), which is making it easier for developers to build new housing. The catalog was also one of the 3H Task Force recommendations. You can see the catalog online at: www.cityoftulsa.org/homecatalog
• Launch of the Vacancy Improvement Program (VIP) to allow the City to foreclose vacant and abandoned properties with accumulated code-abatement liens. The program was made possible due to the Mayor's support for a State bill that ultimately was passed with veto override. The Tulsa City Council supported and approved updates in June.
• Rollout of the City's new lien abatement and building permit fee reduction programs, which create new lien and building permit fee waiver programs explicitly tying municipal relief to local housing affordability. The Mayor's Office and City teams help champion the amended ordinances, which were approved by the City Council earlier this summer.
• City Request for Proposals for City-owned properties, which are expected to bring approximately 150 new homes to vacant land owned by the City. City staff are currently negotiating the terms of a sale and long-term lease for those properties.
• Launch of the faith-based housing initiative, which is bringing together members from various congregations to see how they can best use unused parcels of their properties to help Tulsa meet its housing needs.

More Information
• Tulsa Housing Impact Fund: www.tulsahousingfund.org
• 3H Task Force's Path to Home Strategy: www.cityoftulsa.org/PathToHome
• City of Tulsa's Housing Work: www.cityoftulsa.org/housing
• Mayor's Housing Goals: www.cityoftulsa.org/mayor-housing