Page 01 |
Previous | 1 of 4 | Next |
|
small (250x250 max)
medium (500x500 max)
Large
Extra Large
large ( > 500x500)
Full Resolution
All (PDF)
|
This page
All
|
Loading content ...
o OKLAHOMA CE AGENCY Volume 15, Number 1 Winter 2011 31 LJ Construction of affordable housing development designed to revitalize JFK neighborhood in NE Oklahoma City Despite four years of financing setbacks, members of the Central Urban Development, Inc. did not give up on their goal of bringing affordable housing to the John F. Kennedy neighborhood located at Northeast 7th St. and Martin Luther King Blvd. in Oklahoma City. On November 15, about 200 people attended the groundbreaking ceremony to show their support for the project. "You can't possibly have an appreciation for what these folks have done for the past four years to get to this point," said Oklahoma Housing Finance Agency Executive Director Dennis Shock- ley in his address at the groundbreaking. CUDI applied for funding through OHFA multiple times when financial investors kept backing out of the project as a result of the housing crunch. OHFA originally awarded the JFK development $423,967 of Affordable Housing Tax Credits in May 2007. Then, in 2008 CUDI received additional tax credits of $42,397 that were made possible by the Housing and Economic Recovery Act. At the same time, OHFA reallocated its 2007 tax credits into 2008 tax credits in the amount of $466,364. When CUDI's financing sources changed again in 2009, it applied for and received Tax Credit Assistance Program and Section 1602 Exchange funds through the American Recovery and Reinvestment Act. However, through several transactions, CUDI returned all of its tax credits and TCAP allocations. Currently, $4,782,562 of Section 1602 Exchange funds remain in the project. "This project epitomizes the type of affordable housing deals ARRA funds were meant to save," Shockley said. "The money came at a time when Central Urban Development needed it the most." CUDI was established in 2001 as a subsidiary of the Northeast Church of Christ. It operates as a community-based, nonprofit organization formed to promote economic development. Rev. Amelious Crenshaw, pastor of the Northeast Church of Christ and chairman of CUDI, told (Continued on Page 2) Housing Connection Oklahoma Housing Finance Agency P.O. Box 26720 Oklahoma City, OK 73126 Presorted Standard U.S. Postage Paid Permit No. 2000 Oklahoma City, OK .|.|>|||..||>|l||>|>|l>ll||l|>l|'l|l||||l>l»||||||l'|||l|>«|l 401 ***AUT0**SCH 5-DIGIT 73105 Donna Denniston 200 HE 18th St Oklahoma City, OK 73105-3205 S2 P7 LOOK INSIDE! ■ Debbie Blackburn appointed to OHFA Board of Trustees ■ Sapulpa adds more senior living apartments downtown ■ Homeless children remembered by nonprofit We are updating our mailing list database Do we have the correct contact information for you? Are you receiving this newsletter in error? Is there someone else in your organization who should be receiving this newsletter? Please call (405) 419-8284 or email diana.rogers@ohfa.org so we can update our records.
Object Description
Okla State Agency |
Housing Finance Agency, Oklahoma |
Okla Agency Code |
'922' |
Title | Housing connection, winter 2011, v.15 no.1 |
Authors | Oklahoma Housing Finance Agency. |
Publication Date | 2011 |
Publication type |
Newsletter |
Purpose | Construction of affordable housing development designed to revitalize JFK neighborhood in NE Oklahoma City; Debbie Blackburn appointed to OHFA Board of Trustees; Trustees grant HOME funds for affordable housing; OHFA awards nearly $17 million in 2010 to develop 662 affordable housing units in Oklahoma; Sapulpa adds more senior living apartments downtown; Showcare your projects; Homeless children remembered by nonprofit; |
For all issues click |
H2800.6 H842c |
Digital Format | PDF, Adobe Reader required |
ODL electronic copy | Deposited by the agency in print; digitized by Oklahoma Department of Libraries |
Rights and Permissions | This Oklahoma state government publication is provided for educational purposes under U.S. coyright law. Other usage requires permission of copyright holders. |
Language | English |
Date created | 2013-03-12 |
Date modified | 2013-03-12 |
OCLC number | 890222236 |
Description
Title | Page 01 |
ODL electronic copy | Scanned by Oklahoma Department of Libraries |
Rights and Permissions | This Oklahoma state government publication is provided for educational purposes under U.S. copyright law. Other usage requires permission of copyright holders. |
Full text | o OKLAHOMA CE AGENCY Volume 15, Number 1 Winter 2011 31 LJ Construction of affordable housing development designed to revitalize JFK neighborhood in NE Oklahoma City Despite four years of financing setbacks, members of the Central Urban Development, Inc. did not give up on their goal of bringing affordable housing to the John F. Kennedy neighborhood located at Northeast 7th St. and Martin Luther King Blvd. in Oklahoma City. On November 15, about 200 people attended the groundbreaking ceremony to show their support for the project. "You can't possibly have an appreciation for what these folks have done for the past four years to get to this point," said Oklahoma Housing Finance Agency Executive Director Dennis Shock- ley in his address at the groundbreaking. CUDI applied for funding through OHFA multiple times when financial investors kept backing out of the project as a result of the housing crunch. OHFA originally awarded the JFK development $423,967 of Affordable Housing Tax Credits in May 2007. Then, in 2008 CUDI received additional tax credits of $42,397 that were made possible by the Housing and Economic Recovery Act. At the same time, OHFA reallocated its 2007 tax credits into 2008 tax credits in the amount of $466,364. When CUDI's financing sources changed again in 2009, it applied for and received Tax Credit Assistance Program and Section 1602 Exchange funds through the American Recovery and Reinvestment Act. However, through several transactions, CUDI returned all of its tax credits and TCAP allocations. Currently, $4,782,562 of Section 1602 Exchange funds remain in the project. "This project epitomizes the type of affordable housing deals ARRA funds were meant to save," Shockley said. "The money came at a time when Central Urban Development needed it the most." CUDI was established in 2001 as a subsidiary of the Northeast Church of Christ. It operates as a community-based, nonprofit organization formed to promote economic development. Rev. Amelious Crenshaw, pastor of the Northeast Church of Christ and chairman of CUDI, told (Continued on Page 2) Housing Connection Oklahoma Housing Finance Agency P.O. Box 26720 Oklahoma City, OK 73126 Presorted Standard U.S. Postage Paid Permit No. 2000 Oklahoma City, OK .|.|>|||..||>|l||>|>|l>ll||l|>l|'l|l||||l>l»||||||l'|||l|>«|l 401 ***AUT0**SCH 5-DIGIT 73105 Donna Denniston 200 HE 18th St Oklahoma City, OK 73105-3205 S2 P7 LOOK INSIDE! ■ Debbie Blackburn appointed to OHFA Board of Trustees ■ Sapulpa adds more senior living apartments downtown ■ Homeless children remembered by nonprofit We are updating our mailing list database Do we have the correct contact information for you? Are you receiving this newsletter in error? Is there someone else in your organization who should be receiving this newsletter? Please call (405) 419-8284 or email diana.rogers@ohfa.org so we can update our records. |
Date created | 2013-03-12 |
Date modified | 2013-03-12 |