Housing connection, winter 2011, v.15 no.1

              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
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401   ***AUT0**SCH  5-DIGIT  73105
Donna  Denniston
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LOOK INSIDE!
■ Debbie Blackburn appointed to OHFA
Board of Trustees
■ Sapulpa adds more senior living apartments downtown
■ Homeless children remembered by nonprofit
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