Urban League plans $5.1 million housing development

[metro]

Urban League of Greater Oklahoma City, Inc. plans $5.1 million housing development
OKC Business
11/30/2007


The Urban League of Greater Oklahoma City, Inc. announced a tax-credit application for a $5.1 million housing facility has been approved.

The Oklahoma Housing Finance Authority board awarded the Urban League with $500,00 in tax credits to complete the northeast Oklahoma City development. Urban League officials said in a statement they expect to break ground in the next six months.

Called Capital Square Villas, the development will contain 36 town-home, duplex-style units on the west side of Kelley Ave., between NE 24th and NE 36th Streets.

“As part of our Opportunity Agenda, the Urban League is committed to bring affordable, quality housing to northeast Oklahoma City,” Dr. Valerie Thompson, Urban League president and CEO, said in the statement. “Not only will this bring much needed housing to the area, but it will stimulate economic development. According to an economic impact analysis by the Oklahoma City Chamber, this project will generate over $1 million annually to the local economy.”

[CuatrodeMayo]

$141k per unit.

[HOT ROD]

Great news, but I wish the development were larger.

Hopefully this will spur future development and pick up the ghetto there; creating a Renaissance of the Eastside. But the real key is getting businesses to come in, hopefully there are some aspects of URBAN, minority owned/supported retail coming onboard soon/as well.. ...

[The Old Downtown Guy]

Are these for sale or is it a rental project? Has the Urban League ever done housing before? I don't recall ever seeing their name associated with housing development.

[john60]

Great idea to give a shot in the arm to the economy in that area of town. I hope they don't price these too high when they go for sale/rent.

If it succeeds, the economy should really get going there. It looks like an abandoned town as far as economic development is concerned right now.

[bigjkt405]

Are these for sale or is it a rental project? Has the Urban League ever done housing before? I don't recall ever seeing their name associated with housing development.

The Urban League has done several housing projects on the eastside, including the Mount Sterling addition right off of 21st & MLK. Some of you would be surprised at some of the houses that being put up in the lower eastside. Across from Frederick Douglass High Schools are several nice house that have put up in lots that had been vacant 20 years.

[HOT ROD]

good to hear bigjkt. thanks.