A recent report makes it clear – affordable housing is a powerful engine for economic development in Oklahoma.
Housing Forward Oklahoma worked with The Urban Institute to study the economic impact of affordable housing development in the state. Here are a few highlights from what they discovered:
- The study found that 45 multifamily developments built between 2019 and 2023 have contributed more than $800 million in economic output. That impact could exceed $1 billion in the next decade, outpacing the $295 million in state and federal tax credit equity used to develop them, the researchers say.
- Every dollar of tax credit equity allocated for the 2,667 units was tied to $3.40 in total economic benefits and added $1.95 in value to the state’s economy, according to the report.
- The 45 Low-Income Housing Tax Credit (LIHTC) projects studied supported 4,043 job-years during their construction period, with 57 unique jobs supported in the property operations sector over 10 years.
These findings are consistent with what we at Tulsa Housing Authority see throughout our development projects. For example, Phoenix @ 36N (Phase I of the 36N project) resulted in $25,668,813 in contracts awarded to subcontractors from 31 different construction trades.
Learn more about the economic impact of affordable housing development in The Urban Institute report, “How Affordable Housing Contributes to Local Economies and Tax Revenues,” here.
Tulsa Housing Authority 