City leaders announced a new philanthropic effort on Wednesday that's looking to raise millions of dollars to build affordable housing in Tulsa.
The Tulsa Housing Impact Fund is a partnership between city government, local nonprofits and the national Housing Partnership Network.
The goal is to raise $120 million that will be used to invest in developers looking to build affordable housing units.
Mayor Monroe Nichols said the impact fund is another step toward his goal of creating 6,000 affordable units by 2028.
"While we have a commitment to focus on affordable housing, this ensures that commitment actually turns into the affordable housing that's going to change people's lives," Nichols said.
Officials said the fund has already raised $74 million through a mixture of donations, investments and Improve Our Tulsa 3 funds.
"We will actually be working with developers to lend and invest to their development projects. That will be throughout the city, but an emphasis in those communities that have experienced long-term disinvestment, like north Tulsa and east Tulsa," said Robin Hughes, president and CEO of the Housing Partnership Network.
The Housing Partnership Network has done work in other cities before Tulsa, including New Orleans after Hurricane Katrina.
