NORMAN — Norman is partnering with a local homeless agency to increase affordable housing in Norman. This project involves a three-way agreement between the city of Norman, Norman Affordable Housing Corporation Inc. and Food and Shelter.
Food and Shelter will buy and rehabilitate a 16-unit apartment complex at 2304, 2306, 2308 and 2310 Glen Oaks Drive.
According to city staff reports, HOME Investment Partnerships funding of $300,000 and Community Housing Development Organization funding to the Norman Affordable Housing Corporation of $134,403 will be combined with $100,000 from Food and Shelter to fund the project.
Food and Shelter has been the beneficiary of two years of funding from Le Tour de Vin, an event hosted by all three Rotary Clubs in Norman, allowing the organization to contribute $100,000.
The funds being provided by the Norman Affordable Housing Corporation were obtained through an investment the Norman City Council made with proceeds from the sale of the Kingsgate Property in 2005, according to city staff reports.
The remaining funds needed for the proposal will come from a combination of a mortgage with the property as Affordable Housing collateral and a deferred payment mortgage to Food and Shelter, according to staff reports
The sixteen two-bedroom units will be used to expand the availability of affordable housing to community. Rental proceeds will be maintained by Food and Shelter to further its mission. Currently, 14 of the 16 units are leased and the leases will be honored, staff reports.
Other units will be rehabilitated and rented to eligible households.
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