Commissioners to consider supporting housing projects
Ponca City Now - November 20, 2015 9:08 am
By Beverly Bryant/News Director
Ponca City’s Board of Commissioners will consider giving the city’s support to two proposed housing projects at Monday night’s meeting.
The projects both seek tax credit financing from the Oklahoma Housing Finance Agency.
MACO Development Company, L.L.C., a developer from Missouri, proposes acquiring and redeveloping the Community Building at Third Street and Grand Avenue as well as acquiring a tract of land between the 300 blocks of East Chestnut Avenue and East Cleveland Avenue for affordable apartments.
This project also seeks historic district tax credit financing from OHFA because they are located in the Ponca City Downtown Historic District on the National Register of Historic Places.
Another project before the commissioners will be a proposal to acquire Copper Ridge Apartments at Waverly and Highland Avenue. A developer would rehabilitate the complex and keep it as a tax credit affordable housing project.
Ponca City’s nuisance abatement programs have removed hundreds of dilapidated housing units from the local housing stock in the past 10 to 15 years. These tax credit housing projects could replenish this much-needed housing stock and otherwise provide affordable housing opportunities for local residents.
Rents for tax credit units are set below market rates using a formula that factors in the County’s median income, currently at $54,400. Maximum rents are then calculated based on the number of persons residing in the household and the number of bedrooms in the residential unit.
These affordable rents would be in place for 15 years. After that, the units would be available for market-rate rents.