Creston Park is an affordable housing community coming to Oklahoma City that, after funding delays caused by rising construction costs, is set to begin construction of Phase One this fall. Continue reading to see the scope of the project, funding issues, and how the neighborhood’s development is impacting many of the city’s low-income residents.
What is OKC’s Creston Park Neighborhood Affordable Housing Project?
If the Oklahoma City Council approves essential financing next week, construction on an affordable housing complex that has been in the works for years might start this autumn.
According to Ian Colgan of the Oklahoma City Housing Authority, Phase One of the three-phase Creston Park Neighborhood Affordable Housing Project in northeast Oklahoma City was formerly completely financed, but escalating construction prices have raised the amount required.
How Much More Money is Needed to Cover the Project Cost?
To fill the deficit, OCHA and its nonprofit arm, the Community Enhancement Corp., are requesting $1.25 million in General Obligation Limited Tax Bond profits.
Colgan said Tuesday that the overall project cost was projected at slightly under $40 million when the request was submitted and is now about $42 million.
The $1.25 million commitment was authorized by the city’s Economic Development Trust in July, and it was presented to the City Council in September.
The issue was postponed at the request of Councilwoman Nikki Nice, who expressed worry over the relocation of neighbors whose homes would be razed to make room for the new development.
The Northeast Duplexes Public Housing, which is located along Martin Luther King Avenue between NE 26th and NE 29th streets, has 159 housing units on 15 acres, as well as an additional 15 acres of undeveloped ground to the east.
What Does Phase One of Creston Park Entail?
The first phase of building necessitates the destruction of 95 existing dwelling units.
According to Colgan, around half of the tenants moved out on their own, while the remaining 39 were assisted by OCHA’s relocation coordinator.
He stated they were given money to cover relocation expenses and the option of a housing voucher for a residence at another public housing site or a vacant apartment on the property that would not be destroyed until Phase One was done.
What Does the Completion of Creston Park Mean to Residents?
370 family houses, 60 independent senior flats, and 150 assisted living/senior care units will be available when the project is finished.
According to Colgan, there will be a mix of public housing and other cheap homes.
Commercial space, a community center, a family resource center, an education center, a senior living center, activity fields, and pocket parks are also planned along Martin Luther King Boulevard.
Where Does Creston Park Construction Stand Now?
Last week, the financial proposal was reintroduced to the City Council, with a final hearing and vote scheduled for April 12.
Nice requested that it be postponed once again.
Vice Mayor Mark Stonecipher proposed that the financing request be approved and the matter be referred to a final hearing where further discussions will take place.
The item passed five to three and a final hearing with another vote will take place Tuesday.
