The city of Norman announced it received a $14.5 million award that will provide funding for a proposed affordable housing project on Friday.
According to a press release, the Oklahoma Housing Finance Agency announced the award during its board of trustees meeting on May 13.
This award will fund the proposed Crimson Flats development, an affordable housing project resulting from a public-private partnership between the city and Milestone Property Development LLC.
The multifamily housing project will comprise 75 units including one-, two- and three-bedroom units. A standalone storm shelter is proposed for the residents of the complex and, depending on the project’s budget, it could also be used as a community room for the complex’s residents.
The Norman City Council accepted Crimson Flats in November 2023. The project will be located in the Northeast corner of Imhoff Road and Oakhurst Avenue, and it’s expected to be complete in 2026.
Lisa Krieg, Planning and Community Development staff member, said in the press release that final approval by OHFA will greatly benefit the community.
“Our community realizes the need for more affordable housing,” Krieg said. “We are grateful to start bringing this project to reality.”
Avery Avery copy edited this story.
