Construction is underway at the Crimson Flats development, an affordable housing project that will hold 75 units.
In a Tuesday press release, Lisa Krieg, grants manager of the Community Development Block Grant Program, confirmed construction is underway.
“Construction is also underway on the 75-unit Crimson Flats development, reinforcing that when a city is dedicated, collaborative, and willing to take action, progress is possible,” Krieg wrote.
The multi-family housing project will hold 75 one-, two- and three-bedroom units. The project also proposes a standalone storm shelter and, depending on the project’s budget, it could also be used as a community room for residents.
In a phone call with the OU Daily Wednesday, Mayor Stephen Tyler Holman spoke about how difficult it is for residents to find Section 8 housing and how this development will help.
“If there were (Section 8) vouchers available right now, which there is not, there is a hold because the wait list is more than two years, …” Holman said. “It’ll be 75 more units than what we have right now that will be guaranteed to accept Section 8 vouchers.”
The Crimson Flats are part of a May 2024 award of $14.5 million affordable housing tax credits from the Oklahoma Housing Finance Agency to fund the project.
Holman said the development is funded through a $5 million loan with 3% interest made by the city. He said the extra funds from the interest rate will allow the city to follow through with the project.
“We partnered with an outside developer who got financing of their own using the $5 million we loaned them, they leveraged that into additional financing, …” Holman said. “The initial $5 million loan we gave to the developer, over time the city will get that paid back with 3% interest.”
Holman said any remaining funds will be able to go towards more affordable housing projects.
“That's kind of the real beauty of this project, …” Holman said. “It sets us up to do more projects going forward over the next several years.”
Norman City Council approved the Crimson Flats development in November 2023. The project will be located in the northeast corner of Imhoff Road and Oakhurst Avenue and is expected to be completed in 2026.
This story was edited by Natalie Armour. Sophie Hemker copy edited this story.
