Greystone Affordable Development and Green Companies Development Group, Inc. celebrated the grand reopening of affordable housing communities across eight Oklahoma counties with a ribbon cutting ceremony hosted at Ada Terrace Apartments in Ada, Oklahoma. The $38.9 million tax-exempt bond transaction substantially renovated 11 USDA Rural Development Section 515 properties, comprising 294 aging and at-risk affordable multifamily housing units.
In the statewide pooled transaction, Greystone’s affordable housing development group worked closely with USDA’s Rural Housing Service (RHS) State and National Offices and the Oklahoma Housing Finance Agency to coordinate and secure the financing needed to acquire and rehabilitate this at-risk and much-needed housing. Members of each agency attended the event, along with representation from Boston Capital, the equity investor.
During the ribbon-cutting event, attendees toured the renovated Ada Terrace property and its units, which recently underwent a transformative rehabilitation. The construction process for all 11 properties was completed in 13 months, during which no residents were permanently displaced. The efforts focused on bringing the properties, built between 1978 and 1986, up to modern standards, and addressing accessibility, functional obsolescence and deterioration concerns. Each affordable housing unit underwent approximately $33,700 in renovations, including new HVAC systems, kitchen appliances, plumbing, and aesthetic updates to both the interiors and exteriors.
Distinguished speakers and attendees at the grand reopening event included:
- Amie Cofini, Senior Vice President of Development, Greystone Affordable Development
- Brian Green, President, Green Companies Development Group, Inc.
- Caleb Cochran, Field Representative, U.S. Senator James Lankford
- Representative Ronny Johns, Oklahoma Representative, House District 25
- Representative Justin Humphrey, Oklahoma Representative, House District 19
- Amber Savage, Field Representative, U. S Congressman Tom Cole, House District 4
- Amber Coston, Ada Terrace Apartments Resident
- Raymond Cooper, Ada Terrace Apartments Resident
“Our development team, investment partners, and the two Oklahoma housing agencies (USDA Rural Development and Oklahoma Housing Finance Agency) came together to meet the challenges of this major undertaking and successfully preserved nearly 300 at-risk affordable apartment homes across the state of Oklahoma. We are incredibly thankful to everyone who shared our passion and commitment,” said Tanya Eastwood, President and CEO of Greystone Affordable Development. “The valuable tax-exempt bond structure and 4% housing tax credits were essential to the financial feasibility of this complex project, and the preservation of this critical affordable housing will undoubtedly transform lives and communities for years to come.”
“Since starting the preservation journey of these apartment communities, we have truly learned the value of critical programs such as USDA’s Section 515 debt platform,” said Brian Green, President of Green Companies Development Group, Inc. “We see that value every day in the joy on our residents’ faces as they take pride in their newly renovated homes. We thank all of our partners for making this process happen and will continue to pursue this path for the benefit of additional residents in our other properties.”
“I congratulate Green Companies for taking the right steps toward preservation in helping to improve their residents’ lives, and I applaud the participants in this innovative transaction which will maintain critical housing in our state,” said Oklahoma Senator Greg McCortney.