Tulsa City Council Approves $43 M In Tax Increment Financing Focusing On Housing Projects

The Tulsa City Council approved nearly $43 million in tax increment financing near the new Peoria-Mohawk Business Park north of Downtown Tulsa and the council's main focus is housing projects in the area.

TIF money will primarily be used to strengthen homeownership rehabilitation around the 120-acre business park. The City Council expects the area to be a key driver for economic development, health and education achievement.

Tulsa Mayor G.T. Bynum said, "business development in North Tulsa is a key economic drive for the city and they want to make sure people who live near the new developments get those opportunities."

In addition to housing projects, the TIF money will go toward home buyer assistance, single-family rehabilitation programs and voluntary demolition of unsafe properties.