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December 8, 2009

Stimulus building: Funds to help construct 63 new homes in Tahlequah

By Cathy Spaulding

TAHLEQUAH — Release of federal stimulus money will help fund the long-awaited construction of 63 affordable homes.

The Oklahoma Housing Finance Agency has awarded money through the American Recovery and Reinvestment Act to two Tahlequah housing projects:

• $4.5 million for 32 new houses in Ozark Ridge, phase II at Fox and Campbell streets.

• $4.2 million for 31 houses in Stonebrook Park, 1207 Fox St.

The funding is part of $79 million in federal funds the Oklahoma Housing Finance Agency (OHFA) awarded it at its September meeting. According to the agency’s newsletter, “Housing Connection,” the funds will jump-start 26 affordable housing developments that had been stalled.

“Syndicators had quit funding the projects in Oklahoma,” said Norman Seaberg, developer with Cimarron Red Oak of Tecumseh, who is developing Ozark Ridge.

Seaberg said the project has been delayed by 18 months because of the lack of equity.

“We’ll start as soon as OHFA decides how to administer the funds,” Seaberg said.

Seaberg said the Ozark Ridge II project will be located adjacent to the first phase of the Ozark Ridge development. He said all the houses will have three bedrooms, two baths and will be about 1,250 square feet.

The Stonebrook Park project is being developed by Strategic Realty Developers Inc., of Van Buren, Ark. The developer also received $3.5 million in stimulus funding for 25 affordable homes in Stilwell.

The Housing Connection newsletter said readiness to start construction was a top consideration in awarding the funds.

The newsletter said eligible housing projects expected to be completed by February 2012 were given top priority in the selection process.

Reach Cathy Spaulding at 918-684-2928 or Click Here to Send Email

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