TWG Begins Construction on $47M Affordable Community
Fairground Flats looks to bring affordable housing to Oklahoma City
TWG has begun construction on Flats, a $47 million multifamily project coming to Oklahoma City.
Fairground Flats will be a 216-unit, affordable housing community with five one-bedroom, 121 two-bedroom, and 90 three-bedroom units, all offered to residents making at or below 60% of the area median income (AMI). The six-building apartment complex will be located at 2820 General Pershing Blvd., just east of the Oklahoma City fairgrounds.
This project marks TWG’s second project in the state of Oklahoma, following Hillcrest Green Apartments, a residential community that is owned and managed by TWG.
TWG has been awarded $2 million in funds from the City of Oklahoma City GOLT Bond Fund. Fairground Flats utilizes low-income housing tax credits (LIHTC), and is TWG’s first 4% LIHTC new construction project in Oklahoma.
Other participants include the Oklahoma Housing Finance Agency, Citibank, Bank of Oklahoma (BOK Financial), Raymond James and the Oklahoma City Economic Development. Construction of Fairground Flats is expected to be completed in early 2024.