1. Program Development: Establish frameworks for the grant, revolving loan, acquisition, and preservation and rehabilitation fund programs, including criteria for eligibility, target income levels, loan products and terms, and the application process. This structure should facilitate the efficient allocation of funds to proposed projects that meet affordable housing goals outlined in 2024’s Tulsa Housing Strategy and the 2024 Improve Our Tulsa Resolution adopted by the City Council. 2. Leveraging Additional Funds: Actively solicit private donations, grants, loans, and partnerships to scale the funds, maximizing the impact of the initial investment. Develop strategies to attract potential investors and stakeholders. 3. Monitoring and Evaluation: Implement robust mechanisms to track the performance of loans, grants, and projects funded through the IOT3 Housing Fund. This includes setting performance metrics to evaluate outcomes such as the number of loans or grants made, units delivered, and overall community impact. 4. Development of an Asset Management Strategy: Create a comprehensive strategy that outlines how the fund administration will interface with selected developers and investments, ensuring the sustainable deployment of funds while working with the City of Tulsa’s multifamily inspection program for housing quality and compliance or other applicable City programs aimed at ensuring safe and stable housing. 5. Community Engagement and Collaboration: Foster new relationships and expand upon existing relationships with local community stakeholders, local developers, and housing advocates to ensure that the fund's priorities reflect community needs. Regularly solicit feedback to adapt programs and policies as necessary. 6. Reporting and Accountability: Prepare and submit regular reports to the City of Tulsa detailing fund performance, financial statements, and progress toward goals. Establish a system for accountability that includes oversight from City officials, including the Council and/or Mayor appointees.
