Tulsa City Councilors Vanessa Hall-Harper, Jeannie Cue, and Crista Patrick were joined by Tulsa Economic Development Corporation (TEDC) in a press conference today to announce Tulsa’s Saving Our Homes Initiative program, aimed at providing aid to Tulsans who are at risk of losing their homes to tax debt.
"The Saving Our Homes Initiative is a crucial program that is needed in our community today. I am excited to see this initiative in action, helping Tulsa residents improve their financial wellness and providing them with the resources they need to build wealth for themselves and their families,” Tulsa Mayor G.T. Bynum said. “The Tulsa Economic Development Corporation and the Financial Empowerment Center already do incredible work to improve the lives of those they serve, and this is another opportunity for these organizations to continue helping Tulsans who need it."
The SOHI program is funded by the City of Tulsa through the American Rescue Plan Act (ARPA), receiving $1 million to empower under-resourced Tulsa households through financial support and education.
“As the leader of TEDC, I see great value in helping homeowners retain their property,” said Tulsa Economic Development Corporation CEO, Rose Washington-Jones. “Not only is homeownership an important means to wealth building today, it is the primary means by which most of us leave an inheritance to our family.
“At TEDC, we also know that many business owners secure their first operating loan with equity in their home. We believe in SOHI and are proud to partner with the City on this important initiative.”
Eligible low-income households can receive assistance of up to $4,000 for clearing home titles or paying back property taxes. To qualify for SOHI, applicants must reside in a Qualified Census Tract as defined by HUD, make less than 60% of Area Median Income, or reside in an area where over 25% of intended beneficiaries fall below the federal poverty line.
“I am pleased to be part of creating this program to save our homes,” District 3 City Councilor Crista Patrick said. “As someone who in recent years has had to go through double probate, I had no idea how involved and costly that process can be. The complexity of passing down property through generations is one of the most common contributors to getting behind in property taxes. I was saddened to learn just how many families lose their homes due to three years of unpaid taxes. I am overjoyed we now have a program that can help.”
The Financial Empowerment Center is also partnering with the City of Tulsa and TEDC to provide free financial counseling sessions to improve individual and family financial stability. Education and support provided include budgeting, savings plans, and credit cleanup.
"I am very excited for this program to start and the continuous work of the team at TEDC,” District 2 City Councilor Jeannie Cue said. “Being able to assist residents in getting property properly in their names and paying their taxes is going to help long-time Tulsans keep their generational homes. Working in partnership with TEDC and the Financial Empowerment Center this program can help provide the building blocks for homeownership. I am just so thankful for this opportunity for our residents. "
Residents interested in participating in the SOHI program can start the process online on the TEDC website. The program ends August 31, so residents are encouraged to apply in advance.
“Homeownership is more than just a dream; it is a powerful engine for intergenerational wealth creation and personal well-being,” District 1 City Councilor Vanessa Hall-Harper said. “As Tulsa grapples with the challenge of ensuring quality, affordable housing, I am enthusiastic about this pioneering initiative, the first of its kind in Tulsa, which empowers those most vulnerable to maintain ownership of their property. I am also grateful for the partnership with TEDC and FEC as we collaborate on a program that will undoubtedly become a valuable asset to the community.”
For more information on the Saving Our Homes Initiative program, please contact TEDC at 918-585-8332 or visit https://tedcnet.com/sohi/.