Lincoln Avenue Communities Launches The Reserve at Chisholm Creek, Elevating Affordable Living in Oklahoma City
Lincoln Avenue Communities (LAC) has ushered in a significant milestone in Oklahoma City by initiating its first construction project within the state—The Reserve at Chisholm Creek. The ceremony marking the breaking of the ground symbolizes more than just the advent of construction; it heralds the emergence of an engaging and affordable housing option for individuals and families in one of the city’s burgeoning neighborhoods.
As it stands, The Reserve at Chisholm Creek will consist of 267 units that espouse the model of inclusive community living. Residents can look forward to not only a roof over their heads but a variety of communal amenities designed to enhance their living experiences. These amenities, which include a swimming pool, playground, a fitness center, and spaces conducive to communal gatherings, capture the essence of a connected and integrated lifestyle.
David Garcia, LAC’s Vice President and Project Partner, underscored the company’s pledge to develop sustainable housing solutions. He stated, “LAC is proud to bring high-quality housing to Oklahoma City, which will create long-term access to affordable housing in one of the city’s most dynamic and growing areas.” He further highlighted the value of collaborative efforts in fulfilling this objective, expressing gratitude to both public and private partners that have been instrumental in advancing the project.
In meeting the practical needs of potential residents, The Reserve at Chisholm Creek is set to feature units outfitted with modern amenities and designed to cater to varying family sizes. Prospective tenants, whose incomes are up to 60% of the Area Median Income (AMI), are assured a quality living space equipped with stainless steel appliances, in-unit washers and dryers, and thoughtful additions such as coat and linen closets. This attention to detail is evident in LAC’s promise of delivering more than just housing, but homes that resonate with comfort and convenience.
The conscientious approach extends to environmental stewardship, with the inclusion of a rooftop solar panel installation to harness renewable energy for common area electricity needs. This initiative exemplifies LAC’s commitment to sustainability and the impetus to incorporate environmentally friendly practices into their development strategy.
From a financial standpoint, The Reserve at Chisholm Creek’s fruition has been facilitated by a blend of federal and state resources, signaling strong support for affordable housing endeavors. The utilization of non-competitive Low-Income Housing Tax Credits (LIHTC), tax-exempt bonds, and Oklahoma state low-income housing tax credits, arranged by the Oklahoma Housing Finance Agency (OHFA), has been central to the project’s financing framework. This collaborative fund mobilization effort includes contributions from Chase Bank for construction financing, Barings for the permanent loan, and US Bank for the purchase of federal and state LIHTCs.
Conforming to Section 42 of the Internal Revenue Code and the Oklahoma Qualified Allocation Plan (QAP) is also on the agenda, underscoring regulatory adherence and the quality assurance this brings. The blueprint has been crafted by Rosemann & Associates, with CMS Willowbrook overseeing the construction, ensuring that the vision for The Reserve at Chisholm Creek is brought to life by teams whose expertise is second to none.
In summation, with the inception of The Reserve at Chisholm Creek, LAC is not merely expanding its footprint but reinforcing its reputation as a catalyst for community-centric affordable housing solutions, setting an admirable precedent for future developments.