$56.8M Alley’s End gets funding

The Oklahoma City Council approved gap funding for an affordable housing development at the corner of E.K. Gaylord Boulevard and N.W. 4th Street.

The joint resolution with the Economic Development Trust allocates $2 million in General Obligation Limited Tax Fund proceeds for the construction of Alley’s End, a project expected to cost approximately $56.8 million. Other funding sources include federal and state Low-Income Housing Tax Credit equity and ARPA dollars from the Oklahoma County Home Finance Authority.

The two-building, 214-unit development will serve tenants with incomes between 30% and 80% of the area median income, developer Steven Watts said. The average for the entire development will be incomes below 60% AMI or about $37,000, he said.

Watts, CEO of Rose Rock Development Partners, said he expects the apartments to be fully leased by July 2026.

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