Thanks to action taken by the City Council on Monday, grant funds will be used to renovate downtown property to create seven new apartments for residents meeting certain income requirements for the first year of occupancy.
The council voted unanimously Monday to approve the execution of the HUD Hope VI Main Street Grant for the construction of five one-bedroom and two two-bedroom apartments, including one fully ADA accessible apartment, at 309-311 S. Dewey Ave.
Bartlesville Redevelopment Trust Authority Director Chris Wilson said the apartments must be reserved for tenants making up to 80 percent of the area’s median income for the first term of the lease. According to the 2021 Area Median Income in Washington County, that income is defined by HUD as $66,700 for a four-person household.
“The 80 percent is broken down by number of people in the household,” he said. “For example, one person cannot not exceed an income of $37,350, two persons cannot exceed $42,700, three persons cannot exceed $48,050, and four persons cannot exceed $53,350.”
Wilson said the full cost of the project is expected to be $1.2 million.
The project is moving toward completion after plans to use the grant funding in the past to renovate other locations did not materialize.
Wilson said the agreement is similar to the one used for the 2014 Hope VI Main Street Grant, which funded the Apartments at Hotel Phillips, located at 821 S. Johnstone Ave.