Oklahoma City has responded to devastating disaster before and while we’re definitely in uncharted territory with the COVID-19 pandemic, we are responding with the same creativity, collaboration and pulling together of resources that we’ve become known for. It’s remarkable to see everyone in the development and commercial real estate industries: lenders, developers, property owners and tenants, working together to develop solutions.
Deemed essential, the construction on many projects continues and our construction companies have taken care to ensure workers take safety precautions and adhere to social distancing practices on the job site. For many businesses and developers, continuing the construction process is important to keeping labor and material costs within budget and keeping the project on a timeline – and it’s an industry that keeps many people in Oklahoma City employed.
Property owners and lenders are working together to ensure stable housing and prevent tenants and homeowners from eviction due to inability to pay rent or mortgage during the pandemic. This is especially important for low-income citizens and certain areas of our community. We anticipate Oklahoma City may receive additional funding from federal sources in the coming months to continue to stabilize housing and housing projects as well as provide long-term recovery and economic revitalization. That support will be critical for low-income areas to provide seed money to start the recovery process that would be slower to recover due to limited resources.
Read more at the Journal Record