OHFA Board Awards Expand Housing Opportunities

HOME Investment Partnerships Program

As the U.S. Housing and Urban Development (HUD) state HOME participating jurisdiction, OHFA provides grants to grants to non-profit organizations, Public Housing Authorities, Community Housing Development Organizations, local or tribal governments, and private developers. These grants help the awardees provide both rental and for-sale housing opportunities.

Six organizations were awarded grants at this meeting. They include:

Building New Foundations, Inc. - new construction of three single family rental homes in Oklahoma County
Freedom West Community Development Corporation, Inc. - new construction of one single family rental home in Woods County
Housing for Communities, Inc. - new construction of three single family homes for homebuyers in Logan County
OKC Housing Services Redevelopment Corporation - new construction of three single family homes for homebuyers in Logan County
LIFT Community Action Agency, Inc. - new construction of four multifamily rental units in Choctaw County
South Central Housing, Inc. - new construction of three single family rental homes in Pottawatomie County

Multifamily Bonds Paired with 4% Tax Credits and State Tax Credits

OHFA’s Multifamily Bond and 4% Tax Credit program provides developers a unique financing tool to help build, rehabilitate and finance large-scale apartment communities and rental homes. Coupled with multifamily bonds, the tax credits provide both equity and low-interest debt financing. Made possible through the Oklahoma Affordable Housing Act, state tax credits bolster the creation affordable housing developments.

Oak Grove, a 306-unit development in Oklahoma City, received a federal Housing Tax Credit award and an award of multifamily bonds for both new construction and acquisition and rehabilitation.

The following developments received final approval for multifamily bond issuance and were previously awarded both federal and state housing tax credits:

The Shane, Oklahoma City: 412 new rental units
The James, Oklahoma City: 223 new rental units
The following developments received final approval for multifamily bond issuance and were previously awarded federal housing tax credits:

The Norris on Mingo, Tulsa: 306 new rental units
London Square Village Apartments, Oklahoma City: acquisition and rehabilitation of 200 existing units

Oklahoma Housing Stability Program

The Oklahoma Housing Stability Program (HSP) provides 0% interest construction loans for the new construction of single-family homes and for single and multifamily rental housing.

The following entities received approval for the construction of single-family homes for sale through the Homebuilder Program.

Buyers of these homes may be eligible for an additional 5% down payment assistance.

Deep Fork Community Action Foundation, Inc., Okmulgee - seven homes
Two Structures, LLC, - five homes in Edmond, Yukon, Oklahoma City, and Weatherford
Prairie Sky, LLC - eight homes in Guthrie
Through the Increased Housing Program, the following entities will construct rental units:

Community Housing Association for Rehabilitative Measures and Effective Development, Seminole - 16 single family rental homes
PlaceKeepers, LLC, Oklahoma City - eight single family rental homes

OHFA is currently accepting applications only for the rural set-aside for the Homebuilder Program.