|
NOTICE: Applications for projects in Oklahoma and Tulsa Counties are
no longer being accepted due to lack of funding availability.
Information will be posted on this page once funding becomes
available.
In April 1998,
the Governor of Oklahoma signed into law Senate Bill number 786
establishing the Oklahoma Housing Trust Fund (HTF), and
assigned administration of the HTF to the Oklahoma Housing Finance
Agency. The Oklahoma Legislature found that current Oklahoma
economic conditions, federal housing policies, and declining
resources at the federal, state, and local level adversely affect
the ability of low and moderate-income persons to obtain adequate housing. The lack of affordable housing in
rural communities of this state impedes economic
development and business expansion.
Housing Trust
Funds are used for
New construction
rental or homeownership units
Conversion of
non-residential structures into rental or
homeownership
Acquisition
and/or rehabilitation
Housing
infrastructure when part of a total development project
Housing Trust funded projects must meet certain requirements
At least 65%,
but no more than 75%, of available funding must be allocated within
counties of less than 490,000 population
Rental property
is for at or below 80% of area median income
Homeownership is
for at or below 100% of area median income
Eligible applicants
For-Profit
developers
Non-profit
organizations
Units of local
governments
Indian Tribes
Political
subdivisions
Forms of Housing Trust Fund Assistance
Collateralized,
short-term, construction loans
Multi-family
rental
--Loan amount:
Maximum 25% of total development costs or $500,000 whichever is less
--Interest rate-
below market (generally 1%)
--Term – 18-24
months
Single-family
homeownership
--Loan amount:
Maximum 100% of total development costs
--Term - 18-24 months
|
Housing
Development Team