Oklahoma Housing Finance
Agency Milestones
The Oklahoma Housing Finance Agency is a
Public Trust that was created by Executive Order by the Governor in 1975. The Agency is a non-profit entity and tax
exempt, with the State of Oklahoma as the beneficiary of the Trust. *The
Trust was established to better the housing stock and the housing
conditions in the State of Oklahoma.
In 1976,
OHFA opened its doors. The agency started with 12 district field
agents hired to implement the Rental Assistance program. OHFA has
since grown to a multi-million-dollar agency with over 100 employees
administering nine housing programs. From the manual days of
processing paperwork to automated computer days, OHFA has grown from
helping 3,500 families annually to helping over 25,000 in recent years.
1976: OHFA's first program, Rental
Assistance, was developed. This program helps elderly, disabled individuals, working families on
fixed incomes and single parents live in safer neighborhoods by paying a
portion of their rent. Rental assistance offers a helping hand to those who
are at or below 30 percent of the area median income.
1980:
OHFA made home loans available through the Mortgage Revenue Bond
program, now known as OHFA advantage. This program works
with participating lenders statewide to provide 30-year fixed-rate
low-interest home loans. Interest rates are well below market rate loans.
The most popular type of loan offers down payment and closing
cost assistance.
1987:
OHFA
began to issue Housing Tax Credits to create public/private partnerships
between OHFA and developers who build affordable apartments or homes, or
rehabilitate existing housing. Developers are awarded tax credits
based on local need, as well as population and economic growth trends.
Developers sell tax credits to Fortune 500 companies and other investors,
and money obtained from the sale of credits is used to lower
financing costs. The end result is lower rent for families.
1989: OHFA developed its
Homeless Program. The
housing pilot program pays for repairs, maintenance and utility bills
at temporary homes operated by 13 shelters or community action agencies
statewide. The program helps families who are homeless move into
transitional housing and eventually permanent housing.
1992: OHFA began its Family Self-Sufficiency Program. This program is
designed for families who receive rental assistance. A family enters a
five-year contract to establish financial freedom and work toward home
ownership. When a family's income increases, the portion of rent they pay
increases. An escrow account is established, and OHFA makes monthly
deposits equal to the family's increased earned income. After five years,
money in the escrow account is presented to the family.
1994: OHFA
has awarded more than $4.6 million to provide housing for Oklahomans who
have HIV or AIDS, through its Housing Opportunities for People with
AIDS program.
1998: OHFA's HOME program has awarded over $39 million to improve
housing opportunities in rural communities. Home Investment
Partnerships Program (HOME) encourages local governments, developers
and nonprofit housing organizations to build new homes, rehabilitate
existing housing or make structural home repairs. This program is
designed to encourage partnerships to fund construction and rehabilitation
of affordable housing for low-income families, particularly in rural
Oklahoma.
1998: OHFA's Oklahoma Housing Trust Fund was established. This
provide low-interest loans to finance new construction, conversion of
buildings into apartments or homes, rehabilitation projects or
infrastructure improvements, particularly in rural Oklahoma.
2000:
OHFA was named Contract Administrator for Oklahoma by the U.S.
Department of Housing and Urban Development (HUD). Through Contract
Administration OHFA oversees Housing and Urban Development (HUD) contracts
for 177 properties statewide, providing housing assistance payments to
owners for more that 11,500 families who live in Project-Based Section 8
apartments. OHFA ensures the property owners comply with HUD regulations
to provide housing for eligible families.
2004: State Treasurer Robert Butkin named OHFA the certifying
agency for the Affordable and Rural Housing Linked Deposit program.
This program provides interest rate discounts through lending
capital in the form of Certificates of Deposit to banks at a reduced
interest rate. The banks pass these savings to the borrower.
Toll Free: (800) 256-1489