Oklahoma Housing Finance Agency Approves Emergency
Funding for the City of Miami Following Recent Flood Disaster
OKLAHOMA CITY –
Oklahoma Housing Finance Agency’s Board of Trustees approved the
City of Miami’s emergency request for a $180,000 Housing Trust Fund
loan at its July meeting. The low-interest construction loan will
create new housing in the City of Miami, which currently experiences
a severe housing crisis. A flood on July 4 damaged an estimated 300
to 500 homes in the area.
“This was a flood disaster of epic proportions,” said OHFA Executive
Director Dennis Shockley. “It was the right decision to put the City
of Miami’s funding request on the fast-track and to approve them
ahead of other applications.”
The flood worsened a preexisting housing shortage in the City of
Miami created by the relocation of nearly 1,400 individuals from
neighboring Picher as a result of lead and mining issues, a
deteriorating housing stock, and an aggressive program, started five
years ago, to purchase and remove single-family homes in its
floodplain.
The Housing Trust Fund loan will establish a program that will build
two houses at a time for low-income families and revolve the loan
when the houses are sold. According to the City of Miami, Ottawa
County has indicated it will donate up to five building sites on an
infill lot basis for the planned homes.
“We hope that in the near future, we can again assist Miami in
meeting the urgent affordable housing needs of its community,”
Shockley said.
Administered by OHFA, the Housing Trust Fund provides low-interest
loans to finance new construction, conversion of buildings into
apartments or homes, rehabilitation projects and infrastructure
improvements, particularly in rural Oklahoma.
As Oklahoma’s largest provider of affordable housing, OHFA offers 11
housing programs ranging from “OHFA Advantage” for home ownership to
housing development and rental assistance. For more information
about OHFA and its programs and services, visit
www.ohfa.org.
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