Oklahoma Housing Finance Agency Awards $4.2 Million
in Housing Tax Credits
OKLAHOMA CITY - Oklahoma Housing Finance Agency’s Board of Trustees
approved at its June meeting reservations of Affordable Housing Tax
Credits to build or rehabilitate affordable housing in Oklahoma.
OHFA is the state’s tax allocating agency for AHTC.
The following developers received a reservation of tax credits.
The
amount listed is received each year for the first 10 years of a
project’s operating period.
•
$295,660 reserved for
Redbud Village, LP
for the construction of 36 apartments to be known as Redbud Village
in Glenpool.
•
$456,670 reserved for Excel Development Group, Inc. for the
construction of 30 single-family homes to be known as C.H.A.R.M.E.D.–Perkins
in Perkins.
• $56,512
reserved for Idabel Pioneer Village, LP for the acquisition and
rehabilitation of 24 apartments to be known as Idabel Pioneer
Village in Idabel.
• $388,011
reserved for One Red Oak, LLC for the construction of 50 apartments
to be known as Sycamore Landing in McLoud.
•
$266,165 reserved
for Fletcher Northtown Apartments, LP for the construction of 24
apartments to be known as Fletcher Northtown Apartments in
Fletcher. • $363,315
reserved for Zimmerman Properties, LLC. for the construction of 48
apartments to be known as Landings at Pebble Creek in Mustang.
• $198,595
reserved for Zimmerman Properties, LLC for the construction of 28
apartments to be known as Willow Creek II in Ponca City.
•
$357,951 reserved
for Summit Asset Management, LLC for the rehabilitation of a
192-unit apartment complex called Edenwood Apartments in Tulsa.
•
$418,362 reserved
for Summit Asset Management, LLC for the rehabilitation of a
192-unit apartment complex called Bradford Apartments in Tulsa.
•
$500,000 to Columbia
Square Apartments, LP for the acquisition and rehabilitation of 64
apartments to be known as Columbia Square Apartments in Lawton.
• $460,000
reserved for Muskogee Affordable Housing, LP for the construction of
59 single-family homes in Muskogee.
• $460,000
reserved for Shawnee Affordable Housing, LP for the construction of
59 single-family homes in Shawnee.
As Oklahoma’s largest provider of affordable housing,
OHFA offers nine housing programs ranging from “OHFA Advantage” for
homeownership to housing development and rental assistance. For more
information about OHFA and its programs and services, visit
www.ohfa.org.
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*Note to Editor
Projects are
structured so that the sale of a project’s housing tax credits and
other tax benefits provides a source of capital for the development
of affordable rental housing. This equity investment reduces the
need for financing thereby reducing operating costs which is passed
along in the form of reduced rents. To qualify for tax credits, a
project must both restrict rents on its rental units and rent to
tenants whose incomes do not exceed income limits.
The AHTC program
requires a 15-year tax credit compliance period. In addition, the
project must enter into an agreement for an extended low-income
housing commitment that continues at least 15 years after the end of
the compliance period.
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