Oklahoma Housing Finance Agency Awards $3.7 Million
in Housing Tax Credits
OKLAHOMA CITY -
Oklahoma Housing Finance Agency’s Board of Trustees approved at its
May 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. For example, a $500,000 reservation results in a
total tax credit award of $5 million.
•
$300,237 reserved for Highland Park Heavener, LLC for the
construction of 30 single-family homes to be known as Highland Park
Heavener in Heavener.
•
$479,591 reserved for Carland Group, LLC for the construction of a
38-unit apartment complex to be known as Cottage Park Phase I in
Midwest City.
•
$500,000 reserved for Little Hollow Development Company, LLC for the
construction of 44 single-family homes in Okemah and Okmulgee.
•
$423,967 reserved for Central Urban Development, Inc. for the
construction of 32 single-family homes to be known as JFK Single
Family Homes in Oklahoma City.
•
$309,461 reserved for City Care, Inc. for the construction of 24
duplexes to be known as City Care’s Duplexes at Westlawn in Oklahoma
City.
•
$483,512 reserved for Urban League of Greater OKC, Inc. for the
construction of a 60-unit apartment complex to be known as Mt. Olive
Senior Cottages in Oklahoma City.
•
$324,805 reserved for Prairie Village, LP for the construction of 40
apartments to be known as Prairie Village in Owasso.
•
$500,000 reserved for Garrison Development Company for the
construction of a 44-unit apartment complex to be known as Boomer
Creek Apartments II in Stillwater.
•
$398,641 reserved for Ozark Ridge Affordable Housing Partners, LP
for the construction of 26 single-family homes to be known as Ozark
Ridge in Tahlequah.
•
$62,578 reserved for Wilburton Village, LP for the acquisition and
rehabilitation of 24 apartments to be known as Wilburton Village in
Wilburton.
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.
Toll Free: (800) 256-1489