Oklahoma Housing Finance Agency Allocates Affordable Housing Funds

By Maci French

 Oklahoma Housing Finance Agency’s Board of Trustees approved funding for affordable housing through three different programs during its September meeting.

 HOME Investment Partnerships Program

Trustees approved $1.3 million in Home Investment Partnerships Program (HOME) contracts to four organizations. The following Oklahoma organizations received funding to build or rehabilitate affordable housing that will target individuals making 80 percent or less than the Area Median Income: 

  • Midwest Housing Initiatives will build 12 homes for rent in Sayre.
  • Community Development Support Association, Inc. will purchase and rehabilitate four rental homes in Enid. They received an additional award for operating expenses.
  • Little Dixie Community Action, Inc. will construct three rental homes in Antlers. They received an additional award for operating expenses.
  • Community Action Resource & Development will build one rental home in Tiawah.

 National Housing Trust Fund

Two developers were awarded funds as part of the National Housing Trust Fund program for new construction of multi-family properties.

  • Commonwealth Development Corporation of America received $1 million for a 120-unit development in Oklahoma City.
  • Merak Development Group, LLC received $465,000 for a 53-unit development in Blanchard.

National Housing Trust Fund units target renters who make 30 percent or below the Area Median Income.

 Workforce Housing Pilot Program

Two Tulsa developers each received a loan for $4 million as part of OHFA’s Workforce Housing Pilot Program.

  • Woodland Park Associates, LLC will build 203 units, including 68 dedicated to workforce housing.
  • Western Supply, LLC will build 276 units, including 41 dedicated to workforce housing.

The Workforce Housing Pilot Program targets renters who make between 60 and 120 percent of the Area Median Income.

OHFA offers nine housing programs ranging from downpayment assistance 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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