OKLAHOMA CITY – Oklahoma Housing Finance Agency’s Board of Trustees allocated federal and state Low Income Housing Tax Credits at its May meeting.
Through the Oklahoma Affordable Housing Act, OHFA allocates up to $4 million in Oklahoma Affordable Tax Credits each year.
“State tax credits have proven valuable in the development of much needed affordable rental units across Oklahoma,” said Deborah Jenkins, OHFA executive director. “More than 500 new affordable housing units will be constructed with recent state tax credit allocations approved by OHFA’s Board of Trustees.”
9% Federal Low Income Tax Credits and State Housing Tax Credits
Trustees allocated $4.45 million in 9% Low Income Tax Credits and $1.9 million in state housing credits to the following developments:
- Meadows Point Apartments, Enid –$392,000 in both state and federal credits for the acquisition/rehab of a 99-unit development for elderly residents
- Bradford Place Apartments, Oklahoma City –$480,000 in both state and federal credits for the construction of a 72-unit family development
- Southern Commons, Oklahoma City – $647,000 in both state and federal credits for the construction of a 97-unit development for elderly residents
- Township 21, Owasso – $416,989 in both state and federal credits for the construction of a 56-unit development for families
9% Federal Low Income Tax Credits
- River West Phase II, Tulsa – $1 million in federal credits for a 72-unit new construction family development
- Saddle Ridge, Guymon – $690,000 in federal credits for the construction of 40 single family rental homes
- Briarcliff Apartments, Idabel – $750,000 in federal credits for the acquisition/rehabilitation of an 80-unit family development
- Eagle Crest Apartments, Cushing –$420,000 in federal credits for the acquisition/rehabilitation of a 56-unit family development
- GardenWalk of Westville, Westville –$350,000 in federal credits for the acquisition/rehabilitation of a 36-unit family development
4% Federal Low Income Tax Credits / State Tax Credits / Multi-Family Bonds
Chisholm Springs was allocated $2 million in federal 4% tax credits, $2 million in state tax credits and $50 million in tax exempt bonds for the construction of 301 single family rental homes in the cities of Oklahoma City, Spencer, and Miami.
4% Federal Low Income Tax Credits / Multi-Family Bonds
Trustees allocated $885,000 in 4% Federal Low Income Tax Credits to the Oklahoma Central Region Portfolio to be financed through Multi-Family Bonds. Properties in the acquisition/rehabilitation portfolio include:
- Blanchard Village, Blanchard – eight-units
- Bristow Place Apartments, Bristow – 28 units
- Davis Village Apartments, Davis – 44 units
- Drumright Village and Drumright Place (consolidated), Drumright – 40 units
- Grove Village Apartments, Grove – 40 units
- Morrison Village Apartments, Morrison – 12 units
- Okemah Village, Okemah – 28 units
- Park 28 Apartments, Adair – 11 units
- Red Rock Village Apartments,Locust Grove – 13 units
- Town Oak XIV Apartments, Stratford – 22 units
- Wynnewood Village Apartments, Wynnewood – 15 units
Two other developments received awards that combine tax credits with multi-family bonds.
- Pelican Hill Apartments, Oklahoma City received $425,000 in federal 4% tax credits and $12 million in tax exempt bonds. The development will consist of 66 newly constructed units and 47 rehabilitated units for families.
- The Villages at A New Leaf, A Path to Independence, Owasso, received $325,000 in federal 4% tax credits and $7 million in tax exempt bonds to construct 62 rental units designed for individuals who are developmentally challenged.
OHFA offers nine housing programs ranging from down payment assistance for home ownership to housing development and rental assistance. For more information about OHFA and its programs and services, visit www.ohfa.org.