OHFA’s Board of Trustees allocated federal Affordable Housing Tax Credits and Home Investment Partnerships Program (HOME) funds at its November meeting. This allocation will generate 695 affordable housing units.
“The approved developments will benefit residents in both rural and urban communities,” said Deborah Jenkins, OHFA executive director. “Investment in these communities will have a far-reaching impact on Oklahoma’s low-income families and seniors.”
Affordable Housing Tax Credits
Affordable Housing Tax Credits provide a tax incentive to developers to construct or rehabilitate rental housing for low-income and elderly residents across the state.
Trustees allocated $5.42 million to the following developments:
Diamond Senior Apartments, 1300 N. Mustang Road, Tuttle – New construction of a 60-unit development for elderly residents
Harmony School Apartments, 1537 NE 24th St., Oklahoma City – New construction and rehabilitation of a 40-unit development for elderly residents
Hillcrest Green Apartments, 3317 SW 74th St., Oklahoma City – Rehabilitation of a 96-unit development
Lake Forest Hills, 2222 N. Douglas Blvd., Midwest City – New construction of a 72-unit development for elderly residents
Penn Pointe Apartments, 16213 N. Pennsylvania Ave., Edmond – New construction of an 84-unit development
River West Phase II, 2212 S. Jackson Ave., Tulsa – New construction of a 76-unit development, including 51 tax credits units and 25 market rate units
Sooner Lofts, multiple addresses in Shawnee – New construction and rehabilitation of 35 units
The T Oklahoma City Phase I, 3925 SE 59th St., Oklahoma City – New construction of 85 units
Home Investment Partnerships Program (HOME)
Seven non-profit organizations received HOME grants that will assist in the development of affordable housing options. The organizations may utilize HOME funds for activities to help renters and homebuyers.
Trustees awarded $3 million in grants to the following organizations:
Deep Fork Community Action Foundation, Inc., Holdenville – rehabilitation of four houses for rent
Great Plains Improvement Foundation, Inc., Geronimo – new construction of two rental units
Little Dixie Community Action Agency, Antlers – construction of two rental homes
Midwest Housing Initiatives/Magnolia Ridge, Stillwater – construction of 48 rental units, including six HOME units, contingent on the approval of an Affordable Housing Tax Credit application in 2021.
Native American Housing Services, Inc., Harrah – construction of two homes for purchase
Southwest Community Action Group, Inc., Altus – construction of two houses for rent
United Community Action Foundation, cities within Payne County – acquisition and rehabilitation of two rental homes
Each of these organizations, except for Midwest Housing Initiatives/Magnolia Ridge II and Native American Housing Services, Inc. also received a Community Housing Development Organization (CHDO) operating grant.
For additional information, contact:
Media Relations/Communications Manager
Holley Mangham, APR
About Oklahoma Housing Finance Agency
OHFA offers nine housing programs ranging from down payment assistance for homeownership to housing development and rental assistance. For more information about OHFA and its programs and services, visit www.ohfa.org.