Oklahoma Governor Kevin Stitt signed Senate Bill 1685 on April 29, 2022. SB 1685 amended the language referring to the amount of State Tax Credits allocated to a Qualified Project in The Oklahoma Affordable Housing Act of 2014 (SB 2128).
Effective November 1, 2022, the amount of State Tax Credits allocated to a Development does not have to equal and shall not exceed that of the Federal Tax Credits allocated to that same Development.
If there are any State Tax Credits remaining after Funding Period One, the remaining tax credits will be allocated as outlined in the 2022 QAP.
State Tax Credits will be available for new construction activities only. For Funding Period One, $2 million of the State Tax Credits will be available to those Applicants applying for 4% Credits and Bond Financing, and $2 million will be available for 9% Tax Credits.
Any State Tax Credits remaining after Funding Period One will be available to both 4% and 9% Applications in Funding Period Two, with priority going to 4% Applications.