Magnolia Ridge Apartments, Stillwater
The Magnolia Ridge Apartments in Stillwater received an allocation of Affordable Housing Tax Credits to add 12 new units to its existing property.
At its Nov. 16 meeting, the Oklahoma Housing Finance Agency Board of Trustees voted to allocate Affordable Housing Tax Credits as part of its second funding period of 2022. Trustees also awarded HOME Investment Partnerships Program funds to two non-profit organizations.
Affordable Housing Tax Credits Allocations
OHFA's Affordable Housing Tax Credit program expands the supply of new affordable rental units and rehabilitates existing rental housing. OHFA offers both federal and state tax credits.
Developments receiving credits for the rehabilitation of existing properties include:
- Hickory Crossing, Sapulpa - 40 affordable housing units for elderly residents located at 2101 S. Hickory St.
- Rainbow HIL Apartments, Oklahoma City - 23 affordable housing units for elderly residents located at 4511 S. Madera Blvd.
- GardenWalk of Roland, Roland - 103 affordable housing units located at 800 Taylor Dr.
- Broadway Senior Village, Seminole - 46 affordable housing units for seniors located at 900 W. Broadway Ave.
- The Willows, Checotah - 24 affordable housing units located at 100 W. South Ave.
Developments receiving credits for new construction include:
- Magnolia Ridge II, Stillwater - 12 affordable housing units located at 702 S. Jardot Rd.
- Avalon at Oklahoma City, Oklahoma City - 40 affordable housing units located at 1210 N.E. 30th St.
- The T Oklahoma City, Phase III, Oklahoma City - 18 affordable housing units located at 3925 S.E. 59th St.
- The Villas at Choctaw Creek, Choctaw - 50 affordable housing units located at 16900 N.E. 23rd St.
- Lindenwoods Phase V, Durant - 16 affordable housing units located north of 88 Madeline Dr.
- Southern Pointe, Shawnee - 20 affordable housing units located at 502 S. Kickapoo Ave., 510 S. Kickapoo Ave., and 323 W. 9th St.
HOME Investment Partnerships Program Awards
HOME encourages the construction and rehabilitation of affordable housing for low-income families, particularly in rural Oklahoma.
Trustees awarded grants to two entities, including:
- Deep Fork Community Action Foundation, Inc.- acquisition and rehabilitation of two rental homes in McIntosh County
- Community Action Agency of Oklahoma City and Oklahoma/Canadian Counties, Inc. - down payment assistance for 15 homebuyers in Oklahoma County and Canadian County, with the exception of Oklahoma City