OKLAHOMA CITY - In a specially called meeting today, the Oklahoma Housing Finance Agency (OHFA) Board of Trustees approved emergency administrative rules, permanent administrative rules, and program applications for the $215 million State of Oklahoma appropriated Housing Stability Program.
All documents related to the Housing Stability Program can be found on the OHFA website.
House Bill 1031, also known as the Oklahoma Housing Stability Program, became law June 2, with an effective date of July 1. Once operational, this program will provide $215 million for the following purposes:
- New construction of single-family homes for purchase
- New construction of single-family and multifamily rental housing
- Homebuyer down payment and closing cost assistance
Trustees will now submit a letter to Oklahoma Governor Kevin Stitt encouraging the approval of the emergency administrative rules. OHFA will begin accepting development applications for the new program within 90 days of approval.
"This is the largest allocation of state-appropriated funds ever designated for housing development," said Deborah Jenkins, OHFA executive director. "We are eager to see the increased development of both for-sale and rental homes the Oklahoma Housing Stability Program will bring."