Housing Stability Program Loans Approved for New Construction

By OHFA Communications

OKLAHOMA CITY— Brand-new homes for sale and rental developments will soon be built, thanks to the Oklahoma Housing Stability Program (HSP). This program, launched in 2024, provides 0% interest construction loans for the new construction of single-family homes and multifamily rental housing.

At its Jan. 29 meeting, the Oklahoma Housing Finance Agency Board of Trustees voted to award construction loans to five entities as part of the HSP Oklahoma Homebuilder Program. Once constructed, the resulting single-family homes will be available for purchase.

Trustees awarded $10.5 million to the following entities for new construction during this round:

  • Royal Oaks Development, LLC for the new construction of 19 homes in McAlester, Pittsburg County
  • Crosstown Properties, LLC for the new construction of five homes in Wilson, Carter County, known as Lewis Addition
  • Development Associates of NE Oklahoma I, LLC for the new construction of 10 homes in Sallisaw, Sequoyah County, known as Prairie Sky Single Family Homes
  • BMS Development, LLC for the new construction of five homes in Tahlequah, Cherokee County, known as Davis Ranch Estates

Buyers of these houses can take advantage of additional down payment assistance.

The Oklahoma Increased Housing Program provides for the new construction of multifamily rental units. Trustees awarded $5.4 million to the following entities:

  • Summit Ridge Land, LLC for the new construction of Summit Ridge Duplexes, an eight-unit development in Oklahoma City, Oklahoma County
  • SKH Development, LLC for the new construction of McClain Ridge Rentals, a 20-unit development in Blanchard, McClain County
  • Prestige Development, LLC for the new construction of Heritage Homes, a six-unit development in Oklahoma City.

Future loan awards for the program will be considered at each of OHFA's board meetings. The next meeting is slated for March 12.

For more information about the Oklahoma Housing Stability Program, visit ohfa.org/housingstability

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