Additional Down Payment Assistance Available
Homebuyers purchasing homes built through the Oklahoma Housing Stability Program may utilize an additional 5% in down payment assistance.
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 May 14 meeting, the Oklahoma Housing Finance Agency Board of Trustees voted to award construction loans to three entities as part of the HSP Oklahoma Homebuilder Program. Once constructed, the resulting single-family homes will be available for purchase.
Trustees awarded $8.1 million to the following entities for new construction during this round:
Cramton Construction, Inc. for the new construction of 10 homes in Marlow, Stephens County
Nature Craft Houses, LLC for the new construction of 17 homes in Duncan, Stephens County
Haystack Ridge Estates Phase II LP and Haystack Ridge Estates Phase III LP for the new construction of 14 homes in Inola, Rogers County
Buyers of these houses can take advantage of an additional 5% down payment assistance from OHFA.
The Oklahoma Increased Housing Program provides for the new construction of multifamily rental units. Trustees awarded $6 million to the following entities:
Chess Development, LLC for the new construction of 28 rental units in Edmond and Midwest City, Oklahoma County
GWH Rentals, LLC for the new construction of 18 rental units known as Battle Creek Village in Tulsa
Future loan awards for the program will be considered at each of OHFA's board meetings. The next meeting is slated for July 16.
For more information about the Oklahoma Housing Stability Program, visit ohfa.org/housingstability
