OKLAHOMA CITY—At its May 13 meeting, the Oklahoma Housing Finance Agency Board of Trustees voted to award financing through Affordable Housing Tax Credits and the Oklahoma Housing Stability Program.
Housing Stability Program Loans Awarded
Two Structures Homes, LLC received an award for the construction of 7 homes in northeast Oklahoma City. This is the developer's second award.
Approvals for the Oklahoma Housing Stability Program
The Oklahoma Housing Stability Program (HSP) provides 0% interest construction loans for the new construction of single-family homes and for single and multifamily rental housing. Applications are being accepted for both the Oklahoma Homebuilder and Increased Housing Program.
The following entities received approval for the construction of single family homes for sale through the Homebuilder Program: Buyers of these homes may be eligible for an additional 5% down payment assistance.
- Central Oklahoma Habitat for Humanity, Inc., Oklahoma City and Midwest City - 25 homes
- Two Structures, Inc, Oklahoma City. - seven homes
- Gellenback Enterprises, LLC, Guthrie - five homes
- Imperial Beautiful Homes, LLC, Oklahoma City - five homes
Through the Increased Housing Program, the following entities will construct rental units:
- Woodco Construction, LLC, Blanchard - 18 multifamily units
- JHelm Properties, LLC, Stilwell - six single family rental homes
Affordable Housing Tax Credits Awarded
The T OKC received multifamily bonds and 4% Tax Credits for the development of Phase IV.
Approvals for 9% Tax Credits
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.
Eligible applicants include non-profit organizations, Public Housing Authorities, for-profit entities, and tribal organizations.
- The Legacy at 36N, Tulsa - new construction of 84 units, including 62 designated as low-income
- Willows Pathways, Norman - rehabilitation of 41 units
- Marshall Manor, Tulsa - new construction of 71 units
- Cabin Creek, Big Cabin - new construction of 48 units
- GardenWalk of Vinita - rehabilitation of 43 units
- Teel Creek Apartments, Sapulpa - new construction of 60 units
Approvals for Multifamily Bonds Paired with 4% Tax Credits and State Tax Credits
OHFA’s Multifamily Bond and 4% Tax Credit program provides developers a unique financing tool to help build, rehabilitate and finance large-scale apartment communities and rental homes. Coupled with multifamily bonds, the tax credits provide both equity and low-interest debt financing. Made possible through the Oklahoma Affordable Housing Act, state tax credits bolster the creation affordable housing developments.
- The Shane, Oklahoma City - new construction of 412 units
- The James, Oklahoma City - new construction of 223 units
- The Lofts at Nexus on Kelley, Oklahoma City - new construction of 180 units
- Tahlequah Pines Family Residences, Tahlequah - acquisition/rehabilitation of 118 units
- The T OKC, Phase IV, Oklahoma City - new construction of 80 units
The following developments received awards without the addition of state credits:
- The Norris on Mingo, Tulsa new construction of 306 units
- Oakwood Grove Affordable Housing, Oklahoma City new construction of 272 units
