Housing Stability Program Loans Awarded
Central Oklahoma Habitat for Humanity, Inc. received a 0% interest construction loan for the Cornerstone Creek development in Oklahoma County. It's part of the Oklahoma Housing Stability Program.
Newly constructed homes and rehabilitated apartment units are coming to Oklahoma communities after the Oklahoma Housing Finance Agency Board of Trustees approved several housing financing awards at its July 15 meeting.
Trustees approved funding through Affordable Housing Tax Credits, Multifamily Bonds and the Oklahoma Housing Stability Program.
The board approved an inducement of tax-exempt multifamily bonds to support the acquisition and major rehabilitation of two Oklahoma City apartment communities:
- The Villas at Stonelake, 7404 Lyrewood Lane, with 160 units
- London Square Village Apartments, 7533 NW 6th St., with 200 units
Combined with federal housing tax credits, the bond financing will allow developers to make extensive improvements to the properties while maintaining affordable housing options for working families.
The Oklahoma Housing Stability Program provides 0% interest construction loans to support the development of single-family homes and single- and multifamily rental housing. The board approved funding through the Homebuilder Program for the following developments:
- Central Oklahoma Habitat for Humanity Inc. — 25 homes in the Cornerstone Creek development in Oklahoma City
- Black Gold at Mannford LLC — 19 homes in the Lake Estates at Mannford development in Mannford
Homebuyers who purchase these homes may be eligible for an additional 5% in down payment assistance.
Through the Increased Housing Program, Barrett Drilling Co. received approval to build 20 rental units in Shawnee as part of the Pearl Street Cottages development.
