OKLAHOMA CITY — Housing awards made at the Sept. 23 meeting of the Oklahoma Housing Finance Agency Board of Trustees will bring more than 1,500 much-needed rental units and houses for homebuyers to communities across the state.
Pivot to Expand Tiny Home Community with Award
Pivot, Inc. of Oklahoma City received a National Housing Trust Fund award that will allow the nonprofit organization to expand its Tiny Home community for youth who are aging out of foster care.
National Housing Trust Fund
The National Housing Trust Fund (NHTF) supplements federal, state and local efforts to increase and preserve affordable housing for households with the greatest needs, including individuals and families experiencing homelessness.
Pivot, Inc.: Construction of nine tiny homes in Oklahoma City for youth transitioning from foster care
The following developments received NHTF awards contingent upon the receipt of Tax Credit awards in November.:
Sandstone Flats: Construction of 24 multifamily rental units in Beckham County, with six designated as NHTF
MHMP 25 Archer Hills LLLP: Construction of 51 single-family rental units in Tulsa County, with five designated as NHTF
Oxford Avenue Villas, LP: Construction of 36 duplexes in Garfield County, with four units designated as NHTF
HOME Investment Partnerships Program
As the U.S. Housing and Urban Development (HUD) state HOME participating jurisdiction, OHFA provides grants to grants to non-profit organizations, Public Housing Authorities, Community Housing Development Organizations, local or tribal governments, and private developers. These grants help the awardees provide both rental and for-sale housing opportunities.
Six organizations were awarded grants at this meeting. They include:
Building New Foundations, Inc. - new construction of three single family rental homes in Oklahoma County
Freedom West Community Development Corporation, Inc. - new construction of one single family rental home in Woods County
Housing for Communities, Inc. - new construction of three single family homes for homebuyers in Logan County
OKC Housing Services Redevelopment Corporation - new construction of three single family homes for homebuyers in Logan County
LIFT Community Action Agency, Inc. - new construction of four multifamily rental units in Choctaw County
South Central Housing, Inc. - new construction of three single family rental homes in Pottawatomie County
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.
Oak Grove, a 306-unit development in Oklahoma City, received a federal Housing Tax Credit award and an award of multifamily bonds for both new construction and acquisition and rehabilitation.
The following developments received final approval for multifamily bond issuance and were previously awarded both federal and state housing tax credits:
The Shane, Oklahoma City: 412 new rental units
The James, Oklahoma City: 223 new rental units
The following developments received final approval for multifamily bond issuance and were previously awarded federal housing tax credits:
The Norris on Mingo, Tulsa: 306 new rental units
London Square Village Apartments, Oklahoma City: acquisition and rehabilitation of 200 existing units
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.
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.
Deep Fork Community Action Foundation, Inc., Okmulgee - seven homes
Two Structures, LLC, - five homes in Edmond, Yukon, Oklahoma City, and Weatherford
Prairie Sky, LLC - eight homes in Guthrie
Through the Increased Housing Program, the following entities will construct rental units:
Community Housing Association for Rehabilitative Measures and Effective Development, Seminole - 16 single family rental homes
PlaceKeepers, LLC, Oklahoma City - eight single family rental homes
OHFA is currently accepting applications only for the rural set-aside for the Homebuilder Program.
