Due to current funding availability, the Oklahoma Housing Finance Agency (OHFA) has temporarily paused acceptance of applications for the Rural Set-Aside under the Oklahoma Housing Stability Program's Increased Housing Program.
OHFA's staff is recommending an application for approval under this set-aside at the September 23rd Board of Trustees meeting. If approved, there won’t be enough available funds to fund another application.
Applications will be paused until OHFA has received enough repayments to build the available funding back up. OHFA plan to start accepting applications again once repayments reach $3 million in the Increased Housing Program Rural Set-Aside.
The Housing Stability Program is designed as a revolving funding source. As homes are sold and rental developments transition to permanent financing, funds are repaid and become available for future projects. This allows the state to reinvest program dollars into additional housing developments, maximizing the long-term impact of the investment.
Once this amount has been reached, OHFA will notify the public that applications are once again being accepted.
As required by HSP program rules, 75% of program funds must be directed to rural communities.
Oklahoma Housing Stability Program
Oklahoma Housing Stability Program Annual Report
For more information about the program, contact Eliezer Vargas, HSP Administrator.
