Additional Down Payment Assistance Available
Homebuyers purchasing homes built through the Oklahoma Housing Stability Program may utilize an additional 5% in down payment assistance.
In its first full year, the Oklahoma Housing Stability Program (HSP) has awarded more than $115 million in 0% interest construction loans for the creation of for-sale homes and rental developments. The Oklahoma Housing Finance Agency administers the program on behalf of the State of Oklahoma.
At its July 16 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 $22.9 million to the following entities for new construction during this round:
Mega Construction, LLC - five houses in Oklahoma City, Oklahoma County
GWH Lancaster Park, LLC - 21 houses in Coweta, Wagoner County
Stillwater Habitat for Humanity - five houses in Stillwater, Payne County
A&B Custom Flooring and Interior - six houses in Marietta, Love County
Corkey Allen Vick - five houses in various areas of Noble County
McHatton Ranch Estates, LLC - 25 houses in Madill, Marshall County
M Elite Investments - seven houses in Oklahoma City, Oklahoma County
Express Development, Inc. and Desert Ridge Investments, Inc. - 20 houses in Durant, Bryan 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 $6.5 million to the following entities:
Boardwalk Ventures, LLC - 12 units in Blanchard, McClain County
The Housing Authority of the Absentee Tribe of Indians of Oklahoma, dba Absentee Shawnee Housing Authority - eight units in Norman, Cleveland County
Earthly Dweelings, Inc. - eight units in Chickasha, Grady County
Future loan awards for the program will be considered at each of OHFA's board meetings. The next meeting is slated for Sept. 24.
"With the program well underway, OHFA remains very optimistic about the program's future success and greatly appreciates the State Legislature for trusting us with the State of Oklahoma's largest ever investment in housing," said Deborah Jenkins, OHFA executive director.
An annual status report of the program was delivered to state officials earlier this month. The report notates program milestones. It is available on the OHFA website.
