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HOUSING DEVELOPMENT

PROGRAM CoMPARISON

Oklahoma Housing Finance Agency offers multiple programs that increase housing stock and revitalize communities across the state. Each program features different funding requirements.

Affordable Housing Tax Credits 9%

Federal (IRS)
  • Equity Financing
  • Rental
  • <60% AMI
  • Rent Restrictions Apply
  • 30-year affordability period
  • $10.8 million available yearly
  • Available statewide
  • 2 funding periods yearly
  • Max. Award: $1 million
  • Compliance: Every 3 years
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Multifamily Bonds/4% Tax Credits

Federal (IRS)
  • Equity Financing
  • Rental
  • <60% AMI
  • Rent Restrictions Apply
  • 30-year affordability period
  • Unlimited funding available
  • Available statewide
  • Continuous, non-competitive funding period
  • No award maximum
  • Compliance: Every 3 years
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State Tax Credits (Not a Program)

State
  • Equity Financing
  • Rental
  • <60% AMI
  • Rent Restrictions Apply
  • 30-year affordability period
  • $4 million available yearly
  • Available statewide
  • Application deadlines tied to 9% and 4%
  • Award maximum = 9% Award
  • Compliance: Every 3 years
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HOME Investment Partnerships Program

Federal (HUD)
  • Grant
  • Rental / Homeownership
  • <80% AMI
  • Rent & Purchase Price Restrictions Apply
  • 5-20 years
  • $8 million available yearly
  • Not available in OKC, Tulsa, Norman, Lawton
  • Continuous beginning April 1
  • Max. Award: $500,000
  • Compliance: Annually
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National Housing Trust Fund

Federal (HUD)
  • 0% interest forgivable loan
  • Rental
  • <30% AMI
  • Rent Restrictions Apply
  • 30-year affordability period
  • $5.2 million available yearly
  • Available statewide
  • Continuous beginning in May
  • Must be used w/ other funding - Award + $350,000 operating
  • Compliance: Annually
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Oklahoma Housing Trust Fund

State
  • Construction loan - 2% interest, 24 month, 95% of TDC
  • Rental and Homeownership
  • <120% AMI
  • No rent or purchase price restrictions
  • 3-year affordability period
  • $4 million available yearly
  • Available statewide: 65%-75% outside Oklahoma & Tulsa Counties
  • Continuous application
  • No award maximum
  • Compliance: Once during 3 year affordability term
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Housing Stability Program - Rental Properties

State
  • 0% Interest Construction Loan
  • Rental development
  • No income restrictions
  • Rent restrictions: 125% of FMR
  • 3 year affordability period
  • $164 million total - not annually
  • 75% Rural | 25% Urban
  • Continuous application cycle
  • $3 million award maximum
  • Compliance: during construction
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Housing Stability Program - Homebuilder

State
  • 0% interest construction loan
  • New construction of homes for sale
  • No income restrictions
  • Purchase price: HUD 234 limits
  • 3-year affordability period
  • $164 million total - not annually
  • 75% Rural | 25% Urban
  • Continuous application cycle
  • No award maximum
  • Compliance: during construction
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