OKLAHOMA CITY — The Oklahoma Housing Finance Agency (OHFA) Board of Trustees has approved a series of housing financing awards designed to expand affordable housing opportunities through new residential construction and the rehabilitation of existing apartment communities across Oklahoma.
The funding approvals, authorized during the board’s July 15 meeting, include support through Affordable Housing Tax Credits, Multifamily Bonds, and the Oklahoma Housing Stability Program. Together, the initiatives are expected to increase the supply of affordable homes while preserving existing rental housing for working families in several Oklahoma communities.
A significant portion of the funding will be directed toward the rehabilitation of two apartment communities in Oklahoma City through tax-exempt multifamily bond financing. The board approved inducements for projects involving The Villas at Stonelake, located at 7404 Lyrewood Lane, which includes 160 apartment units, and London Square Village Apartments, located at 7533 NW 6th St., with 200 apartment units.
Combined with federal housing tax credits, the bond financing will enable developers to carry out extensive improvements to both properties while maintaining affordable housing options for working families. The projects are intended to preserve existing housing stock and enhance the quality of rental units without compromising affordability.
Affordable housing preservation has become an increasingly important priority as many apartment communities require modernization while demand for reasonably priced rental housing continues to rise. By pairing multifamily bonds with federal tax credits, the agency aims to encourage long-term investment in communities while ensuring housing remains accessible to Oklahoma residents.
In addition to preserving rental housing, the board approved funding through the Oklahoma Housing Stability Program, which provides 0% interest construction loans to support the development of single-family homes as well as single- and multifamily rental housing across the state.
Under the program’s Homebuilder Program, Central Oklahoma Habitat for Humanity Inc. received approval to construct 25 homes within the Cornerstone Creek development in Oklahoma City. The project is expected to expand affordable homeownership opportunities while supporting continued residential growth in the state’s largest city.
The board also approved funding for Black Gold at Mannford LLC to develop 19 homes in the Lake Estates at Mannford community. The development will increase the supply of newly built homes and provide additional housing options for families seeking homeownership in Mannford.
Homebuyers who purchase homes developed through the Homebuilder Program may also qualify for an additional 5% in down payment assistance. The financial incentive is designed to help eligible buyers reduce upfront costs and improve access to homeownership.
The Oklahoma Housing Stability Program serves as one of the state’s key housing initiatives by offering interest-free construction financing that helps lower development costs while encouraging builders to increase the supply of affordable housing. The program supports a variety of residential projects, including owner-occupied homes and rental developments, to address housing needs in communities across Oklahoma.
In addition to the Homebuilder Program awards, the board approved funding through the Increased Housing Program for Barrett Drilling Co. The company received approval to construct 20 rental units in Shawnee as part of the Pearl Street Cottages development, expanding the city’s rental housing inventory and providing additional options for local residents.
The latest financing approvals reflect Oklahoma’s ongoing efforts to address housing demand through a combination of new construction, apartment rehabilitation, and financial assistance programs. By leveraging tax credits, multifamily bonds, and low-interest financing, the Oklahoma Housing Finance Agency continues to support projects that strengthen communities, preserve affordable housing, and expand access to quality homes throughout the state.
