OKLAHOMA CITY — The Oklahoma Housing Finance Agency has approved a series of housing awards aimed at expanding rental properties, affordable housing developments and homeownership opportunities across Oklahoma, including hundreds of new units in Oklahoma City, Tulsa and several rural communities.
The awards, approved by the OHFA Board of Trustees at its Sept. 23 meeting, span multiple state and federal housing programs. Funding and financing will support projects ranging from single-family homes and tiny houses to large apartment developments and rehabilitation projects.
HOME Program Supports Rental and Homeownership Projects
As Oklahoma’s participating jurisdiction for the federal HOME Investment Partnerships Program administered by the U.S. Department of Housing and Urban Development, OHFA provides grants to eligible organizations and developers for affordable rental and for-sale housing.
Six organizations received HOME awards during the September meeting.
Building New Foundations, Inc. will construct three single-family rental homes in Oklahoma County, while Freedom West Community Development Corporation, Inc. will build one single-family rental property in Woods County.
Housing for Communities, Inc. and OKC Housing Services Redevelopment Corporation each received awards to construct three single-family homes for homebuyers in Logan County.
LIFT Community Action Agency, Inc. will develop four multifamily rental units in Choctaw County, while South Central Housing, Inc. will construct three single-family rental homes in Pottawatomie County.
National Housing Trust Fund Backs Affordable Developments
OHFA also approved projects through the National Housing Trust Fund, a federal program designed to increase and preserve affordable housing for households with significant housing needs, including people experiencing homelessness.
Pivot, Inc. received an award for the construction of nine tiny homes in Oklahoma City for young people transitioning out of foster care.
Three additional developments received NHTF awards contingent on receiving Tax Credit awards in November.
Sandstone Flats plans to construct 24 multifamily rental units in Beckham County, including six designated as NHTF units. MHMP 25 Archer Hills LLLP plans 51 single-family rental units in Tulsa County, five of which will carry the NHTF designation.
Oxford Avenue Villas, LP will construct 36 duplexes in Garfield County, with four units designated under the National Housing Trust Fund.
Multifamily Financing Advances Major Developments
Several larger housing projects also advanced through OHFA’s Multifamily Bond and 4% Tax Credit program. The financing structure combines multifamily bonds with federal tax credits to provide developers with equity and lower-cost debt for qualifying rental developments. Oklahoma state housing tax credits can provide additional support under the Oklahoma Affordable Housing Act.
Oak Grove, a 306-unit development in Oklahoma City, received a federal Housing Tax Credit award and a multifamily bond award covering new construction as well as acquisition and rehabilitation.
Two Oklahoma City projects received final approval for multifamily bond issuance after previously receiving federal and state housing tax credits. The Shane will add 412 new rental units, while The James will provide another 223 units.
The Norris on Mingo in Tulsa received final bond approval for 306 new rental units after previously securing federal housing tax credits.
London Square Village Apartments in Oklahoma City also received final approval for multifamily bond issuance. The project involves the acquisition and rehabilitation of 200 existing units.
Housing Stability Program Funds New Homes and Rentals
OHFA also approved projects through the Oklahoma Housing Stability Program, which offers 0% interest construction loans for new single-family homes and single- and multifamily rental housing.
Under the Homebuilder Program, Deep Fork Community Action Foundation, Inc. will construct seven homes in Okmulgee. Two Structures, LLC will build five homes across Edmond, Yukon, Oklahoma City and Weatherford, while Prairie Sky, LLC will construct eight homes in Guthrie.
Buyers purchasing homes developed through the program may qualify for an additional 5% in down payment assistance.
Rental housing will also be added through the Increased Housing Program. Community Housing Association for Rehabilitative Measures and Effective Development will construct 16 single-family rental homes in Seminole, while PlaceKeepers, LLC will develop eight single-family rental homes in Oklahoma City.
The approvals represent a mix of new construction, rehabilitation and targeted affordable housing initiatives across urban and rural Oklahoma. OHFA is currently accepting Homebuilder Program applications only through the program’s rural set-aside.
