OKLAHOMA CITY — The first $23.4 million from the Oklahoma Housing Stability Program was awarded to nine projects by the Oklahoma Housing Finance Agency Board during its last meeting.
The program provides no-interest loans for construction of single-family homes for purchase and single- or multifamily homes for rent. The board awarded almost $15.5 million in loans to construction projects for single-family homes in Durant, Kingfisher, Seminole, Tahlequah, Hugo and Oklahoma City.
Projects in Ardmore, Seminole and Tuttle received $7.9 million in loans for construction of homes and units for rent. The loans will help build 65 single-family homes and 10 multifamily units.
According to the National Low Income Housing Coalition, 25% of renters in Oklahoma are extremely low income. The state also has a shortage of affordable units, according to the coalition. In Oklahoma there are only 42 available units for every 100 extremely low income households. There are 68 units for every 100 households that make 50% of the average median income in the state.
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The Oklahoma Housing Stability Program was created through House Bill 1031 during the first special legislative session in 2023. It allocated $215 million for affordable housing.
The funding will allow for no-interest loans for developers and homebuilders to incentivize construction. Penalties will be levied for projects that fail to abide by the 24-month repayment schedule.
“This is the largest allocation of state-appropriated funds ever designated for housing development,” Deborah Jenkins, Oklahoma Housing Finance Agency executive director, said in an earlier press release on the program.
The Oklahoma Home Builder Program, which is part of the Oklahoma Housing Stability Program, has $100.7 million allocated for the new construction of single-family homes for purchase. The Oklahoma Increased Housing Program has $63.55 million from the Housing Stability Program for the new construction of single- and multifamily rental homes.
The next cycle of applications had a deadline of May 16. Applications turned in by that date will be considered during the next board meeting on July 24.
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