Oklahoma Housing Finance Agency Awards $4.3 Million in Affordable Housing Tax Credits for Rental Housing

Oklahoma Housing Finance Agency Awards $4.3 Million in Affordable Housing Tax Credits for Rental Housing

FOR IMMEDIATE RELEASE:
Contact: Holley Mangham, (405) 419-8222

OKLAHOMA CITY - Oklahoma Housing Finance Agency's Board of Trustees approved at its November meeting reservations of Affordable Housing Tax Credits to build or rehabilitate affordable rental housing in Oklahoma. OHFA is the state's tax allocating agency for AHTC.

The following developers received a reservation of tax credits. The amount listed is received each year for the first 10 years of a project's operating period. For example, a $500,000 reservation results in a total tax credit award of $5 million.

•  $501,252 reserved for Cottage Lane Family Residences, LP for the acquisition and rehabilitation of 52 apartments to be known as Cottage Lane Family Residences in Ada.

•  $342,800 reserved for W-G GMC, LP for the acquisition and rehabilitation of 47 single-family homes to be known as Willow Gardens Apartments in Bartlesville.

•  $750,000 reserved for Oklahoma Christian Affordable, LP for the acquisition and rehabilitation of 125 apartments to be known as Oklahoma Christian Apartments in Edmond.

•  $595,162 reserved for Belmont Development Company, LLC for the acquisition, rehabilitation and construction of 100 apartments to be known as Garden Walk of Grove in Grove.

•  $524,469 reserved for Rural Housing of Grove III, LP for the acquisition, rehabilitation and construction of 88 apartments to be known as Savannah Park of Grove & Jay in Grove and Jay.

•  $116,786 reserved for Sunview Development, LLC for the construction of 10 single-family homes to be known as Hugo Affordable Housing II in Hugo.

•  $371,539 reserved for Belmont Development Company, LLC for the acquisition, rehabilitation and construction of 52 apartments to be known as Garden Walk of Idabel in Idabel.

•  $562,457 reserved for Muskogee Arts District Homes, LP for the construction and rehabilitation of 36 units to be known as Muskogee Arts District Homes in Muskogee.

•  $625,983 reserved for Cottage Park Duncan, LP for the construction of 24 duplexes for the elderly to be known as Cherokee Meadows in Tulsa. 

 

As Oklahoma's largest provider of affordable housing, OHFA offers nine housing programs ranging from "OHFA Advantage" for home ownership to housing development and rental assistance. For more information about OHFA and its programs and services, visit www.ohfa.org.

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*Note to Editor

Projects are structured so that the sale of a project's housing tax credits and other tax benefits provides a source of capital for the development of affordable rental housing. This equity investment reduces financing costs, thereby reducing operating expenses, which is passed along in the form of reduced rents. To qualify for tax credits, a project must both restrict rents on its rental units and rent to tenants whose incomes do not exceed income limits.

The AHTC program requires a 15-year tax credit compliance period. In addition, the project must enter into an agreement for an extended low-income housing commitment that continues at least 15 years after the end of the compliance period.