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NCE AGENCY Volume 13, Number 4 Fall 2009 OHFA awards $79 million in ARRA funds to jump start 26 delayed housing projects spread across the state *** REC0VERY.GOV §5fc£ Oklahoma Housing Finance Agency's Board of Trustees approved at its September meeting $79 million in federal funds as authorized by the American Recovery and Reinvestment Act (ARRA). The funds will jump start 26 affordable housing developments that were stalled due to the lack of equity available in the low-income housing tax credit market. The awarded projects will create an estimated 1,300 units of affordable housing for Oklahoma families. Through the ARRA, OHFA received more than $25.7 million from the U.S. Dept. of Housing and Urban Development for the new Tax Credit Assistance Program (TCAP) and the authority to exchange millions more in tax credits for cash from the U.S. Treasury Dept. The funding provided by OHFA from the TCAP and the Section 1602 Exchange Program is intended to fill the gaps in tax credit projects that were unable to raise sufficient equity to finance substantial project development costs. Readiness to get shovels in the ground was a top consideration for the awards. Eligible housing development projects expected to be completed by February 2012 were given the highest priority in the award selection process. "These funds were designed to move rental developments forward so that Oklahomans will have more affordable places to live," said OHFA Executive Director Dennis Shockley. (Continued on Page 4) Housing Connection Oklahoma Housing Finance Agency P.O. Box 26720 Oklahoma City, OK 73126 Presorted Standard U.S. Postage Paid Permit No. 2177 Okla City, OK LOOK INSIDE! Prague welcomes new affordable retirement community Everything just tastes better when you're a homeowner OHFA executive director and board chairman re-elected to national housing boards Community Offers q win wit] opportunity for municipalities and residents who watjt to buy their own home. Provides additional stock, of affordable housing to citizens in Oklahoma cities and towns. Increases property values through the construction of now at\d rehabilitated homes. Generates revenue for cities and towns by getting abandoned properties back on the tax roll. New Community Plus program combines Housing Trust Fund and OHFA Advantage Oklahoma Housing Finance Agency's new Community Plus program reduces the risk for housing developers to build or rehabilitate homes available for purchase. Community Plus combines the Oklahoma Housing Trust Fund, which provides a one percent 18-month construction loan, with the OHFAAdvantage Program, which provides a 30-year fixed- rate low interest mortgage loan and 3.5 percent downpayment assistance for moderate and low income families. "The idea behind Community Plus is that housing developers and municipalities can utilize the OHFAAdvantage Program to line up a guaranteed homebuyerfor their project before they ever start construction," said John Marshall, OHFA Housing Development Team Leader. The Housing Trust Fund will advance money for up to two houses at a time. Types of homes that can be developed in Community Plus are single-family homes, manufactured or modular housing, and condominiums. To receive more information about this new program available from OHFA, please contact Dar- rell Beavers at (405) 419-8261 or Lee Ann Smith at (405) 419- 8243.
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Title | Page 01 |
ODL electronic copy | Scanned by Oklahoma Department of Libraries |
Rights and Permissions | This Oklahoma state government publication is provided for educational purposes under U.S. copyright law. Other usage requires permission of copyright holders. |
Full text | NCE AGENCY Volume 13, Number 4 Fall 2009 OHFA awards $79 million in ARRA funds to jump start 26 delayed housing projects spread across the state *** REC0VERY.GOV §5fc£ Oklahoma Housing Finance Agency's Board of Trustees approved at its September meeting $79 million in federal funds as authorized by the American Recovery and Reinvestment Act (ARRA). The funds will jump start 26 affordable housing developments that were stalled due to the lack of equity available in the low-income housing tax credit market. The awarded projects will create an estimated 1,300 units of affordable housing for Oklahoma families. Through the ARRA, OHFA received more than $25.7 million from the U.S. Dept. of Housing and Urban Development for the new Tax Credit Assistance Program (TCAP) and the authority to exchange millions more in tax credits for cash from the U.S. Treasury Dept. The funding provided by OHFA from the TCAP and the Section 1602 Exchange Program is intended to fill the gaps in tax credit projects that were unable to raise sufficient equity to finance substantial project development costs. Readiness to get shovels in the ground was a top consideration for the awards. Eligible housing development projects expected to be completed by February 2012 were given the highest priority in the award selection process. "These funds were designed to move rental developments forward so that Oklahomans will have more affordable places to live," said OHFA Executive Director Dennis Shockley. (Continued on Page 4) Housing Connection Oklahoma Housing Finance Agency P.O. Box 26720 Oklahoma City, OK 73126 Presorted Standard U.S. Postage Paid Permit No. 2177 Okla City, OK LOOK INSIDE! Prague welcomes new affordable retirement community Everything just tastes better when you're a homeowner OHFA executive director and board chairman re-elected to national housing boards Community Offers q win wit] opportunity for municipalities and residents who watjt to buy their own home. Provides additional stock, of affordable housing to citizens in Oklahoma cities and towns. Increases property values through the construction of now at\d rehabilitated homes. Generates revenue for cities and towns by getting abandoned properties back on the tax roll. New Community Plus program combines Housing Trust Fund and OHFA Advantage Oklahoma Housing Finance Agency's new Community Plus program reduces the risk for housing developers to build or rehabilitate homes available for purchase. Community Plus combines the Oklahoma Housing Trust Fund, which provides a one percent 18-month construction loan, with the OHFAAdvantage Program, which provides a 30-year fixed- rate low interest mortgage loan and 3.5 percent downpayment assistance for moderate and low income families. "The idea behind Community Plus is that housing developers and municipalities can utilize the OHFAAdvantage Program to line up a guaranteed homebuyerfor their project before they ever start construction," said John Marshall, OHFA Housing Development Team Leader. The Housing Trust Fund will advance money for up to two houses at a time. Types of homes that can be developed in Community Plus are single-family homes, manufactured or modular housing, and condominiums. To receive more information about this new program available from OHFA, please contact Dar- rell Beavers at (405) 419-8261 or Lee Ann Smith at (405) 419- 8243. |
Date created | 2013-03-12 |
Date modified | 2013-03-12 |