Housing connection, fall 2009, v.13 no.4

              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.